Fino Payments Bank files Rs 1,300 crore IPO papers with Sebi
The IPO includes a fresh issue of equity shares worth Rs 300 crore and an offer-for-sale of 15,602,999 equity shares by promoter Fino Paytech
Fino Payments Bank has filed preliminary papers with markets regulator Sebi to raise an estimated Rs 1,300 crore through an initial share-sale.
The initial public offer (IPO) includes a fresh issue of equity shares worth Rs 300 crore and an offer-for-sale of 15,602,999 equity shares by promoter Fino Paytech, according to draft red herring prospectus (DRHP).
Proceeds from the fresh issue would be used towards augmenting the bank’s tier-1 capital base to meet its future capital requirements.
The bank may consider a pre-IPO placement aggregating up to Rs 60 crore. If such placement is completed, the fresh issue size will be reduced.
Fino Payments Bank or FPBL is a scheduled commercial bank serving the emerging India market with its digital-based financial services.
Axis Capital, CLSA India, ICICI Securities and Nomura Financial Advisory Services have been appointed as investment bankers to advise the bank on the IPO.