Fino Payments Bank IPO: The IPO of fintech payment company Fino Payments Bank is opening today i.e. on October 29 and will close on November 2. The company is going to raise Rs 1200 crore from the issue. This IPO includes a fresh issue of Rs 300 crore and an offer for sale (OFS) of Rs 900.29 crore. The promoters of the company will sell 1,56,02,999 shares in OFS.
Brokerage firms believe that despite the company’s asset light model and long-term growth prospects, its high valuation may add to the woes of investors. This is the reason why brokerage firms are advising to invest in it carefully.
Fino Payments Bank raises Rs 539 cr from anchor investors a day before issue opens
According to Marwadi Shares and Finance, the issue price of the company is Rs 560-577. Accordingly, the price-to-book value of the company’s shares after listing is Rs 10.58 and a market cap of Rs 4,8015 crore.
The brokerage firm has advised to subscribe to it saying, “The company has a good business model and does not require a lot of assets. Along with this, investment has been given considering the operational experience and good working experience.” The company has a unique DTP framework so that it can target the market better.”
Reliance Securities stated that Fino Payments Bank has no listed rival company. 95% of the bank’s income comes from fees and commissions. The growth of the company depends on the expansion of digital payments in the country.
Fino Payments has earmarked 10% of the issue for retail investors. There is a reserve of 75% for QIB and 15% for NII. The company has set aside 3 crore shares for its employees.
Rs 539 crore raised from anchor investors
A day before the issue opens, the company has raised Rs 538.78 crore from anchor investors. The issue of the company will close on November 2. The company said it has issued 93,37,641 equity shares to anchor investors at Rs 577 per share and raised Rs 539 crore.
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Anchor investors who have invested in the company’s issue include Pinebridge Global Funds, HSBC, Invesco Trustee, ITPL Invesco, Mathews Asia Small Finance Companies Fund, Fidelity Funds, Societe Generale and Segnati India Mauritius. Apart from this, some other anchor investors have also invested. Among them BNP Paribas, TATA MF, SBI Life Insurance, Motilal Oswal MF and Aditya Birla Sunlife are the trustees.
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