Public Market

IPO

Fino Payments Bank raises Rs.539-Cr from anchor investors

Economic Times  

Fino Payments Bank has raised INR 539 crore from anchor investors ahead of its initial share sale. The company has decided to allocate 93,37,641 equity shares to 29 anchor investors at INR 577 apiece. 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, have been allotted shares. The IPO includes a fresh issue of equity shares worth INR 300 crore and an offer for sale (OFS) of 15,602,999 equity shares by the promoter Fino Paytech. The proceeds from the issue, with a price band of INR 560-577 a share, would be used towards augmenting the bank's Tier - 1 capital base to meet its future capital requirements. At the upper end of the price band, the initial share-sale is expected to fetch INR 1,200.3 crore. Axis Capital, CLSA India, ICICI Securities and Nomura Financial Advisory Services are the book running lead managers to the issue.