Fino Payments Bank IPO Oversubscribed by 2 Times, Allotment Tomorrow
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Fino Payments Bank will probably declare the allotment status of its first public offering (IPO) on 9th November this year. It is a Navi Mumbai fintech organization.Â
The organization got great demand from investors, who have oversubscribed the IPO by 2.03 times. In addition, the part reserved for retail investors was oversubscribed by 5.92 times on the last day of the IPO offering process.
In any case, demand from non-institutional investors was not that great as the part saved for non-institutional financial backers was subscribed 0.21 times.
The IPO was open for membership from 29th October to 2nd November with a value band of ₹560-577 per share. The organization is hoping to raise ₹1,200 crores through a public listing. It includes ₹900 crores through a proposal available for sale and ₹300 crores through the new issue of offers.
The organization professes to be the first profitable player in bank space to hit the Indian stock exchange. Paytm is another payment bank firm in line to get in record soon.
The bank intends to use the new issue’s net returns to increase its tier I capital base to meet its future capital prerequisites.
Further, analysts are optimistic about the fintech industry and believe they are confident of growth in the future.
“Fintech companies‘ demand is poised for growth on the back of rising internet penetration. And 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.
Fino Payments Bank IPO Allotment Date: Allotment finalization may take place on 9th November
“With Pan India operational presence in over 90% of the district the company has a great opportunity to strengthen its business in coming years. We recommend a “Subscribe-Long Term” rating to this IPO,” said brokerage Anand Rathi in an IPO note.
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