Mumbai : Fino Payments Bank Ltd has fixed a price band of ₹560-577 is available for its three-day initial public offering (IPO), which will open for subscription on October 29. It plans to list on the exchanges on 12 November. The IPO consists of a new issue, priced at Rs. ₹300 crore and offer for sale of 15.60 million shares by parent firm Fino Petec Ltd.
At the upper end of the price band, Fino Payments Bank looks to increase ₹1,200 crores. It is owned by Blackstone, ICICI Group, Bharat Petroleum and International Finance Corp. Backed by marquee investors like Axis Capital, CLSA Capital, ICICI Securities and Nomura Financial Advisory & Securities, who are the book running lead managers to the issue.
According to Payments Bank, the net proceeds from the IPO will be used to increase its Tier-1 capital base. Payments Bank’s Tier-I capital ratio was 56.25% in FY2011.
Sigachi Industries Limited, which plans to list on November 11, has set a price band of ₹161-163 per share. The IPO will open for subscription on November 1. The IPO consists of a fresh issue of 7.70 million shares. It had earlier planned to sell 2.84 million shares for the proposed share sale. Price is ready to rise, at the upper end of the band ₹125.43 crores.
The Hyderabad-based company manufactures microcrystalline cellulose, a polymer widely used by the pharmaceutical industry.
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