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Fino Payments Bank files IPO papers with SEBI

Proceeds from the fresh issue would be used towards augmenting the bank's tier-1 capital base to meet its future capital requirements

Fino Payments Bank has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 1300 crore through an initial public offering (IPO). 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.

Proceeds from the fresh issue would be used towards augmenting the bank's tier-1 capital base to meet its future capital requirements. 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 (FPBL) is a scheduled commercial bank serving the emerging India market with its digital based financial services.