Fino Payments Bank stocks corrected nearly 10 per cent to Rs 510.80 per share in the early trade, soon after listing on the bourses on Friday. Fino Payments Bank stock made a tepid start on the exchanges as the shares of digital-backed lender were listed at 5 per cent discount against its issue price of Rs 577 per share.  Shares of Fino Payments Bank made a flat debut as it started trading at Rs 548.00 per share on the Bombay Stock Exchange (BSE), while it opened at Rs 544.35 a piece at the National Stock Exchange (NSE).    

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The newly-listed company touched the day's low of Rs 510.80 per share soon after listing on the BSE in Friday's intraday trade. At around 12.40 pm, Fino Payments Bank stocks were trading at Rs 522.20 per share, down Rs 25.80 or 4.71%.

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In the pre-open on NSE, the shares of digital-backed lender had opened on massive discount of Rs 285 per share against its issue price of Rs 577.    

What should investors do post weak listing?  

Earlier, Zee Business Managing Editor Anil Singhvi had recommended to apply for the issue with long term objective.      

Parth Nyati, Founder, Tradingo, has also suggested aggressive investors to buy it at 10-20% correction from the listing price for the long term.  

"Fino payments debuted in the secondary market on tepid note as per our expectations and I think it may continue to remain under pressure post listing because of valuations concerns, competition and regulatory challenges. However, Fino Payment is a fast-growing fintech company and it is one-of-its-kind companies to list on the stock exchanges. Its unique DTP network and new edge business model provide it an edge. Aggressive investors can buy it at 10-20% correction from here for the long term," said Nyati.  

Fino Payments Bank is a fully-owned subsidiary of Fino Paytech. Earlier, it had fixed the price band for the issue at Rs 560-577 per share. Investors were allowed to make 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, had plans 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.