Fino Payments Bank subscribed two times on last day, HNI response tepid

IPO was Rs 300 crore fresh fund raise, Rs 900 crore secondary share sale by promoter Fino Paytech; bank will use fresh proceeds to augment tier-1 capital base

The initial public offering (IPO) of Fino Payments Bank garnered lukewarm response with the issue getting subscribed just two times on Tuesday, the concluding day of the issue. The institutional portion was subscribed 1.65 times, the wealthy investor portion by 21 per cent, the retail investor portion was subscribed close to six times, and the portion reserved for employees by 93 per cent.

Fino Payments Bank had priced its IPO between Rs 560-577 per share.

The IPO consisted of Rs 300 crore of fresh fund raise and Rs 900 crore of secondary share sale by promoter Fino Paytech. The bank