Fino Payments Bank has received SEBI approval for its Initial Public Offering (IPO). According to the red herring prospectus filed with the markets regulator, 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 the promoter, Fino Petec.
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 offers a wide range of financial products and services primarily through the digital route. . Rishi Gupta is the Managing Director and Chief Executive Officer of Fino Payments Bank.
Paytm and MobiKwik, among other fintech companies looking to take the primary market route, have already filed their IPO documents and are awaiting approval from SEBI.
Axis Capital, CLSA India, ICICI Securities and Nomura Financial Advisory Services are the book running lead managers to the issue of Fino Payments Bank.