IPO Wrap: Fino Payments Bank IPO subscribed 2.03 times on final day led by retail investors and QIBs

The shares which are to be allocated for the qualified institutional buyers (QIBs) was subscribed 1.65 times, while those of non institutional investors was subscribed 0.21 times and that of retail individual investors (RIIs) was subscribed 5.92 times. Separately, shares for the employees’ segment was subscribed 0.93 times, the data showed.

Fino Payments Bank IPO comprises a fresh issue of up to Rs 300 crore and an offer for sale of up to 1,56,02,999 equity shares.

The IPO had opened for subscription on Friday, October 29, 2021, and concluded at 5 pm Tuesday, November 2, 2021. It had a price band of Rs 560-577 per share and before heading into the IPO, Fino Payments Bank raised over Rs 538.78 crore (Rs 5,38,78,18,857) from 29 anchor investors in lieu of 93,37,641 equity shares at Rs 577 each.

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

Going ahead, investors will now look forward to the share allotment date of the issue. The finalisation of the basis of allotment for Fino Payments Bank is expected to take place on Tuesday, November 9, 2021, as per the information provided in the red herring prospectus.

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