Fino Payments Bank IPO subscribed by 87%
- ByStartupStory | November 2, 2021
The Day 2 listing of the fin-tech company, Fino Payments Bank promoted by Fino Paytech received 87% subscription of the shares. Fino Payments Bank is the only payments bank to release its IPO.
The company intends to raise Rs. 1,200 crores through a fresh issue in the market. The reports of NSE (National Stock Exchange) have revealed that investors have made bids for 99, 90,600 equity shares of the company as against a total of 1, 14, 64,664 shares listed for issue.
Incorporated in 2017, Fino Payments Bank provides seamless digital banking experience to its clients. The company operated on an asset light business model whereby each Banking Outlet serves the banking and financial needs of its community.
The issue of shares has garnered a mixed response from brokerages as they weigh the company’s long term growth model along with its asset light model. While some brokerage companies believe that the Payments Bank has massive potential for growth in the market following the issue, some believe that the company has over-valued its stakes.
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