Fino Payments Bank IPO to open on October 29, price band Rs 560-577 a share

The offer consists of Rs 300 crore fresh fund raise and Rs 900 crore secondary share sale by promoter Fino Paytech

Fino Payments Bank’s Rs 1,200-crore initial public offering (IPO) will open for subscription on October 29 and close on November 2. The bank has set the price band at Rs 560-577 per share. The IPO comprises Rs 300 crore of fresh fund raise and Rs 900 crore of secondary share sale by promoter Fino Paytech. The bank will use the fresh proceeds to augment its tier-1 capital base to meet its future capital requirements.

Fino Payments Bank’s parent Fino Paytech counts BPCL (22.9 per cent stake), Blackstone (15.1 per cent), ICICI Prudential Life (9.1 per cent), Intel Capital (5.7 per cent)