Money & Banking

Fino Payments Bank IPO to open on October 29

Our Bureau Mumbai | Updated on October 26, 2021

‘The price band for the offer has been determined at ₹560 to ₹577 per equity share’

The ₹1,200 crore initial public offer of Fino Payments Bank will open on October 29 and close on November 2. “The price band for the offer has been determined at ₹560 to ₹577 per equity share,” it said on Tuesday.

The IPO size at the upper band is about ₹1,200 crore, comprising ₹900 crore through the offer for sale of 1.56 crore shares and ₹300 crore from fresh issuance of equity shares.

“The company intends to utilise the net proceeds from the fresh issue towards augmenting the bank’s tier-1 capital base to meet its future capital requirements,” it further said.

Also read: Fino Payments Bank gets SEBI nod to float IPO

The company and the selling shareholder have, in consultation with the book running lead manager to the offer, considered participation by Anchor Investors who participation will be on October 28. Axis Capital, CLSA India, ICICI Securities, and Nomura Financial Advisory and Securities (India) are the book running lead manager to the offer.

Fino Payments Bank is a wholly owned subsidiary of Fino Paytech Limited, which is backed by marquee investors like Blackstone, ICICI Group, Intel Capital Corporation, Bharat Petroleum, HAV3 Holdings (Mauritius) and World Bank Arm International Finance Corporation (IFC), among others.

The bank had received market regulator Sebi’s go-ahead for an initial public offering earlier this month. The fintech bank turned profitable in the fourth quarter of 2019-20 and has consistently made profits for seven consecutive quarters.

Published on October 26, 2021

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