Fino Payments Bank has received nod from Sebi for its initial public offering (IPO). The fintech company’s public issue will include a fresh issue of Rs 300 crore and an offer for sale of up to 1,56,02,999 shares by the promoter, Fino Paytech, according to draft red herring prospectus filed with the market regulator.
The bank will utilize the net proceeds from the fresh issue to augment its Tier – 1 capital base for meeting future capital requirements.
Fino Payments Bank was founded as Fino Fintech Foundation Limited in the year 2007. It rebranded itself as Fino Fintech Private Limited in 2015 and started operations in June 2017. Fino Payments Bank offers a wide array of financial products and services, primarily through the digital route. Rishi Gupta is the managing director and chief executive officer of Fino Payments Bank.
Among other fintech companies looking to take the primary market route, PayTM and MobiKwik have already filed their IPO papers 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 .