Market-bound Fino Payments Bank raises Rs 539 cr through anchor issue
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Market-bound Fino Payments Bank on Thursday raised Rs 538.78 crore from 29 anchor investors. 

It issued an aggregate of 93,37,641 common shares at the upper end of the IPO price band of Rs 560-577. 

The lender’s IPO is set to open today and will close on November 2.

Fino Payments Bank is backed by marquee investors like Blackstone, ICICI Group, Bharat Petroleum and IFC, amongst others. 

Anchor investors, also known as cornerstone investors, are institutions that accept a one-month lock-in for a sizeable allocation of shares. 

Private equity investor PineBridge Global Funds (formerly AIG Capital) bought the largest portion of the anchor allotment. It subscribed to 15.75% (14.7 lakh shares) of the anchor allotment shares and invested Rs.84.84 crore. 

Fidelity Funds’s India focused fund and Pacific fund subscribed to 8.46 lakh shares and 7.1 lakh shares, respectively. In total, Fidelity funds subscribed to 16.68% of the total anchor shares for gross proceeds of over Rs.89 crore. 

Five domestic mutual funds bought close to 40% (36.46 lakhs share) of the overall anchor allotment shares through 17 schemes for gross proceeds of Rs 210.4 crore. 

The mutual fund houses were Aditya Birla Sun Life, Motilal Oswal, ITPL Invesco, Tata, and BNP Paribas. 

Other investors including HSBC Global, Matthews Asia, Segantii, SHBNNP India, and Societe Generale cumulatively invested close to Rs 100 crore in the issue. 

Fino Payments’ IPO consists of a fresh issue of Rs 300 crore and an offer for sale of up to 15.60 million shares by Fino Paytech Ltd. 

At the upper end of the price band, the firm plans to raise around Rs 1,200 crore. It plans to list on exchanges on 12 November 

Axis Capital, CLSA Capital, ICICI Securities and Nomura Financial advisory and Securities are the book running lead managers to the issue. 

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