Fino Payments Bank Shares End 5.73% Lower On Market Debut
Shares of Fino Payments Bank Ltd., that saw the fifth-least subscribed maiden offer, fell on market debut.
The stock listed at Rs 543.25 apiece, a 5.84% discount to its IPO price of Rs 577, according to Bloomberg data. The stock then swung between gains and losses, hitting an intraday high of Rs 582.95 and a low of Rs 536.35 in the 20 minutes of opening. The stock ended day's trading at Rs 543.90 apiece, down 5.73%.
The retail portion of the offer was fully subscribed within 45 minutes of opening on Oct. 29. The IPO closed with 2.03 times subscription.
The profitable payments bank, only one of the two in India, had set a price band of Rs 560-577 apiece for the share sale.