Federal Bank subsidiary FedFina targets $120 million in India IPO

Fedbank Financial (FedFina) Services plans to raise 9 billion rupees ($120 million) through the sale of new shares in an initial public offering in India, according to a draft prospectus. 

The company’s parent, Federal Bank Ltd., will offer 16.5 million shares and investor True North Fund VI LLP will sell 29.2 million in the IPO, the filing said. 

ICICI Securities, Equirus Capital Pvt, IIFL Securities Ltd, JM Financial are managing the IPO.