Fino Payments Bank Limited’s proposed initial

 Fino Payments Bank Limited’s proposed initial public offering

·         Price Band of ₹ 560 – ₹ 577 per equity share bearing face value of ₹ 10 each (“Equity Shares”).

·         Bid/Offer Opening Date – Friday, October, 29 2021 and Bid/Offer Closing Date – Tuesday, November 02, 2021.

·         Minimum Bid Lot is 25 Equity Shares and in multiples of 25 Equity Shares thereafter.

·         The Floor Price is 56 times the face value of the Equity Shares and the Cap Price is 57.7 times the face value of the Equity Shares.

 

Fino Payments Bank Limited (the “Company”) is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to open its initial public offering of Equity Shares (the “Offer”) on Friday, October 29, 2021 and close on Tuesday, November 02, 2021. The price band for the Offer has been determined at ₹ 560 – ₹ 577 per Equity Share. 

The Offer comprises of a fresh issuance of Equity Shares aggregating up to ₹ 3,000 million (“Fresh Issue”) and an offer for sale of up to 15,602,999 Equity Shares by Fino Paytech (the “Promoter Selling Shareholders”).

 The Company intends to utilize the net proceeds from the fresh issue towards augmenting the bank's tier-1 capital base to meet its future capital requirements.

Fino payments bank is a wholly owned subsidiary of Fino Paytech Limited (FPL), primarily engaged in providing technology-based solutions and services related to financial inclusion. FPL is backed by marquee investors like Blackstone, ICICI Group, Intel Capital Corporation, Bharat Petroleum, HAV3 Holdings (Mauritius) Limited and World Bank Arm International Finance Corporation (IFC), amongst others.

Axis Capital Limited, CLSA India Private Limited, ICICI Securities Limited, and Nomura Financial Advisory and Securities (India) Private Limited are the book running lead manager to the Offer (“BRLM”)

The Company and the Selling Shareholder have, in consultation with the book running lead manager to the Offer, considered participation by Anchor Investors in accordance with the SEBI ICDR Regulations, whose participation shall be one Working Day prior to the Bid/Offer Opening Date, i.e. Thursday, October 28, 2021. The Offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended, read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made through the Book Building Process, in compliance with Regulation 6(2) of the SEBI ICDR Regulations, wherein not less than 75% of the Offer shall be available for allocation to Qualified Institutional Buyers, not more than 15% of the Offer shall be available for allocation to Non-Institutional Bidders and not more than 10% of the Offer shall be available for allocation to Retail Individual Bidders.

Disclaimers: FINO PAYMENTS BANK LIMITED is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public issue of its equity shares bearing face value of ₹ 10 each (“Equity Shares”) and has filed the RHP with the RoC and thereafter with SEBI and the Stock Exchanges. The RHP shall be available on the website of the SEBI at www.sebi.gov.in as well as on the websites of the BRLMs, i.e. Axis Capital Limited at www.axiscapital.co.in, CLSA India Private Limited at www.india.clsa.com, ICICI Securities Limited at www.icicisecurities.com and Nomura Financial Advisory and Securities (India) Private Limited at www.nomuraholdings.com/company/group/asia/india/index.html. Investors should note that investment in equity shares involves a high degree of risk. Potential investors should not rely on the Draft Red Herring Prospectus filed dated 30^th July, 2021 with SEBI for making any investment decision. The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”), or any state law of the United States and, unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, the Equity Shares are being offered and sold (i) within the United States only to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the U.S. Securities Act) under Section 4(a) of the U.S. Securities Act, and (ii) outside the United States in “offshore transactions” in compliance with Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales are made. There will be no public offering of Equity Shares in the United States.

 

DISCLAIMER CLAUSE OF SECURITIES AND EXCHANGE BOARD OF INDIA (“SEBI”): (“SEBI”): SEBI only gives its observations on the offer documents and this does not constitute approval of either the Offer or the specified securities stated in the Offer Document.

 

DISCLAIMER CLAUSE OF BSE (Designated Stock Exchange): Exchange): It is to be distinctly understood that the permission given by BSE Limited should not in any way be deemed or construed that the RHP has been cleared or approved by BSE Limited nor does it certify the correctness or completeness of any of the contents of the RHP..

 

DISCLAIMER CLAUSE OF NSE: NSE: It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Offer Document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Offer Document.

 

DISCLAIMER CLAUSE OF RBI: Our Bank has obtained a license authorizing us to carry on payments bank business from the Reserve Bank of India in terms of section 22 of the Banking Regulation Act, 1949. It must be distinctly understood, however, that in issuing the license, the Reserve Bank of India does not undertake any responsibility for the financial soundness of the Bank of for the correctness of any of the statements made or opinion expressed in this connection.

 

For further details in relation to the Company and Compliance Officer of the Company, please refer to statutory advertisement dated October 25, 2021.