Share of Fino Payments Bank made a flat debut on the exchanges on Friday. Fino Payments Bank started trading at Rs 548.00 per share on the Bombay Stock Exchange (BSE), while it opened at Rs 544.35 apiece at The National Stock Exchange (NSE). 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

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

Parth Nyati, Founder, Tradingo, suggested  aggressive investors to buy it at 10-20% correction from here 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 company 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 Parth Nyati, Founder, Tradingo. 

See Zee Business Live TV Streaming Below:

Earlier, the shares of digital-backed lender opened on massive discount on NSE at Rs 285 against its issue price of Rs 577.   

Earlier, Fino Payments Bank IPO was subscribed 2.03 times on the last day of subscription on November 2. The Rs 1,200.3-crore IPO received bids for 2,32,46,150 shares against 1,14,64,664 shares on offer, as per the NSE consolidated bidding details. The category for Qualified Institutional Buyers (QIBs) was subscribed 1.65 times, while that for non-institutional investors was subscribed 21 per cent and Retail Individual Investors (RIIs) 5.92 times.   

Fino Payments Bank, a fully-owned subsidiary of Fino Paytech, has 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, 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.