Fincare Small Finance Bank has submitted a draft Red Hering Prospectus (DRHP) for an IPO to the Securities and Exchange Board of India (SEBI).
The IPO will involve a capital increase through a new share issue of up to Rs 6.25 crore and an offer for sale of up to 1.7 crore shares by the promoters and existing shareholders.
Proceeds from the reissuance will be used to increase the Tier I capital base.
The offering includes the sale of up to 1.5 billion shares by promoter Fincare Business Services, 4.7 lakh shares of Wagner Ltd, 4.4 lakh shares of True North Fund V LLP, 4.3 lakh shares of Indium IV (Mauritius) Holdings, 2.2 lakh shares of Omega TC Holdings PTE and 1.3 lakh shares of Leapfrog Rural Inclusion (India).
Also Read: Fincare SFB expects growth rates to return to pre-Covid levels by the end of FY23
Institutional sales include the sale of up to 1.3 lakh shares of Kotak Mahindra Life Insurance; 1.2 lakh shares of Edelweiss Tokyo Life Insurance; 45,710 shares of Bharti AXA Life Insurance, 35,092 shares of Silver Leaf Oak (Mauritius), 20,572 shares of Tata Capital Financial Services and 19,237 shares of Zuno General Insurance (formerly Edelweiss General Insurance).
ICICI Securities, Axis Capital, IIFL Securities, SBI Capital Markets and Ambit Private are the lead bookers of the offering.
Fincare Small Finance Bank is a digital-first lender with a focus on unbanked and underbanked customer segments, particularly in rural and semi-urban areas. Its financial inclusion business model aims to provide individuals and businesses with affordable financial products and services by leveraging technology and last mile distribution. The company has over 15 years of experience in providing microcredit.
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