Fino Payments, Cartrade Tech to Hit Capital Market Amid IPO Boom
A customer counts Indian rupee banknotes in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Fino Payments, Cartrade Tech to Hit Capital Market Amid IPO Boom

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Mumbai-based Fino Payments Bank Ltd. and online auto classifieds platform Cartrade Tech Ltd. are readying themselves to hit India’s capital market amid a record rally in stocks.

Fino Payments Bank filed a preliminary prospectus with the capital markets regulator to raise 3 billion rupees ($40.1 million) by selling as many as 15.60 million shares, according to a filing posted by merchant banker Axis Capital Ltd. on Saturday. The Securities and Exchange Board of India will examine the prospectus before approving the public offer.

Cartrade Tech plans to sell 18.53 million shares through an initial share sale, which will open on Aug. 9 and close on Aug. 11, according to the Axis Capital website.

India’s benchmark index has risen 40% in the past year and hit a record earlier this month. About $5.6 billion has been raised in initial public offerings on Indian stock exchanges so far in 2021, according to data compiled by Bloomberg. UBS Group AG expects the annual tally to be more than double last year’s $4.6 billion.

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