Fino Payments Bank IPO: Issue subscribed 87%, retail portion booked 5 times on Day 2

The Initial Public Offer (IPO) of Navi Mumbai-based fintech company Fino Payments Bank was subscribed 0.87 times around on Monday, the second day of the offer. The offer will close tomorrow, November 2, 2021.  

Fino Payments Bank IPO saw retail portion being oversubscribed, while employees of the Navi Mumbai-based fintech company was also see applying for this issue enthusiastically as their quota was subscribed by 0.56 times.  

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Meanwhile, Retail Individual Investors subscribed the issue 4.65 times. With application for 96,50,975 shares as against 20,75,031 reserved, RIIs led the subscription on Day 2.  
Non-Institutional Investors quota was subscribed 10% around the same time with bidding of .3,09,850 shares against quota of 31,12,546 shares.

Earlier, 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, a digital-backed lender, 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.

Earlier, Zee Business Managing Editor Anil Singhvi has said that one should apply in this IPO only with long term objective.  

Fino Payments Bank Timeline:  

Allotment beginning date: November 9
Refund initiation date: November 10
Allotment date: November 11
Listing date: November 12
Source: Upstox
 

Incorporated in 2007, 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.