Profitable Fintech, Fino Payments Bank’s IPO sees positive response from retail investors;
Issue subscribed 51%
on Day 1
Mumbai, October 29th, 2021: Fino Payments Bank Limited (“Company”); one of the growing fintech company offering a diverse
range of financial products and services that are primarily digital and have a
payments focus, received bids of 58,13,975
shares against the offered 1,14,64,664 equity
shares, as per the 5:00 pm data available on
the bourses.
The portion reserved for retail investors was
subscribed 2.73 times and the Non-Institutional Investor category was
subscribed 0.05 times and Employee Reserved category was subscribed 0.25 times,
while the Qualified Institutional Buyer category didn’t see any response on Day
1.
The Offer
comprises of a fresh issuance of equity shares aggregating up to Rs 300 Cr
(“Fresh Issue”) and an offer for sale of up to 15,602,999 equity shares by selling
shareholders. The Company proposes to utilize the net proceeds from the fresh
issue towards augmenting the bank’s tier-1 capital base to meet its future
capital requirements.
The Company
raised Rs. 538 crore from 29 anchor investors. As per the exchange, the investors
includes Fidelity, HSBC Global, Pinebridge, Birla Mutual
Fund, Motilal Oswal, TATA Mutual Fund, SBI Life, Invesco, BNP Paribas and
Societe Generale.
Axis
Capital Ltd, CLSA India Pvt Ltd, ICICI Securities Ltd, and Nomura Financial
Advisory Services Pvt Ltd are the Book Running Lead Managers to the Offer
Company Information
Fino Payments
Bank is a fully owned subsidiary of Fino Paytech which had last raised funds in
2016. Fino Paytech is backed by marquee investors like Bharat Petroleum, ICICI
group, Blackstone, IFC, Intel and LIC among others. Frugal innovation is the
key that has given the fintech a leadership position at the middle of the
pyramid that primarily constitutes emerging India customers. It enjoyed a 55%
market share in micro-ATMs in FY21.
(Subscription table below)
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