Fino Payments Bank IPO: Issue subscribed 2.02 times on last day

The initial public offer of Navi Mumbai-based fintech company Fino Payments Bank was subscribed 2.02 times on the last day.  

On the final day, the IPO wintessed bidding for 2,32,46,150  shares as against total 1,14,64,664 shares reserved for this IPO.  

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Retail Individual Investors subscribed the issue 5.92 times. RIIs bid for 1,22,93,975  shares as against their quota of 20,75,031 shares.

Non-Institutional Investors (NIIs) portion was subscribed 0.21 times with bidding for just 6,63,350  shares. As many as 31,12,546 shares have been reserved by the Navi Mumbai-based fintech company for NIIs category.  Qualified Institutional Buyers(QIBs) portion was subscribed 1.65 times.

Fino Payments Bank IPO, which opened on October 29, aims to raise Rs 1,200 crore from the issue. The issue comprises fresh equity shares worth Rs 300 crore and an offer for sale (OFS) of 15,602,999 equity shares by promoter Fino Paytech.

The company has fixed a price band of Rs 560-577 per share for this issue. Investors will be able to bid for a minimum of 25 equity shares and in multiples of 25 thereafter for Fino Payments Bank IPO.  

Fino Payments Bank is a growing fintech company offering a diverse range of financial products and services that are primarily digital and have payments focus. The company is wholly-owned subsidiary of Fino Paytech.

Earlier, Zee Business Managing Editor Anil Singhvi had said that one should apply in this IPO only with long term objective.  "Big Investors and strong Anchor Book, strong growth track record, positive outlook and profit-making startup positives of this company.  Highly competitive business and risk of change in government policies may pose some problem for the company," the market guru had said.