Fincare Small Finance Bank Ltd, which filed papers in May, has received approval from the Securities and Exchange Board of India (SEBI) to raise funds via initial public offering (IPO).
The Fincare Small Finance Bank intends to raise funds through an IPO by issuing equity shares with a face value of Rs 10 apiece, consisting of a fresh issuance totalling up to Rs 625 crore and an offer for sale totalling up to 17,000,000 equity shares by the promoter and investor selling shareholders.
The book running lead managers for the Fincare Small Finance Bank IPO issue are ICICI Securities Limited, Axis Capital Limited, IIFL Securities Limited, SBI Capital Markets Limited, and Ambit Private Limited.
Fincare Small Finance Bank said it plans to raise its Tier-I capital base with the net proceeds of the new Issue in order to satisfy its bank's future capital needs.
Fincare Business Services Limited may offer up to 1.49 crore equity shares, Wagner may offer up to 4.7 lakh equity shares, True North Fund V LLP may offer up to 4.4 lakh equity shares, Indium IV (Mauritius) Holdings Limited may offer up to 4.3 lakh equity shares, and Omega TC Holdings PTE may offer up to 2.3 lakh equity shares in the equity share offering.
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Fincare Small Finance Bank Ltd is a 'digital-first' SFB with an emphasis on underserved and unbanked customer categories, particularly in rural and semiurban areas.
Fincare Small Finance Bank operates under a business strategy that prioritises financial inclusion, aiming to give people and businesses access to inexpensive financial products and services that match their needs.
By utilising technology and last-mile distribution, Fincare Small Finance Bank's aim is to increase access to savings, credit, and other financial products for unbanked and underbanked people, Micro-, Small and Medium-sized Enterprises (MSMEs), and unorganised entities, especially in rural areas.
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