Fino Payments Bank Ltd has set the price band for its initial public offering (IPO) at Rs 560-577 a share. The issue will open for subscription on 29 October and close on 2 November.

The IPO consists of a new issue of Rs 300 crore and offers for sale of up to 15.60 million shares by Fino Paytech Ltd. Currently, Fino Paytech holds a 100 per cent stake in the firm.

At the upper end of the price band, the firm plans to raise around Rs 1,200 crore. It plans to list on exchanges on 12 November.

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Fino Payment Bank is backed by marquee investors like Blackstone, ICICI Group, Bharat Petroleum and IFC, among others.

Net proceeds from the new issue will augment its tier I capital base to meet future capital requirements. For FY21, its tier 1 capital ratio was at 56.25 per cent.