The Initial Public Offering (IPO) of the Fedbank Financial Services Limited (FedFina) will open for subscription on November 22, 2023 as per the tentative timeline provided in the Company’s DRHP filing with the SEBI. The Securities and Exchange Board of India (SEBI) gave nod to the FedFina IPO this week after the company re-filed a fresh papers in July. According to the tentative schedule, the FedFina IPO will open on November 22 and close on November 24, 2023. The company aims to list on BSE and NSE on or before December 05, 2023 as per the same tentative schedule.
Fedbank Financial Services Limited (FedFina), a NBFC licensed in 2010, is in the loan business offering products/services such as gold loan, business loan, property loan and home loan. At present, the company has 573+ branches across India.
The FedFina IPO consists of a fresh issue of equity shares aggregating up to total Rs 750 crore and an offer-for-sale issue comprising of 7.03 crore shares aggregating up to Rs 350 crore.
Tentative timeline
- The FedFina IPO opening date is November 22 and closing date is November 24, 2024.
- The basis of allotment will be finalised on November 30. The refunds will be initiated on December 01 and the shares will be credited to the Demat account of successful allottees on December 05. The IPO will list on NSE and BSE on December 05, 2023 if the tentative schedule given in the DRHP holds. But given the SEBI’s T+3 rule for IPO proceedings, the dates may be preponed.
Financials
The company posted a PAT of Rs 180.13 crore in the FY23 against the PAT of Rs 103.46 crore in FY22. The revenue in FY23 was 1214.68 crore against Rs 883.64 crore in FY22.
The Federal Bank Limited is the promoter of the company holding 98.77% shares before the IPO.
