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Fino Payments Bank IPO to open on October 29. Here are the things to know

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The Initial Public Offering (IPO) of Fino Payments Bank will open for subscription on October 29. The fintech company’s public issue will include a fresh issue of Rs 300 crore and an offer for sale of 1,56,02,999 shares by promoter Fino Petec. , as per the draft red herring prospectus filed with the market regulator. The public issue will close on November 2.

A total of 75 per cent of the primary market offering is reserved for qualified institutional buyers, 15 per cent for non-institutional investors and 10 per cent for retail investors.

The bank will use the net proceeds from the new issue to augment its Tier-1 capital base to meet future capital requirements.

Fino Payments Bank was established in the year 2007 as Fino Fintech Foundation Limited. It rebranded itself as Fino Fintech Private Limited in 2015 and commenced operations in June 2017. Fino Payments Bank primarily provides financial products and services through the digital route. Rishi Gupta is the Managing Director and Chief Executive Officer of Fino Payments Bank.

With other fintech companies set to enter the primary markets, Paytm and MobiKwik have already filed their IPO papers.

Promoter Fino Petek is backed by marquee investors such as ICICI Bank, Intel Capital Corporation, International Finance Corporation, Blackstone GPV Capital Partners (Mauritius) VI-B FDI and Bharat Petroleum Corporation.

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

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