Fincare Small Finance Bank Ltd has refiled its preliminary IPO papers with market regulator Sebi after updating documents on financial earnings for fiscal 2022-23.
This came after the Securities and Exchange Board of India (Sebi) returned the small finance draft IPO (Initial Public Offering) papers on March 3 and asked the company to refile the documents with certain updates.
According to sources, the company was asked to update its financial earnings.
The size of the company's IPO remains unchanged in the revised documents.
The IPO of the lender comprises a fresh issue of equity shares worth up to Rs 625 crore and an offer for sale (OFS) aggregating up to 1.7 crore equity shares by a promoter and investors selling shareholders.
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Those selling shares in the OFS are promoter Fincare Business Services Ltd, and investors Wagner, True North Fund V LLP, Indium IV (Mauritius) Holdings Ltd, Omega TC Holdings PTE Ltd and Leapfrog Rural Inclusion (India) Ltd.
Besides, Kotak Mahindra Life Insurance Company, Edelweiss Tokio Life Insurance Company, Bharti AXA Life Insurance Company, Silver Leaf Oak (Mauritius) Ltd, Tata Capital Financial Services Ltd and Zuno General Insurance Ltd (formerly known as Edelweiss General Insurance Company) are the investors selling shares in the OFS.
The bank would utilise net proceeds from the fresh issue towards augmenting its Tier-1 capital base to meet future capital requirements.
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In the revised documents filed on Monday, the company has disclosed its financial earnings for the fiscal ended March 2023.
It filed the draft red herring prospectus (DRHP) with Sebi in August 2022 to raise funds through IPO after Sebi's one-year approval given to the lender to launch the issue expired in July last year.
Prior to that, the lender had filed draft papers with the markets watchdog in May 2021 to raise Rs 1,330 crore through IPO, thereafter, it received Sebi's green signal to float the issue in July but didn't launch it.
The Bengaluru-based MFI-turned-small finance bank started operations in July 2017. Before converting into a small finance bank, it largely conducted business from two entities namely Disha Microfin, which focused on the western region, and Future Financial Services, which focused on the south.
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