The shares of Fino Payments Bank made a tepid debut on the bourses on Friday, listing at over 5 per cent discount.

It listed at a discount of over 5 per cent at ₹544.35 apiece on the NSE as compared to its issue price.

The shares listed at ₹548 on the BSE against its issue price of ₹577.

The shares slipped further to record a low of ₹527.00 on the BSE, post listing. At 10:31 am, it was trading at a 7.51 per cent discount at ₹533.65.

On the NSE, it was trading at ₹534.80.

“Fino payment debuted in secondary market on a tepid note as per our expectations and I think it may continue to remain under pressure post listing because of valuations concerns, competition, and regulatory challenges,” said Parth Nyati, Founder, Tradingo.

“However Fino Payment is a fast-growing fintech company and it is one of its kind company to list on the stock exchanges where its unique DTP network and new edge business model provide it an edge,” added Nyati.

Also read: Fino Payments Bank IPO to open on October 29

The ₹1,200 initial public offering of Fino Payments Bank comprised a fresh issue of ₹300 crore and an offer for sale (OFS) of 1.56 crore equity shares by promoter Fino Paytech.

The IPO was subscribed 2.03 times on the third and the final day with strong interest from retail investors.

According to data available on the BSE, bids were received for 2.32 crore shares as against 1.14 crore shares offered in the IPO.

The portion set aside for non-institutional investors (widely known as HNIs) saw a subscription of 0.21 times, and that of QIB witnessed a subscription of 1.65 times. The portion for retail investors was oversubscribed 5.92 times and the employee quota by 0.93 times.

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