Fino Payments Bank Initial Public Offering (IPO) Lists at Discount and Stays Lower
Fino Payments Bank had a bad offering on November 12th, listing at a -5.66 percent discount and closing the day below the listing price. While the stock did rise over the day, it was unable to maintain its gains.
Here is the 12-Nov Fino Payments Bank listing story
Despite a meager 2.03X subscription, the Fino Payments Bank IPO price was set at the higher end of the band at Rs.577. The IPO’s pricing range was Rs.560 to Rs.577.
Fino Payments Bank’s shares were launched on the NSE on November 12th at a price of Rs.544.35, a discount of -5.66 percent below the issue price of Rs.577. The stock was launched on the BSE at Rs.548 per share, a -5.03 percent discount to the issue price.
Fino Payments Bank ended on the NSE on November 12 at a price of Rs.535.45, representing a first-day closing discount of -7.2 percent to the issue price. On the BSE, the shares closed at Rs.545.25, representing a first-day closing discount of -5.5 percent on the issue price.
The stock not only listed below the IPO price on both markets, but it also closed below the listing price on Day 1. On the first day of trading, Fino Payments Bank reached a high of Rs.582.95 and a low of Rs.511.05 on the NSE. The damage was confined to less than the listing price.
Fino Payments Bank reached a top of Rs.583.35 and a low of Rs.510.80 on the BSE. The stock was traded on the BSE for a total of 6.24 lakh shares for Rs.33.85 crore. It was not one of the most actively traded stocks on the BSE.