Fino Payments Bank IPO opens October 29: Everything you need to know

Fino Payments Bank IPO: The Rs 1,200 crore initial public offering (IPO) of Fino Payments Bank will be available from October 29-November 2, 2021. It has a price band of Rs 560-577 per share.

By: Express Web Desk

New Delhi | Updated: October 29, 2021 11:02 AM IST

3 min read

Fino Payments Bank, Fino Payments Bank IPO

Fino Payments Bank is a scheduled commercial bank serving the emerging India market with its digital-based financial services. (Image: Fino Payments Bank website)

Fino Payments Bank IPO: The initial public offering (IPO) of Fino Payments Bank will open for subscription on Friday, October 29, 2021, at a price band of Rs 560-577 per share. The offer will be available till Tuesday, November 2, 2021.

Through the offer, Fino Payments Bank aims to raise Rs 1,200 crore. The IPO comprises a fresh issue of equity shares worth Rs 300 crore and an offer for sale (OFS) of 15,602,999 equity shares by its promoter Fino Paytech. The offer also includes a reservation of Rs 3 crore worth of shares for its eligible employees.

Fino Payments Bank is a scheduled commercial bank serving the emerging Indian market with its digital-based financial services. It is a fully-owned subsidiary of Fino Paytech which provides technology-enabled financial inclusion solutions.

Fino Paytech is backed by investors such as Blackstone, ICICI Group, Bharat Petroleum and International Finance Corporation (IFC).

Investors who wish to subscribe to Fino Payments Bank IPO can bid in a lot of 25 equity shares and multiples thereafter. At the upper price band, they will be shelling out Rs 14,425 to get a single lot of Fino Payments Bank. The shares will be listed on both BSE as well as the National Stock Exchange (NSE).

The applicants also must note that the cut-off time for UPI mandate confirmation is Wednesday, November 3, 2021, upto 12:00 pm. If they fail to do so then their application may not be considered.

Axis Capital, CLSA India, ICICI Securities, and Nomura Financial Advisory and Securities (India) are the book running lead managers to the offer while KFin Technologies is the registrar of the issue.

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Before heading into the IPO, Fino Payments Bank raised over Rs 538.78 crore (Rs 5,38,78,18,857) from 29 anchor investors in lieu of 93,37,641 equity shares at Rs 577 each, data from the stock exchanges showed.

The anchor investors include the likes of Fidelity, HSBC Global, Pinebridge, Aditya Birla Sun Life Mutual Fund (MF), Tata MF, SBI Life Insurance Company, Invesco, BNP Paribas and Societe Generale among others.

The share allotment is likely to take place on Tuesday, November 9, 2021, and the shares are expected to be listed on Friday, November 12, 2021, according to the timeline given in the red herring prospectus (RHP).

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