The IPO of Fino Payments Bank will consist of an offer for sale (OFS) of 15,602,999 equity shares, as well as a fresh issue worth Rs 300 crore
The Initial Public Offering (IPO) for Fino Payments Bank opens today, 29 October. The Rs 1,200 crore IPO, backed by Fino Paytech, will be available till 2 November at a price band of Rs 560-577 per share.
The 13 percent of the shares of the fintech company have already been subscribed so far, according to media reports.
The IPO of Fino Payments Bank will consist of an offer for sale (OFS) of 15,602,999 equity shares, as well as a fresh issue worth Rs 300 crore.
Investors interested in the IPO can bid for lots of 25 equity shares and its multiples thereafter. They will have to pay Rs 14,425 as the upper price band for a single lot of the Fino Payments Bank.
The company has a fixed quota for qualified institutional buyers (QIB) at 75 percent, while the retail quota is fixed at 10 percent of the net offer. For non-institutional investors (NII), the quota is capped at 15 percent. The company has also reserved shares worth Rs 3 crore for its own employees.
Retail investors have bought 70 percent of the shares reserved in their quota, while employees have bid for 300 equity shares of the company in the portion reserved for them.
The shares of Fino Payments Bank will be listed on the Bombay Stock Exchange (BSE) as well as the National Stock Exchange (NSE).
Ahead of its IPO, Fino Payments Bank said that it had raised Rs 538.78 crores from anchor investors. The money from the IPO would be used by the company to meet its future capital requirements by enhancing its Tier-1 capital base.
Fino Payments Bank is a scheduled commercial bank that offers a wide range of financial services and products. The fintech company has grown its presence to over 90 percent of districts in the country and is the first payments bank to list on the stock exchange. The company’s profit was Rs 3.1 crore in the April to June 2021 quarter, up from Rs 1.85 crore in the same quarter last year.
CLSA India, ICICI Securities, Nomura Financial Advisory and Securities, and Axis Capital are the book running lead managers to the IPO, while the registrar of the issue is KFin Technologies.
