FINO Payment Bank IPO opens, investors can apply till November 2

Fino Payments Bank IPO : The IPO of Fino Payment Bank has opened for subscription from today. This IPO of this fintech company includes a fresh issue of 300 crores and an offer for sale of 1,56,02,999 shares by the promoters of the company. The company has set a target of raising Rs 1200 crore from the market through its IPO.

The price band of the IPO is Rs 560 – 577

The public issue of Fino Payments Bank will close on November 2 and the shares are likely to be listed on November 12. Fino Payment Bank has fixed the issue price of its IPO at Rs 560-577. Investors will have to apply for one lot of at least 25 shares, for which Rs 14,435 will have to be paid. Fino Payments Bank has kept a reserve of Rs 3 crore for allotment of shares for its employees apart from institutional and retail investors. The proceeds from the IPO will be used by the company to meet the capital requirements and increase its capital base.

Raised Rs 538.78 crore from anchor investors

Ahead of its IPO launch, the company has raised Rs 538.78 crore from 29 anchor investors including HSBC, Invesco Trustee, ITPL Invesco, Mathews Asia Small Companies Fund and Fidelity Fund. Axis Capital, CLSA India, ICICI Securities and Nomura Financial Advisory are the lead managers to the issue.

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