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  4. Fino Payments Bank IPO has been subscribed 0.5 times so far, today is the second day to subscribe

Fino Payments Bank IPO has been subscribed 0.5 times so far, today is the second day to subscribe

Fino Payments Bank IPO has been subscribed 0.5 times so far, today is the second day to subscribe
Stock Market2 min read
  • The retail investors have subscribed to the Fino Payments Bank IPO 2.73 times on the first day of IPO bidding process.
  • The firm is looking to raise ₹1,200 crore through the public listing including an offer for sale worth ₹900 crore.
  • The Navi Mumbai-based fintech company Fino Payments Bank will be the first payments bank to get listed on the stock exchanges, that too while making profits.
Today (November 1) is the second day to subscribe to the initial public offering (IPO) of Navi Mumbai-based fintech company Fino Payments Bank.

The IPO has been subscribed 0.5 times on the first day of the IPO. The retail investors have subscribed 2.73 times to the IPO.

The company is looking to raise ₹1,200 crore through public listing including ₹900 crore through an offer for sale of 1.56 crore shares and ₹300 fresh issue of 52 lakh shares. The price band of the IPO is set at ₹560-577 per share.

The IPO opened for subscription on October 29 and will end on November 2.

Promoter Fino Paytech will sell 52 lakh shares in the IPO. The bank plans to utilise the net proceeds from the fresh issue towards augmenting its tier-I capital base to meet its future capital requirements.

Analysts are positive on the fintech industry and believe they are poised to grow in the future.

“Fintech companies' demand is poised for growth on the back of rising internet penetration, higher disposable income, development of technology, low-cost infrastructure, government initiatives like UPI, etc. We believe Fino Bank is one of the key beneficiaries of opportunities in the sector,” said analysts at Religare Broking.

The company claims to be the first profitable player in the payments bank space to hit the Indian stock market. Paytm is another payments bank firm in line to get listed soon. Although Paytm has received SEBI’s nod, it is yet to announce dates to launch its initial public offering (IPO).

“We are the only scheduled payment bank, which is profitable, we have set up the bank on very low capital,” said Rishi Gupta, managing director and chief executive officer (CEO) of the payment bank.

SEE ALSO: Things to know about Paytm before placing a bet on its IPO

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