Digital banking company Fino Payments Bank is all set to open its Rs 1,200 crore initial public offering or IPO at the primary market on Friday, October 29. In a virtual press conference, the company said that the IPO will be made available for investors for three days starting from Friday. The company has set a price band for the offer at Rs 560-577 per share for those who are interested in buying them.
The initial public offering is consisted of a fresh issue of equity shares worth Rs 300 crore. Apart from this, an offer for sale (OFS) of 1,56,02,999 equity shares by the promoter Fino Paytech is also included in the IPO.
Here are all the key details you need to know about the Fino Payments Bank IPO:
When will the Fino Payments Bank IPO be open for subscription?
The Fino Payments Bank (FPBL) IPO subscription will be made available for investors on Friday, October 29. The offer will close on Tuesday, November 2.
What is the price band of Fino Payments Bank IPO?
The price band has been fixed at Rs 560 to Rs 577 per share. At the higher end of the price band, the promoter’s OFS totals to more than Rs 900.3. Fino Payments Bank is looking to raise Rs 1,200.3 from the initial public offer.
What is the lot size of Fino Payments Bank IPO?
Fino Payments Bank IPO investors are allowed to bid for a minimum of 25 shars during the offer and in multiples of 25 equity shares after that. The upper range of the IPO price band might be Rs 14,425 for a single lot. An investor, therefore has to pay Rs 1,87,525 for a maximum of 13 lots.
Who all can buy shares during the Fino Payments Bank IPO?
Fino Paytech is the only promoter of the leader and it has therefore reserved Rs 3 crore worth of shares for the company’s eligible employees. Meanwhile, up to 75 per cent of the total offer is reserved for qualified institutional buyers. The company has allocated 10 per cent of the offer for retail investors. The remaining portion has been left out for non-institutional investors.
What is the issue objective of Fino Payments Bank IPO?
Fino Payments Bank aims to utilise the net profit from its fresh offer to augment its Tier-I capital base. “The company intends to utilise the net proceeds from the fresh issue towards augmenting the bank’s tier-1 capital base to meet its future capital requirements,” the bank was quoted as saying by the Hindu Business Line.
Who are the lead managers to the issue?
Axis Capital, CLSA India, ICICI Securities and Nomura Financial Advisory Services are the book running lead managers to the issue, according to a PTI report.
What does Fino Payments Bank do?
Fino Payments Bank is a scheduled commercial bank that serves India’s emerging market though digital based financial services. It is fully owned subsidiary of Fino Paytech. Prominent investors like Blackstone, ICICI Group, Bharat Petroleum and International Finance Corporation (IFC) provide backing to Fino Paymets Bank. The company is engaged in technology-based solutions and services related to financial inclusion.
According to the company website, Fino Payments Bank has 6.41 lakh banking outlets, 54 bank branches and 143 customer service points. It has the largest network of around 2.5 lakh micro ATMs. Its revenue for FY21 stood at Rs 791 crore that grew at a CAGR of 29 per cent in the last three years and the bank registered a profit of Rs 20.5 crore in FY21.
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