Fincare Small Finance Bank has received the Securities and Exchange Board of India’s (SEBI) approval to float an initial public offering (IPO). IPO comprises a fresh issue of equity shares worth up to Rs 625 crore and an Offer For Sale (OFS) aggregating up to 1.7 crore equity shares by a promoter and investors.
The bank would utilise net proceeds from the fresh issue towards augmenting its Tier-1 capital base to meet future capital requirements. ICICI Securities, Axis Capital, IIFL Securities Limited, SBI Capital Markets and Ambit are the book-running lead managers to the issue. The equity shares of the bank will be listed on the BSE and NSE.
Fincare Small Finance Bank is a 'digital-first' SFB with an emphasis on underserved and unbanked customer categories, particularly in rural and semiurban areas.