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Home News Fincare Small Finance Bank Receives SEBI Approval for IPO Following Document Resubmission

Fincare Small Finance Bank Receives SEBI Approval for IPO Following Document Resubmission

by sun

Fincare Small Finance Bank has successfully obtained approval from the Securities and Exchange Board of India (SEBI) for its forthcoming initial public offering (IPO). This significant development follows the bank’s resubmission of its preliminary IPO documents in May 2023, which became necessary after SEBI initially returned the bank’s application, requesting updates to the section detailing the bank’s financial performance for the fiscal year 2022-23.

The journey toward transforming from a microfinance institution into a small finance bank and eventually becoming a publicly traded entity has been a prolonged one for Fincare Small Finance Bank. The bank, headquartered in Bengaluru, has been in operation since July 2017, primarily conducting its financial services through two subsidiary entities, namely Disha Microfin and Future Financial Services.

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This recent green light from SEBI signifies a significant stride in Fincare Small Finance Bank’s trajectory towards becoming a publicly traded entity. The process commenced with the submission of a draft red herring prospectus (DRHP) in August 2022.

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Interestingly, this isn’t the first instance where Fincare Small Finance Bank sought to go public. Previously, the institution had secured SEBI’s approval for an IPO following the submission of draft papers in May 2021, but it ultimately decided against launching the offering.

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With this latest regulatory approval in hand, Fincare Small Finance Bank is edging closer to realizing its ambition of becoming a publicly listed company. This marks a pivotal milestone in the bank’s corporate journey.

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