Fino Payments Bank lists at over 5.5% below issue price

The stock is listed at Rs544.35 apiece, a 5.65% discount over the issue price of Rs577 per share.

November 12, 2021 3:14 IST | India Infoline News Service
Dalal Street
Shares of Fino Payments Bank made a weak listing on the stock exchanges on Friday. The stock is listed at Rs544.35 apiece, a 5.65% discount over the issue price of Rs577 per share.

The stock however inched higher from its opening levels continued in the early trade touching a high of Rs583.35 on BSE and Rs582.95 on the NSE.

The shares are currently trading at Rs546.50 down by Rs30.5 or 5.29% from their previous closing of Rs577 on the BSE.

The scrip opened at Rs548 and has touched a high and low of Rs583.35 and Rs510.80 respectively.

The Rs1200.29cr initial public offering (IPO) was subscribed 2.03 times.

The retail individual investors category was subscribed 5.92 times. The portion set aside for non-institutional investors was subscribed 21%, while qualified institutional buyers portion was booked 1.65 times.

The issue opened for bidding on 29 October and it closed on 2 November 2021. The price band of the IPO was fixed at Rs560-577 per share.

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. It offers such products and services to target markets via a pan-India distribution network and proprietary technologies. The bank has grown its operational presence to cover over 90% of districts end September 2021.

The payment business operates an asset light business model that principally relies on fee and commission-based income generated from merchant networks and strategic commercial relationships. Each merchant serves the banking and financial needs of its community, which in turn form the backbone of assisted-digital ecosystem, referred to as phygital delivery model (i.e., a combination of physical and digital). The use of analytics on the data enhances the merchants ability to cross sell the third-party products offered by the bank to existing customers, thereby increasing potential revenue and opportunity to further customize products and services offering.

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