India's Fino Payments Bank falls on tepid debut

FINO Payments Bank

12/11/2021 05:30

** Shares of the Indian digital-based financial services
provider  FINY.NS  fall as much as 11.4% to 511.05 rupees after
opening at a 5.7% discount to their initial public offering
(IPO) price of 577 rupees
    ** Fino Payments Bank's shares debut at 544.35 rupees in
pre-open trade, giving the company a market valuation of about
45.30 bln rupees ($609.16 mln)
    ** FINY's IPO had been oversubscribed only about 2 times
last week, a sign of tepid demand despite the co being
profitable
    ** Co provides products and services such as various current
accounts and savings accounts, issuance of debit cards,
facilitation of domestic remittances and cash management
services
    ** FINY will use the net proceeds from the fresh issue
portion of the IPO to fund its capital requirements
    ** Axis Capital, ICICI Securities and Nomura Financial
Advisory and Securities (India) are among book running lead
managers to the IPO

    ($1 = 74.3650 Indian rupees)

 (Reporting by Anuron Kumar Mitra in Bengaluru)
 ((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))