Fino Payments Bank's initial public offer (IPO) was subscribed 51 percent on Friday, the first day of the bidding process. By 5:00 pm on October 29, the fintech company's initial share sale received a total of 58.1 lakh bids against the 1.2 crore shares on offer.

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While the portion of the Fino Payments Bank IPO reserved for retail investors was subscribed 1.43 times, the other categories saw negligible response from investors.

There were no bids in the qualified institutional buyers (QIBs) category. The quota for non-institutional investors saw subscription of one percent and that for employees five percent at the end of the first day of bidding.

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: Fino Payments Bank raises Rs 539 crore from anchor investors ahead of IPO

On Thursday, Fino Payments Bank said it had garnered Rs 539 crore from anchor investors. The company allocated a total of 93.4 lakh equity shares to 29 anchor investors at Rs 577 apiece, aggregating to Rs 538.8 crore.

The IPO opened for bidding on Friday, October 29, and will close on Tuesday, November 2. Shares are available for bidding in a price band of Rs 560-577 apiece in multiples of 25.

While 75 percent of the IPO is reserved for the QIB category, 15 percent is for non-institutional investors and 10 percent for retail investors. The company plans to utilise proceeds from the issue towards augmenting its Tier–1 capital base to meet its future capital requirements.

Fino Payments Bank or FPBL is a scheduled commercial bank serving the emerging India market with its digital based financial services. Fino Payments Bank offers a range of financial products and services.

ALSO READ: Fino Payments Bank IPO funds to help build digital infra, expand merchant network, says CEO

The company is a fully-owned subsidiary of Fino Paytech, a pioneer in technology-enabled financial inclusion solutions. Fino Paytech is backed by investors including Blackstone, ICICI Group, Bharat Petroleum and International Finance Corp.

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(Edited by : Sandeep Singh)

First Published:Oct 29, 2021 6:25 PM IST