Fino Payments Bank Limited’s proposed initial public offering

 

Fino Payments Bank Limited’s proposed initial public offering

 

• Price Band of ₹ 560 – ₹ 577 per equity share bearing face value of ₹ 10 each (“Equity Shares”).
• Bid/Offer Opening Date – Friday, October, 29 2021 and Bid/Offer Closing Date – Tuesday, November 02, 2021.
• Minimum Bid Lot is 25 Equity Shares and in multiples of 25 Equity Shares thereafter.
• The Floor Price is 56 times the face value of the Equity Shares and the Cap Price is 57.7 times the face value of the Equity Shares.

 

Mumbai, October 26, 2021: 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 ₹ 560 – ₹ 577 per Equity Share.

 

The Offer comprises of a fresh issuance of Equity Shares aggregating up to ₹ 3,000 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”)