SEBI Approves Fincare Small Finance Bank’s IPO

SEBI Approves Fincare Small Finance Bank's IPO
SEBI Approves Fincare Small Finance Bank's IPO
SEBI Approves Fincare Small Finance Bank's IPO
SEBI Approves Fincare Small Finance Bank's IPO

SEBI Approves Fincare Small Finance Bank’s IPO

SEBI Approves Fincare Small Finance Bank’s IPO

Fincare Small Finance Bank Ltd, which filed its IPO papers in May, has secured the green light from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO). The bank’s IPO includes a fresh issuance of equity shares with a face value of ₹10 each, with a total fundraising target of up to ₹625 crore. Additionally, the IPO will feature an offer for sale of up to 17,000,000 equity shares by promoter and investor selling shareholders.

Book-Running Lead Managers and Use of Proceeds The book running lead managers for the Fincare Small Finance Bank IPO are ICICI Securities Limited, Axis Capital Limited, IIFL Securities Limited, SBI Capital Markets Limited, and Ambit Private Limited. The bank intends to utilize the net proceeds from the fresh issue to bolster its Tier-I capital base in preparation for future capital requirements.

Promoters and Selling Shareholders 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 IPO.

Fincare Small Finance Bank’s Unique Approach Fincare Small Finance Bank is a ‘digital-first’ SFB with a strong focus on underserved and unbanked customer segments, particularly in rural and semi-urban areas. The bank adopts a business strategy that prioritizes financial inclusion, striving to provide affordable financial products and services tailored to the needs of individuals and businesses.

Enhancing Financial Access with Technology Fincare Small Finance Bank leverages technology and last-mile distribution to expand access to savings, credit, and other financial products for unbanked and underbanked individuals, Micro-, Small and Medium-sized Enterprises (MSMEs), and unorganized entities, especially in rural areas.

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