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Fincare Small Finance Bank files for IPO, plans to raise Rs 1,330 crore
Fincare Small Finance Bank Limited
Created at 10 May 2021 23:50

The Securities and Exchange Board of India (SEBI) has received draught papers for Fincare Small Finance Bank's IPO (SEBI). On the primary market, it aims to raise Rs. 1330 crore .,

For the IPO, the bank would issue Rs 330 crore, and the promoter Fincare Business Services will sell Rs 1,000 crore.

The firm began banking in July 2017. Savings accounts, current accounts, fixed deposits, NRI fixed deposits, recurring deposits, microloans, cash overdrafts, gold loans, property loans, institutional financing, and two-wheeler loans are available at Fincare Small Finance Bank.

"From FY18 to FY20, the bank's advances grew at the fastest rate among Indian small finance banks. From March 2018 to December 2020, its gross loan portfolio (GLP) expanded 41.05 percent from Rs 2,154.37 to Rs 5,547.58 "CRISIL affirmed.

Among SFBs, the bank had the best-adjusted ROA and ROE (adjusted for COVID-19 provisions) and was one of India's most profitable SFBs based on ROE and ROA in FY20.

SBI Capital Markets and ICICI Securities are the worldwide coordinators and book-running lead managers.

Motilal Oswal Private Equity has acquired a 185 crore minority interest in the bank through its India Business Excellence Fund III.

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