Fino Payments Bank shares close with nearly 6 pc discount in debut trade

Shares of Fino Payments Bank Ltd made a tepid market debut on Friday and settled 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 BSE.

Shares of Fino Payments Bank Ltd made a tepid market debut on Friday and settled 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 BSE. During the day, it dipped 11.47 per cent to Rs 510.80. The stock declined 5.50 per cent to close at Rs 545.25. On NSE, it listed at Rs 544.35, lower by 5.65 per cent. It slipped 5.73 per cent to settle at Rs 543.90. In volume terms, 6.24 lakh shares were traded on BSE and over 1 crore on NSE. 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.

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).