Fino Payments Bank Limited which had tapped the capital markets with its fresh issue of Rs 300 crs and an offer for sale of 1,56,02,999 equity shares in a price band of Rs 560-577 debuted on the bourses, and at end of day lost 5.5%. The issue which was allotted at RS 577 saw the share close at Rs 545.25, a loss of Rs 31.75 or 5.5%. The discovered price on BSE was Rs 548 at which price 6,283 shares were traded while on NSE it was Rs 544.35, at which price 98,258 shares were traded. The issue garnered Rs 1200.29 crs at the allotted price. The issue had opened on Friday the 29th of October and closed on Tuesday the 2nd of November. Earlier it had completed allocation to anchor investors.
The company has allotted 93,37,641 equity shares to 13 anchor investors comprising of 29 entities. This includes 5 domestic mutual funds comprising of 17 entities who were allotted 39.05% of the anchor allocation. The top allocations were made to Fidelity who was allotted 16.67% of the anchor book followed by Pinebridge who was allotted 15.75%. This was followed by the domestic funds led by Aditya Birla who was allotted 12.96% and Motilal Oswal who was allotted 9.44%. The top four anchor investors were allotted 54.82% of the anchor book.
The QIB portion was subscribed 1.65 times, HNI portion was undersubscribed at 0.21 times, Retail portion was subscribed 5.92 times while Employee portion was subscribed 0.93 times. There were 3.95 lac applications in all.
The high of the day on BSE was Rs 583.55, the low was Rs 510.80 and the close was Rs 545.25. The loss was Rs 31.75 or 5.50%. On NSE, the high of the day was Rs 582.95, low was Rs 511.05 and the close was Rs 543.90 a loss of Rs 33.10 or 5.74%.
| Exchange | Open | High | Low | Close | Net Change | % Gain/ Loss | Wt.Avg | Volume | Delivery | Del %age |
| BSE | 548.00 | 583.35 | 510.80 | 545.25 | -31.75 | -5.50 | 542.30 | 624332 | 92040 | 14.74 |
| NSE | 544.35 | 582.95 | 511.05 | 543.90 | -33.10 | -5.74 | 542.10 | 10113420 | 3614161 | 35.74 |
| Total | 10737752 | 3706201 | 34.52 |
The traded volume on the two exchanges combined was 107.37 lac shares which was 0.52 times the IPO size of 208.02 lac shares and 0.94 times the non-anchor portion of 114.64 lac shares. Delivery volume was 37.06 lac shares which was 34.52 % of the traded volume. It was 17.82 % of the issue size and 32.33 % of the non-anchor portion. The weighted average of the day’s trade was Rs 542.36 on BSE and Rs 542.10 on NSE.
In terms of institutional trades, two trades on the sell side were reported on NSE. In the first, Société Générale sold 12,10,187 shares at Rs 528.86 on NSE. In the second trade, BNP Paribas Arbitrage fund sold on a net basis 9,52,680 shares at Rs 544.85 also on NSE.
The share has had a poor listing and what is currently worrisome is the fact that delivery volumes are very poor. Just about a third of the non-anchor has been delivered which means that the delivery must pick up for the overhang to get absorbed.
