Fino Payments Bank

Today is the last day for the Rs 1,200-crore Fino Payments Bank IPO. The issue has so far been subscribed 0.87 times. The price band for the IPO will be ₹ 560-577 and the market lot is 25 shares.

While the retail investors portion was bid 4.65 times, QIBs are yet to make a bid, and HNIs by just 10 per cent. Portion reserved for employee has received 56 per cent.

The IPO comprises a fresh issue of Rs 300 crore and an offer-for-sale (OFS) of 1.56 crore equity shares by the promoter Fino Paytech.

Anchor investors

Ahead of the IPO, the company raised Rs 538 crore from 29 anchor investors, including Fidelity, HSBC Global, Pinebridge, Birla Mutual Fund, Motilal Oswal, TATA Mutual Fund, SBI Life, Invesco, BNP Paribas and Societe Generale.

According to the IPO papers, 75 per cent of the IPO will be allocated to institutional investors. Non-institutional investors comprising high net worth individuals, retail shareholders and employees can invest in the remaining 25 per cent of the book.

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.

Policybazaar IPO gets 54% on Day 1

PB Fintech, owners of Policy Bazaar and Paisa Bazaar, launched its Rs 5,710-crore initial public offering on Monday, which was subscribed 0.54 times. The price band of the issue is Rs 940-Rs 980 a share, and the lot size is 15 shares.

The offer comprises a fresh issue of ₹3,750 crore worth of equity shares and an offer-for-sale of about ₹1,960 crore by the existing shareholders.

While the retail investors’ portion was bid 1.18 times, the QIBs window was bid 0.56 per cent and HNIs 6 per cent.

Of the entire issue, as much as 75 per cent will be reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.

Anchor investors

On Friday, the issue garnered a little over Rs 2,569 crore from anchor investors. The company has allocates about 2.62 crore shares to 155 anchor investors at Rs 980 apiece, aggregating to Rs 2,569.37 crore.

Goldman Sachs, Nomura, BlackRock Global Funds, Morgan Stanley, Canada Pension Plan Investment Board, Fidelity, Abu Dhabhi Investment Authority, ICICI Prudential Mutual Fund (MF), SBI MF, Axis MF and UTI MF, are among the anchor investors who have been allocated shares.

Interestingly, 11 insurance companies (nine life insurance companies and two health insurance companies) have participated in the anchor window.

Top insurers who got a sizeable allocation in the anchor round include Bajaj Allianz Life Insurance Company (3,82,590 shares or 1.46 per cent of the anchor investor portion), HDFC Life Insurance Company (1.46 per cent), ICICI Prudential Life Insurance Company (1.46 per cent), SBI Life Insurance Co Ltd (1.46 per cent), Bharti AXA Life Insurance (0.82 per cent), Kotak Mahindra Life Insurance (0.82 per cent), CARE Health Insurance (0.39 per cent) and Max Bupa Health Insurance (0.39 per cent).

Proceeds of the fresh issue will be used towards enhancing visibility and awareness of the company's brands, to look for new opportunities to expand growth initiatives to increase the consumer base, including offline presence.

Also, the proceeds from the IPO will be used for funding strategic investments and acquisitions, expanding their presence outside India and general corporate purpose.

SJS Enterprises IPO gets 32% on day 1

The Rs 800-crore IPO of SJS Enterprises, which is entirely an offer-for-sale, was subscribed by 0.32 times on day 1. The IPO price band is Rs 531-542 and bids can be made for a minimum lot of 27 equity shares.

While the retail investors’ portion was bid 0.64 times, QIBs ae yet to make a bid and HNIs bid just 1 per cent.

Rs 240-crore from anchor investors

SJS Enterprises, one of the leading players in the Indian decorative aesthetics industry, has allocated 44,28,023 shares at Rs 542 a share at the upper end of the price band, and raised Rs 240 crore.

Among the foreign portfolio investors who participated in the anchor were Tara Emerging Asia Liquid Fund, Societe Generale, Nomura, Goldman Sachs and Citigroup. Domestic investors who participated in the anchor are Axis Mutual Fund, Franklin MF, Aditya Birla Sun Life Insurance, Avendus and Edelweiss.

Axis Capital Ltd, Edelweiss Financial Services Ltd and IIFL Securities Ltd are the Book Running Lead Managers to the Offer.

Rs 125-cr Sigachi Industries IPO

Among the current IPOs, Sigachi Industries hogged the limelight by being subscribed over 9.5 times.

Sigachi Industries plans to mop up Rs 125.43 crore at the upper end of the price band of Rs 161-163 a share. It will issue 76.95 lakh equity shares through IPO.

While retail investors subscribed 16.9 times, the portions reserved for QIBs and HNIs were bid for 0.57 times and 4.44 times respe,ctively.

Sigachi is to utilise the issue proceeds for capital expenditure; expansion of production capacity for microcrystalline cellulose (MCC) at Dahej and Jhagadia, Gujarat; and manufacturine of croscarmellose sodium (CCS), a modified cellulose used as an excipient at Kurnool, Andhra Pradesh.

Currently, the company manufactures 59 different grades of MCC at its units in Hyderabad and Gujarat, with an aggregate installed capacity of 11,880 tonnes per year.

Ahead of the issue, it raised Rs 38 crore from two anchor investors - 3 Sigma Global Fund and Nexus Global Opportunities Fund.

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