Fino Payments Bank closes IPO with 2x bids

Mumbai: The initial public offer of Fino Payments Bank was subscribed two times on Tuesday - the final day of the offer led by strong retail interest. The issue received bids of 2.32 crore shares against 1.15 crore shares on offer.

The retail portion was subscribed by 5.92 times, while the portion set aside for qualified institutional buyers was subscribed 1.65 times. The non-institutional investor and employee categories were undersubscribed.

The ₹1,200 crore offer comprised a fresh share issue of up to ₹300 crore and an offer for sale of up to ₹900 crore by existing shareholders.


The payment bank garnered ₹538.78 crore from 29 anchor investors ahead of its IPO. They included Pinebridge Global Funds, HSBC, Invesco Trustee, ITPL Invesco, Matthews Asia Small Companies Fund, Fidelity Funds, Societe Generale and Segantii India Mauritius.