Fino Payments Bank’s initial public offering (IPO) will open for subscription on October 29. The fintech company’s public issue will include a fresh issue of Rs 300 crore and an offer for sale of up to 1,56,02,999 shares by the promoter Fino Paytech, according to the draft red herring prospectus filed with the market regulator. The public issue will close on November 2.A total of 75 per cent of the primary market offering has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and 10 per cent for retail investors.The bank will utilize the net proceeds from the fresh issue to augment its Tier – 1 capital base for meeting future capital requirements.Fino Payments Bank was founded as Fino Fintech Foundation Limited in the year 2007. It rebranded itself as Fino Fintech Private Limited in 2015 and started operations in June 2017. Fino Payments Bank offers financial products and services, primarily through the digital route. Rishi Gupta is the managing director and chief executive officer of Fino Payments Bank.Among other fintech companies set to tap the primary markets, PayTM and MobiKwik have already filed their IPO papers.The promoter Fino PayTech is backed by marquee investors such as ICICI Bank, Intel Capital Corporation, International Finance Corporation, Blackstone GPV Capital Partners (Mauritius) VI-B FDI and Bharat Petroleum Corporation.Axis Capital, CLSA India, ICICI Securities and Nomura Financial Advisory Services are the book running lead managers to the issue of Fino Payments Bank.
Source link
Strange India 