The three-day initial public offering of Fino Payments Bank Ltd. kicked off on Friday, with the lender looking to raise up to Rs 1,200 crore.
The retail portion of the offer was subscribed within 45 minutes of opening and ended with 51% subscription overall.
The profitable payments bank, only one of the two in India, has set a price band of Rs 560-577 apiece.
The IPO comprises a fresh issue of equity shares worth Rs 300 crore. That apart, Fino Paytech, the holding company, which owns 7.8 crore equity shares—or 100% stake—in the payments bank will offer 1.56 crore shares in an offer for sale.
The IPO's proceeds will be used to develop technology infrastructure as it looks to expand into newer geographies and broaden the suite of services. The public offering will also aid in bolstering its tier-1 capital ratio.
Subscription Details: Day 1
The IPO was subscribed 0.51 times or 51% as of 5 p.m. on Oct. 29.
Institutional investors: 0 times.
Non-institutional investors: 0.05 times.
Retail investors: 2.73 times.
Employees: 0.25 times.
Research Reports on Fino Payments Bank IPO:
Watch BloombergQuint's IPO Adda with Rishi Gupta, managing director and chief executive officer of Fino Payments Bank:
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