The stock, which listed at Rs 548 on the BSE, ended at Rs 545.25.
The IPO of the fintech company had a relatively moderate response from investors as the offer was subscribed 2.03 times during October 28 to November 2.
The Qualified Institutional Buyers category was subscribed 1.65 times. The portion set aside for HNIs was subscribed 21% and the retail category was subscribed 5.92 times.
The Rs 1,200-crore IPO had a fresh issue component of Rs 300 crore and an offer for sale of about Rs 900 crore by the promoter.
Brokerage Angel One had given a neutral recommendation to Fino Payments Bank’s offering in its pre-IPO note.
“Fino payments bank has posted strong a 46.0% CAGR (compounded annual growth rate) in total revenues in FY2019-21 and has also turned around its operations and reported profits of Rs 20 crore for the first time in FY2021… Despite strong growth prospects, we believe that valuations do not justify the premium,” said Angel One.
