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IPO Update: Fincare Small Finance Bank Limited receives final SEBI observations for their proposed IPO

*SEBI Link:* https://www.sebi.gov.in/filings/processing-status/sep-2023/processing-status-issues_59558.html

Fincare Small Finance Bank Limited (“The Bank”) a “digital-first” SFB with a focus on unbanked and under-banked customer segments especially in rural and semiurban areas has received final observations from SEBI for their proposed IPO.

The Bank plans to raise funds via Initial Public Offerings through issue of equity share capital of face value ₹ 10 each comprising of fresh issue aggregating upto ₹ 625 crore (The “Fresh Issue”) and Offer for sale aggregating up to 17,000,000 equity shares by Promoter and Investor Selling shareholders (The “Offer for Sale”).

Fincare Small Finance Bank Limited is a “digital-first” SFB with a focus on unbanked and under-banked customer segments especially in rural and semiurban areas. The Bank follows a business model focused on financial inclusion and aims to provide individuals and businesses with affordable financial products and services that meet their needs. Bank’s business objective is to enhance access to savings, credit and other financial products for unbanked and under banked individuals, MSMEs and unorganized entities, especially in rural areas, by leveraging technology and last-mile distribution.

*Book Running Lead Managers to the IPO:* ICICI Securities Limited, Axis Capital Limited, IIFL Securities Limited, SBI Capital Markets Limited and Ambit Private Limited.

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