Retail investors bid the most for shares of Fino Payments Bank Ltd., which is looking to raise up to Rs 1,200 crore through its initial public offering, on the final day.
The retail portion of the offer was fully subscribed within 45 minutes of opening on Oct. 29. The offer ended on Tuesday, getting subscribed 2.03 times.
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 3
The IPO was subscribed 2.03 times as of 5 p.m. on Nov. 2.
Institutional investors: 1.65 times.
Non-institutional investors: 0.21 times.
Retail investors: 5.92 times.
Employees: 0.93 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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