Fino Payments Bank (FPBL) has filed the draft paperwork with capital markets regulator Sebi to go public. It filed for an IPO.
According to the draft red herring prospectus (DRHP) paper issued, the offering would involve a fresh issuance of equity shares worth up to Rs 300 crore and an offer for sale (OFS) of up to 1.56 crore equity shares.
According to market sources, the Mumbai-based bank, which is a wholly-owned subsidiary of Fino Paytech Limited (FPL), plans to raise about Rs 1,300 crore through an IPO.
In FY 2019-20, FPBL became profitable on an operating basis. ICICI Bank, Intel Capital Corporation, International Finance Corporation, Blackstone, and BPCL, among others, are among the investors.
Fino Payments Bank, or FPBL, is a scheduled commercial bank that provides digital-based financial services to the growing India market.
Fino Paytech, a forerunner in technological advanced financial inclusion solutions, owns 100% of the firm. Blackstone, ICICI Group, Bharat Petroleum, and International Finance Corporation are among the investors in Fino Paytech (IFC).
Its income for 2020-21 was Rs. 791 crore, up 29% over the previous three years, and the bank had a profit of Rs. 20.5 crore for the year.
Investment bankers Axis Capital, CLSA India, ICICI Securities, and Nomura Financial Advisory Services have been hired to assist the bank on the IPO.
A pre-IPO placement of up to 60 crore rupees may be considered by the bank. The size of the new issue will be lowered if this placement is finished.