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 was subscribed. The issue would garner Rs 1200.29 crs at the top end of the band. 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, the Retail portion was subscribed 5.92 times while the Employee portion was subscribed 0.93 times. There were 3.95 lac applications in all.

Full details of the subscription are given below: –

FSN E-Commerce Ventures Limited, owners of the popular cosmetics and fashion brand Nykaa, had tapped the capital markets with its fresh issue for Rs 630 crs and an offer for sale of 4,19,72,660 equity shares in a price band of Rs 1,085 to Rs 1,125. The issue had opened on Thursday the 28th of October and closed on Monday the 1st of November. The size of the issue at the top end of the price band was Rs 5,351.92 crs. Earlier the company completed allocation to anchor investors. The company allotted 2,12,96,397 equity shares at the top end of the price band of Rs 1,125 to 174 entities.

One third of the total allocation has been made to 21 mutual funds, through a total of 93 schemes.

The issue was subscribed 92.17 times. The QIB portion was subscribed 92.17 times, HNI portion was subscribed 112.51 times, Retail portion was subscribed 12.29 times and Employee reservation was subscribed 1.88 times. There were 35.70 lac applications. The cost of funding which has doubled in the present list of primary issuances from 6.5% to 13% is Rs 360 per share. Opportunism at its best or worst and each person trying to extract its pound of flesh.

Further with the deadline of RBI of 1st April 2022 on HNI borrowing of Rs 1 cr per individual looming large, it would be interesting to see whether the merchant banking community comes up with new alternatives for funding.

Full details of subscription category wise is given below: –