Fino Payments Bank has received market regulator SEBI’s nod for launching a ₹1,300 crore Initial Public Offering (IPO).
SEBI has issued its observation letter for the proposed IPO. The issuance of observation letter on October 1 implies SEBI go ahead for the IPO.
Fino Payments Bank IPO is likely to see fresh issue of equity shares worth ₹300 crore and an Offer for Sale of 15,602,999 equity shares by promoter Fino Paytech Limited (FPL). The payments bank may consider a pre-IPO placement aggregating upto ₹60 crore.
It maybe recalled that Fino Payments Bank had in July this year filed its preliminary IPO papers with SEBI.
Fino Payments Bank is a wholly owned subsidiary of FPL, which is backed by marquee investors including Blackstone Group, ICICI Group, Bharat Petroleum and World Bank arm International Finance Corporation (IFC). .