Fino Payments Bank IPO to open on Oct 29, price band set at Rs560-577 per share

The Offer comprises of a fresh issuance of Equity Shares aggregating up to Rs3,000 million (“Fresh Issue”) and an offer for sale of up to 15,602,999 Equity Shares by Fino Paytech (the “Promoter Selling Shareholders”).

Oct 28, 2021 02:10 IST India Infoline News Service

Fino Payments Bank Limited (the “Company”) is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to open its initial public offering of Equity Shares (the “Offer”) on Friday, October 29, 2021 and close on Tuesday, November 02, 2021.

The price band for the Offer has been determined at Rs560 – Rs577 per Equity Share.

The Offer comprises of fresh issuance of Equity Shares aggregating up to Rs3,000 million (“Fresh Issue”) and an offer for sale of up to 15,602,999 Equity Shares by Fino Paytech (the “Promoter Selling Shareholders”).

The Company intends to utilize the net proceeds from the fresh issue towards augmenting the bank's tier-1 capital base to meet its future capital requirements.

Fino payments bank is a wholly owned subsidiary of Fino Paytech Limited (FPL), primarily engaged in providing technology-based solutions and services related to financial inclusion. FPL is backed by marquee investors like Blackstone, ICICI Group, Intel Capital Corporation, Bharat Petroleum, HAV3 Holdings (Mauritius) Limited and World Bank Arm International Finance Corporation (IFC), amongst others.

Axis Capital Limited, CLSA India Private Limited, ICICI Securities Limited, and Nomura Financial Advisory and Securities (India) Private Limited are the book running lead manager to the Offer (“BRLM”).

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