Fincare Small Finance Bank gets Sebi nod for IPO
Fincare Small Finance Bank has received market regulator Securities and Exchange Board of India's approval for its proposed initial public offer.
The bank plans to raise up to Rs 625 crore by issue of equity shares of face value Rs 10.
Fincare SFB applied for the IPO afresh in May. It initially filed draft papers last year but needed to refile the proposal with a fresh set of numbers as Sebi sought more information.
The IPO also includes offer for sale (OFS) by promoters and other investors.
The OFS aggregating up to 1.7 crore equity shares by the promoter and shareholders such as True North Fund V LLP, Indium IV (Mauritius) Holdings, Omega TC Holdings PTE, Leapfrog Rural Inclusion (India), Kotak Mahindra Life Insurance Company and Edelweiss Tokio Life Insurance Company.
Fincare has an extensive network of 1,231 banking outlets and 144 ATMs across 19 states and three union territories as of March 2023. The bank earned a net profit of Rs 103 crore in FY23 on a total income of Rs 1,971 crore.
Book running lead managers to the IPO are ICICI Securities, Axis Capital, IIFL Securities, SBI Capital Markets and Ambit Private Ltd.
