Fino Payments Bank IPO subscribed 51% on first day of offer

The initial public offer of Fino Payments Bank Limited was subscribed 51 per cent on the first day of subscription on Friday.

The IPO received bids for 58,13,975 shares against 1,14,64,664 shares on offer, according to an update on NSE.

Retail Individual Investors' (RIIs) category received 2.73 times subscription, while those for non-institutional investors 5 per cent.

The initial public offer (IPO) includes a fresh issue of up to Rs 300 crore and an offer for sale of up to 1,56,02,999 equity shares.

Price range for the offer is at Rs 560-577 per share.

Fino Payments Bank on Thursday said it has garnered Rs 539 crore from anchor investors.

At the upper end of the price band, the initial share-sale is expected to fetch Rs 1,200.3 crore.

Proceeds from the fresh issue would be used towards augmenting the bank's Tier 1 capital base to meet its future capital requirements.

Fino Payments Bank Limited (FPBL) is a scheduled commercial bank serving the emerging Indian market with its digital based financial services.

The company is a fully-owned subsidiary of Fino Paytech, a pioneer in technology enabled financial inclusion solutions.

Fino Paytech is backed by investors like Blackstone, ICICI Group, Bharat Petroleum and International Finance Corporation (IFC).

Axis Capital, CLSA India, ICICI Securities and Nomura Financial Advisory and Securities are the managers to the offer.