Fincare Small Finance Bank, Bengaluru-based microfinance company, on Sunday, filed draft red herring prospectus (DRHP) for floating its initial public offering (IPO) with Sebi. The company plans to raise Rs 1,330 crore from primary markets.

The IPO comprises a fresh issue of the bank's shares up to Rs 330 crore and an offer for sale aggregating up to Rs 1,000 crore by Fincare Business Services, which is the promoter.
This offer includes a reservation for subscriptions by eligible employees.

The company is a "digital-first" SFB with a focus on unbanked and under-banked customers, especially in rural and semi-urban areas. According to CRISIL, among comparable SFB peers in India, it had the highest growth rate in advances over FY2018 to FY2020.

The issue's global coordinators and book running lead managers are ICICI Securities, IIFL Securities, Axis Capital and SBI Capital Markets, while the offer's book running lead manager is Ambit.

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