Fintech company Fino Payments Bank on October 28 garnered Rs 538.78 crore from 29 anchor investors, ahead of its initial public offering (IPO). The offer will open for subscription on October 29 and this would be the second IPO to be launched this week.
The company in its circular dated October 28, said after consultation with merchant bankers they have finalised allocation of 93,37,641 equity shares to anchor investors, at a price of Rs 577 per share.
Marquee investors that picked stake in the company through anchor book included Pinebridge Global Funds, HSBC, Invesco Trustee, ITPL Invesco, Matthews Asia Small Companies Fund, Fidelity Funds, Societe Generale, and Segantii India Mauritius.
Among other investors, BNP Paribas, Tata MF, SBI Life Insurance, Motilal Oswal MF, and Aditya Birla Sun Life Trustee also invested in the fintech company, via anchor book on Thursday.
Fino Payments Bank is planning to mobilise Rs 1,200 crore through its public issue, at the upper end of price band of Rs 560- Rs 577 per equity share. The IPO comprises a fresh issue of Rs 300 crore and an offer for sale (OFS) of 1.56 crore equity shares by promoter Fino Paytech.
Promoter Fino Paytech is backed by marquee investors including Blackstone GPV Capital Partners (Mauritius) VI-B FDI, Intel Capital Corporation, ICICI Bank, International Finance Corporation, HAV3 Holdings (Mauritius) and Bharat Petroleum Corporation.
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The company will utilise net proceeds from its fresh issuance for augmenting its Tier – 1 capital base to meet its future capital requirements. The issue will close on November 2, 2021.The fintech company that offers a diverse range of financial products and services, became profitable in the fourth quarter of financial year 2020 and have been profitable in subsequent quarterly periods. It recorded profit of Rs 20.47 crore in the financial year FY21 against loss of Rs 32.03 crore in FY20, while the profit in June 2021 quarter stood at Rs 3.1 crore, up from Rs 1.85 crore in June 2020 quarter.