MUMBAI: Fino Payments Bank Ltd has set the price band for its initial public offering (IPO) at ₹560-577 a share. The issue will open for subscription on 29 October and close on 2 November.
The IPO consists of a fresh issue of ₹300 crore and offer for sale of up to 15.60 mln shares by Fino Paytech Ltd. Currently, Fino Paytech holds 100% stake in the firm.
At the upper end of the price band, the firm plans to raise around ₹1,200 crore. It plans to list on exchanges on 12 November.
Fino Payment Bank is backed by marquee investors like Blackstone, ICICI Group, Bharat Petroleum and IFC, among others.
Axis Capital, CLSA Capital, ICICI Securities and Nomura Financial advisory and Securities are the book running lead managers to the issue.
Net proceeds from the fresh issue will be used for augmenting its tier I capital base to meet future capital requirements. For FY21, its tier 1 capital ratio was at 56.25%.
The fintech offers a diverse range of financial products and services that are primarily digital and payments-focussed.
Its platform facilitated around ₹434.96 million transactions, with gross transaction value at ₹1.33 trillion as of March 2021.
During the quarter ended September 2020, it opened 297,774 new CASA accounts, which was a 20% over the quarter ended March 31, 2020. Deposits for FY21 grew 106.6% to ₹2.43 billion.
Never miss a story! Stay connected and informed with Mint.
our App Now!!