IPO 2021: Fino Payments Bank may get SEBI's approval for IPO today - check details

The initial public offering of (IPO) of Fino Payments Bank may get approval from the Securities and Exchange Board of India (SEBI) on Monday, October 4, 2021, according to sources. Stakeholders of the bank will also benefit by the approval for the public issue.

Zee Business' Correspondent Tarun Sharma is informing who the stakeholders are. As per the information, the approval of SEBI for the IPO will be good news for Bharat Petroleum Corporation Limited (BPCL), ICICI Prudential Life Insurance Company Limited (ICICI Pru), Union Bank of India Ltd, Indian Bank, ICICI Bank, ICICI Lombard General Insurance Company Limited and Exide Life.

See Zee Business Live TV Streaming Below:

Companies' shareholding in Fino Payment Bank:

BPCL: 22.91 percent.

ICICI Prudential: 9.13 percent

ICICI Bank: 4.63 percent

ICICI Lombard: 4.26 percent.

Union Bank of India: 3.63 percent.

Exide Life: 2.28 percent

Fino Payments Bank had recently filed Draft Red herring Prospectus (DRHP) with SEBI to raise around Rs 1,300 crore through an IPO. According to the DRHP papers, the IPO includes, a fresh issue of equity shares worth Rs 300 crore and an offer-for-sale of 15,602,999 equity shares by promoter Fino Paytech.

The net proceeds from the fresh issue would be used towards augmenting the bank's tier-1 capital base to meet its future capital requirements, the preliminary paper filed with markets regulator said. The financial company is likely to consider a pre-IPO placement aggregating up to Rs 60 crore, wherein the IPO size will eventually reduce if such placement is done.

Axis Capital, CLSA India, ICICI Securities, and Nomura Financial Advisory Services have been appointed as investment bankers to advise the bank on the IPO.

Fino Payments Bank was incorporated on April 4, 2017 and is a scheduled commercial bank serving the emerging India market with its digital based financial services. The bank has its presence in 94 per cent of the districts spread across the country with over 6.41 lakh banking outlets, 54 Bank Branches and 143 Customer Service Points, as per the information provided on banks official website that is https://www.finobank.com.

(Reported by: Tarun Sharma)