Tag: DRHP

Radiant Cash Management Services file draft papers for IPO, BFSI News, ET BFSI

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Radiant Cash Management Services has filed the preliminary papers with markets regulator Sebi for an initial share sale that includes fresh issue of stocks worth up to Rs 60 crore. The Chennai-based company, an integrated cash logistics player with leading presence in retail cash management segment, will mainly utilise the fresh issue proceeds from the initial public offering (IPO) towards funding working capital and capital expenditure requirements.

The IPO comprises fresh issue of shares worth up to Rs 60 crore and an offer for sale (OFS) of 3 crore shares by promoter Col. David Devasahayam and private equity firm Ascent Capital Advisors India, according to the draft red herring prospectus (DRHP).

In 2015, Ascent Capital had acquired 37.2 per cent stake in the company.

Out of the fresh issue proceeds, Rs 20 crore will be used for funding working capital requirements and Rs 23.92 crore for capital expenditure requirements for purchase of specially fabricated armoured vans.

IIFL Securities Limited, Motilal Oswal Investment Advisors Limited and Yes Securities (India) Limited are the book running lead managers to the issue.

At least four companies have filed draft papers for IPOs in the last two weeks. With the stock market witnessing a bull run, many companies are tapping the IPO route to raise funds.

In the first nine months of this year, as many as 72 companies have come out with their IPOs. PTI RAM ANS ANS



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Tamilnad Mercantile Bank Limited files its DRHP with SEBI, BFSI News, ET BFSI

Banking & Finance

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Tamilnad Mercantile Bank Limited, one of the oldest banks in the country, filed its DRHP with SEBI. The Initial Public Offer (IPO) consists of up to 15,840,000 equity shares of face value of rs10 each (“Equity Shares”) of Tamilnad Mercantile Bank Limited comprising a fresh issue of 15,827,495 equity shares.

The Company proposes to utilise the Net Proceeds towards augmenting its Tier–I capital base to meet its future capital requirements. The Book Running Lead Managers to the offer are Axis Capital Limited, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited.

The offer comprises up to 12,505 equity shares, consisting an offer for sale of up to 5,000 equity shares D. Prem Palanivel, up to 5,000 equity shares by Priya Rajan , up to 1,000 equity shares by Prabhakar Mahadeo Bobde, up to 505 equity shares by Narasimhan Krishnamurthy , up to 500 equity shares by M. Malliga Rani and up to 500 equity shares Subramanian Venkiteshwaran Iyer (collectively, the “Selling Shareholders”).

The offer will constitute 10.00% of the post-offer paid-up equity share capital

TMB offers a wide range of banking and financial services primarily to MSMEs, agricultural and retail customers. As of June 30, 2021, the Bank has 509 branches, of which 106 branches are in rural, 247 in semi-urban, 80 in urban and 76 in metropolitan centres. Their overall customer base is approximately 4.93 million as of June 30, 2021.



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Fino Payments Bank files for Rs 1300 crore IPO, BFSI News, ET BFSI

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Four years after starting operations Fino Payments Bank will soon launch a Rs 1300 crore initial public offering which includes a Rs 300 crore OFS component. The Blackstone, ICICI Group and BPCL backed Fino Payments Bank said it has filed the draft documents with SEBI for an IPO.

Investment bankers Axis Capital, CLSA India, ICICI Securities and Nomura Financial Advisory Services are the book running lead managers to the IPO.

The fintech bank turned profitable in the fourth quarter of FY20 and has consistently enhanced its profitability since. “This makes FPBL the first profitable fintech to file for an IPO,” the payments bank said in a statement.

Fino serves the emerging India market with its digital based financial services. Over the last few years, the payments bank has witnessed a steep surge in transaction volumes on the back of digitization and proliferation of its banking points.

As stated in the DRHP, at the end of fiscal year March 2021 the payment bank’s platform has facilitated more than 434 million transactions having a gross transaction value of Rs 1.32 lakh crores. It has the largest network of micro ATMs as of March 2021 with a market share of 55%, a robust merchant network of 6.4 lakhs and 25.7 lakh bank accounts.

Its revenue for FY21 stood at Rs 791 crores that grew at a CAGR of 29% in last three years. The bank registered a profit of Rs 20.5 crores in FY21 with an annual average ROE of 15%, the DRHP states.



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Paytm files DRHP for IPO

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One97 Communications, the parent of Paytm, has filed a draft red herring prospectus with SEBI for its initial public offering. The size of the IPO is Rs 16,600 crore.

The issue comprises a fresh issue of equity shares amounting to Rs 8,300 crore and an offer for sale by existing shareholders of Rs 8,300 crore.

The company also retains the option, in discussion with BRLMs, to undertake a pre-IPO placement of Rs 2,000 crore.

If the pre-IPO placement is completed, the fresh issue size will be reduced to that extent.

As part of the OFS, existing shareholders, including Paytm founder and CEO Vijay Shekhar Sharma, Ant Financial, Alibaba group, Elevation Capital, Saif Partners and BH International Holdings will sell their shares.

The DRHP does not disclose the share price or the stake to be diluted by any of the shareholders.

Shareholders of One97 Communications had cleared the proposal for the IPO on July 12.

Paytm’s revenue from operations was Rs 2,800 crore from 11.4 crore annual transacting users. However, it continued to be loss-making.

