The opening of the Fino Payments Bank, check out all the details

Fino Payments Bank

Fino Payments Bank

The three-day Initial Public Offer or the IPO, of the Fino payment banks, has opened today and is supposed to continue till the 2nd of November, the company made an announcement. The Fino Payment Banks this time has issued the equity shares worth Rs300 crore, and even the offer scale of 15,602,999 equity shares by the promoter of Fino Paytech. The offer even includes the reservation of ₹3 crores worth of shares for the company's eligible employees. The Fino payment bank is hence supposed to fetch ₹1,200.3 crores at the upper end of the price band. Investors can bid for a minimum of 25 equity shares and in multiples of 25 equity shares thereafter. 

The Company has even said that up to 75% of the total offer has been reserved for the qualification of the institutional buyers along with the 15% for the non-institutional investors and the remaining 10 percent for retail investors. On Thursday, the Fino Payments Banks has said that it has garnered ₹539 crores from anchor investors ahead of its IPO. The company has decided to allocate a total of 93, 37,641 equity shares to 29 anchor investors at ₹577 apiece, aggregating to ₹538.78 crores, according to a circular uploaded on the BSE website.

The other allotted shareholders are Fidelity, HSBC Global, Pinebridge, Aditya Birla Sun Life Mutual Fund (MF), Tata Mutual Fund, SBI Life Insurance Company, Invesco, BNP Paribas, and Societe Generale. The company that has been a fully owned subsidiary of Fino Paytech, has even said that the proceeds from the fresh issue would be used towards augmenting the bank's Tier-1 capital base to meet its future capital requirements. It is even said that up to 75% of the total offer is completely reserved for qualified institutional buyers, 15 percent for non-institutional investors, and the remaining 10 percent for retail investors.

Axis Capital, CLSA India, ICICI Securities, and Nomura Financial Advisory Services are the book running lead managers to the issue.

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