IPO: Fino Bank’s Rs 1200-cr IPO opens on October 29

Mumbai: Fino Payments Bank is expected to raise over Rs 1,200 crore from its initial public offering which hits the market on October 29. The price range of the offer is set at 560 to 577 rupees each.

The size of the IPO includes Rs 900 crore as an offer to sell and Rs 300 crore as a new issue of shares.

The IPO will close on November 2. Up to 75% of the total offer is reserved for qualified institutional buyers and 15% for non-institutional investors. The remaining 10% will be allocated to retail investors.

“We are a

with a banking license, therefore, our effort is to strengthen our infrastructure and digital offerings by investing in technology, marketing and branding, ”said Rishi Gupta, Managing Director of Fino Payments Bank. make banking services more accessible to people in Bharat, emerging India. ”

The company intends to use the net proceeds of the new issue to increase the bank’s Tier 1 capital base to meet its future capital needs.

Fino Payments Bank is a wholly owned subsidiary of Fino Paytech Limited (FPL). FPL is backed by investors like Blackstone, ICICI Group, Intel Capital, Bharat Petroleum, HAV3 Holdings (Mauritius) and IFC, among others.