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Fino Payments Bank IPO opens. Check key details here
The Fino Payments Bank IPO is expected to fetch ₹1,200.3 crore at the upper end of the price band. Investors can bid for a minimum of 25 equity shares and in multiples of 25 equity shares thereafter.
Fino Payments Bank three-day initial public offer or IPO opened on Friday, October 29, and will conclude on November 2, the company has said.
The Fino Payments Bank IPO includes a fresh issue of equity shares worth ₹300 crore and an offer for sale (OFS) of 15,602,999 equity shares by the promoter Fino Paytech. The offer includes a reservation of ₹3 crore worth of shares for the company's eligible employees.
The Fino Payments Bank IPO is expected to fetch ₹1,200.3 crore at the upper end of the price band. Investors can bid for a minimum of 25 equity shares and in multiples of 25 equity shares thereafter.
The company said that up to 75 per cent of the total offer has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.
On Thursday, Fino Payments Bank said it has garnered ₹539 crore from anchor investors ahead of its IPO. The company has decided to allocate a total of 93,37,641 equity shares to 29 anchor investors at ₹577 apiece, aggregating to ₹538.78 crore, according to a circular uploaded on the BSE website.
Fidelity, HSBC Global, Pinebridge, Aditya Birla Sun Life Mutual Fund (MF), Tata Mutual Fund, SBI Life Insurance Company, Invesco, BNP Paribas and Societe Generale, have been allotted shares among others.
The company, which is the fully-owned subsidiary of Fino Paytech, has said that the proceeds from the fresh issue would be used towards augmenting the bank's Tier-1 capital base to meet its future capital requirements.
It also said that up to 75 per cent of the total offer has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.
Axis Capital, CLSA India, ICICI Securities and Nomura Financial Advisory Services are the book running lead managers to the issue.
The revenue of Fino Payments Bank, a scheduled commercial bank serving the emerging India market with its digital-based financial services, for FY21 stood at ₹791 crore that grew at a CAGR of 29 per cent in the last three years and the bank registered a profit of ₹20.5 crore in FY21.
Fino Payments Bank is backed by investors like Blackstone, ICICI Group, Bharat Petroleum and International Finance Corporation (IFC).
(With agency inputs)
