ICICI-backed Fino Payments Bank targets Nov. 12 debut after IPO

Fino PayTech Ltd.'s Fino Payments Bank Ltd. intends to debut Nov. 12 on stock exchanges in India following its initial share sale, Mint reported Oct. 23.

The IPO, which secured the Securities and Exchange Board of India's approval earlier in October, will comprise a fresh 3 billion rupee issuance of shares and an offer for sale by Fino PayTech of up to 15.60 million shares.

The IPO will open Oct. 29 for subscription and close Nov. 2, the publication noted.

Fino Payments is a financial technology firm that offers a variety of mainly digital financial products and services. It plans to use proceeds from its initial share sale to augment its Tier 1 capital base to meet future capital requirements.

The company's backers include private equity giant Blackstone Inc., ICICI Group, Bharat Petroleum and International Finance Corp.

Axis Capital, CLSA Capital, ICICI Securities and Nomura Financial Advisory and Securities are the bookrunning lead managers of the offering.

As of Oct. 22, US$1 was equivalent to 74.97 Indian rupees.