Shares of Fino Payments Bank Ltd made a tepid market debut on Friday, listing with a discount of nearly 6 per cent from its issue price of Rs 577. The stock made its debut at Rs 548, a decline of 5 per cent from the issue price on the BSE. It later dipped 7.15 per cent to Rs 535.70.
At the NSE, it listed at Rs 544.35, lower by 5.65 per cent. The initial public offer of Fino Payments Bank Limited was subscribed 2.03 times earlier this month. The Rs 1,200.3-crore IPO had a price range of Rs 560-577 per share for the offer.
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).
(With inputs from PTI)