Its losses came down by 42.2 per cent to Rs 1,701 crore in 2020-21, from Rs 2,942 crore in 2019-20. Losses amounted to Rs 4,230 crore in 2018-19.

Marketing expenses nearly halved to Rs 532.5 crore in 2020-21 from Rs 1,397.1 crore in 2019-20.

Lead managers appointed to the issue are Morgan Stanley India, Goldman Sachs (India) Securities, ICICI Securities, Axis Capital, JP Morgan India , Citigroup Global Markets India and HDFC Bank.

The IPO is expected to be launched towards the end of November.

 

 

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Fincare SFB files DRHP for IPO of up to ₹1,330 cr

Banking & Finance

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Fincare Small Finance Bank will be making an initial public offer (IPO) aggregating up to ₹1,330 crore, comprising fresh issue aggregating up to ₹330 crore and an offer-for-sale aggregating up to ₹1,000 crore by the promoter selling shareholder.

Fincare SFB proposes to utilise the net proceeds from the fresh issue towards augmenting its Tier-1 capital base to meet its future capital requirements, according to the bank’s Draft Red Herring Prospectus (DRHP).

The bank may, in consultation with Managers (to the IPO), consider a pre-IPO Placement aggregating up to ₹200 crore, the DRHP said.

Fincare SFB’s promoter, Fincare Business Services Ltd, owns 78.59 per cent stake of the bank’s issued, subscribed and paid-up equity share capital.

Also read: Motilal Oswal PE buys minority stake in Fincare Small Finance Bank for about ₹185 crore

In terms of the RBI’s SFB Licensing Guidelines, the bank is required to list its equity shares on the stock exchanges within three years from reaching a net worth of ₹500 crore.

As per the DRHP, Fincare SFB has a network of 528 banking outlets, 219 business correspondent outlets and 108 ATMs spread across 16 States and three Union Territories, covering 192 districts and 38,809 villages as of December 31, 2020.

The bank’s network is particularly strong in south (Tamil Nadu and Karnataka) and west India (Gujarat), it added.

According to the prospectus, the bank had a gross loan portfolio and total deposits of ₹5,548 crore and ₹5,277 crore, respectively, as at December-end 2020.

Following the RBI granting Disha Microfin Ltd (DML) a licence on May 12, 2017 to carry on small finance bank business in India, its name was changed to Fincare Small Finance Bank.

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Fincare SFB to file IPO papers this week, BFSI News, ET BFSI

Banking & Finance

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Mumbai: Bengaluru-based Fincare Small Finance Bank will file its draft red herring prospectus (DRHP) with the market regulator Sebi for an initial public offer (IPO) this week.

The issue size is said to be in the range of Rs 1,200-Rs 1,400 crore and would comprise of a fresh issue and offer for sale by the existing shareholders, according to market sources. Fincare SFB backed by investors such as True North, TA Associates, Tata Opportunities Fund and SIDBI, is the latest small finance bank (SFB) to announce plans to go for initial public offering.

ICICI Securities, Axis Capital, and Ambit Capital are the book running lead managers for the issue.

TPG-backed Jana Small Finance Bank, ESAF Small Finance Bank and Utkarsh Small Finance Bank have already filed DRHP with the regulator for IPOs and are expected to hit the market over the next couple of months.

Fincare SFB was one of the 10 micro finance institutions that received RBI permission to convert into a small finance bank. Under RBI norms, SFBs are required to list within three years of reaching a net worth of Rs 500 crore and Fincare SFB has to list before September 2021 as per RBI rules for small finance banks.

SFBs were in the limelight recently as RBI has decided to allow the classification of priority sector lending for loans given by small finance banks to micro-finance institutions (MFI) for on-lending to individuals. The decision has been taken to address the liquidity issues amid the severe Covid crisis. SFB stocks like Ujjivan Small Finance Bank and Equitas Small Finance Bank have been performing well on the bourses on the back of strong investor interest in the sector.



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Jana SFB files DRHP – The Hindu BusinessLine

Banking & Finance

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Jana Small Finance Bank has filed its draft red herring prospectus (DRHP) and is looking to raise ₹700 crore of capital through a fresh issue of shares as part of its initial public offering.

Additionally, the IPO will also include an offer-for-sale of up to 92.53 lakh equity shares from existing shareholders. These include Alpha TC Holdings, Bajaj Allianz General Insurance, Bajaj Allianz Life Insurance, ICICI Prudential Life Insurance, Badri Narayan Pilinja and Vallabh Bhanshali.

Also read: Jana SFB: Disbursements almost normal, only micro finance loans lagging

Jana SFB may also consider a pre-IPO placement of up to ₹500 crore, including by way of a proposed further issue to its promoters for an amount up to ₹400 crore and a further issue of equity shares for the remaining amount to the promoters and other investors, the DRHP said.

“We intend to utilise the net proceeds to augment our bank’s Tier-I capital base to meet future capital requirements, which are expected to arise out of growth in our bank’s assets, primarily advances and investment portfolio, and to ensure compliance with applicable RBI regulations and guidelines,” it further said.

Bengaluru-based Jana SFB is one of the 10 entities that had started SFB operations.

The Reserve Bank of India (RBI) guidelines require SFBs to list within three years of their net worth reaching ₹500 crore.

For the half year ended September 30, 2020, Jana SFB reported net profit of ₹82.43 crore.

The book running lead managers for the IPO are Axis Capital, ICICI Securities, SBI Capital Markets and KFin Technologies.

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