Fino Payments Bank IPO - Subscription Day 3

5paisa Research Team 5paisa Research Team 2nd November 2021 - 05:50 pm

The Rs.1,200 crore IPO of Fino Payments Bank, consisting of a fresh issue of Rs.300 crore and an offer for sale (OFS) of Rs.900 crore, continued to see a measured response on Day-3.

As per the combined bid details put out by the BSE at the end of Day-2, Fino Payments Bank IPO was subscribed 2.03X overall, with bulk of the demand coming purely from the retail segment which saw robust oversubscription. The issue has closed on 02nd November.

As of close of 02nd November, out of the 114.65 lakh shares on offer in the IPO, Fino Payments Bank saw bids for 232.46 lakh shares. This implies an overall subscription of 2.03X. The granular break-up of subscriptions were tilted in favour of retail investors with QIBs portion just about getting through and the HNI portion actually getting undersubscribed.

Fino Payments Bank IPO Subscription Day-3

Category	Subscription Status
Qualified Institutional Buyers (QIB)	1.65 Times
Non Institutional Investors (NII)	0.21 Times
Retail Individuals	5.92 Times
Employees	0.93 Times
Overall	2.03 times

QIB Portion

The QIB portion of the IPO got subscribed 1.65X at the end of Day-3. On 28 October, Fino Payments Bank did an anchor placement of 93,37,641 lakh shares at the upper end of the price band of Rs.577 to 29 anchor investors raising Rs.539 crore. The list of QIB investors included a number of marquee names like Fidelity, HSBC Global, Pinebridge, Birla Mutual, Tata MF, SBI Life, Invesco, BNP Paribas and Societe Generale; among others.

The QIB portion (net of anchor allocation as explained above) has a quota of 62.25 lakh shares of which it has got bids for 102.41 lakh shares as on close of Day-3 of the IPO. QIB bids typically get bunched on the last day, but the response was just about sufficient in this case.

Check - Fino Payments Bank IPO - Subscription Day 2

HNI / NII Portion

The HNI portion got under-subscribed at just 0.21X (getting applications for just 6.63 lakh shares against the quota of 31.13 lakh shares). This is a very tepid response as of the close of Day-3 and this portion is likely to be reallocated to the other segments. There were hardly any funded applications and corporate applications that came in on the last day of the IPO.

Retail Individuals

The retail portion was subscribed a robust 5.92X at the close of Day-3, showing strong retail appetite. Retail allocation for this IPO is 35% of the offer size. For retail investors; out of the 20.75 lakh shares on offer, valid bids were received for 122.94 lakh shares, which included bids for 98.96 lakh shares at the cut-off price. The IPO is priced in the band of (Rs.560 – Rs577) and has closed for subscription on 02nd November 2021.

Also Read:-

1. Fino Payments Bank IPO - 7 Things to Know

2. Upcoming IPOs in 2021