Latest News | Fino Payments Bank IPO Subscribed 87 Pc on Day 2 of Offer

New Delhi, Nov 1 (PTI) The initial public offer of Fino Payments Bank Limited was subscribed 87 per cent on the second day of subscription on Monday.

The IPO received bids for 99,90,600 shares against 1,14,64,664 shares on offer, according to exchanges data.

Also Read | 1 TB Internal Phone Memory! Samsung Ready With World's First 1TB Chip for Smartphones.

The retail individual investors (RIIs) category was subscribed 4.65 times and that of non-institutional investors 10 per cent.

The initial public offer (IPO) comprises a fresh issue of up to Rs 300 crore and an offer for sale of up to 1,56,02,999 equity shares.

Also Read | 10-0! Jose Mourinho Starts AS Roma Managerial Career in Style by Defeating Serie D Side Montecatini.

The price range for the offer is Rs 560-577 per share.

Fino Payments Bank had on Thursday said it has garnered Rs 539 crore from anchor investors.

At the upper end of the price band, the initial share sale is expected to fetch Rs 1,200.3 crore.

Proceeds from the fresh issue would be used towards augmenting the bank's Tier-1 capital base to meet its future capital requirements.

Fino Payments Bank or FPBL is a scheduled commercial bank serving the emerging Indian market with its digital-based financial services.

The company is a fully-owned subsidiary of Fino Paytech, a pioneer in technology-enabled financial inclusion solutions.

Fino Paytech is backed by investors like Blackstone, ICICI Group, Bharat Petroleum and International Finance Corporation (IFC).

Axis Capital, CLSA India, ICICI Securities and Nomura Financial Advisory and Securities are the managers of the offer.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)