Fino Payments Bank Limited IPO (Fino Payments Bank IPO) Details
Fino Payments Bank was Incorporated in 2017, Fino Payments is a growing fintech company offering a wide portfolio of digital financial products and services in India. The company has a pan-India distribution network and its’ major products and services includes:
• Current accounts and Savings accounts (CASA),
• Issuance of debit card and related transactions,
• Facilitating domestic remittances,
• Open banking functionality (through their Application Programming Interface),
• Withdrawing and depositing cash (via micro-ATM or Aadhaar Enabled Payment System (AePS) and
• Cash Management Services (CMS).
The company’s merchants facilitate them in cross-selling their other financial products and services such as third-party gold loans, insurance, bill payments and recharges. Fino Payments also manages a large BC (Business Correspondents) network on behalf of other banks.
For revenue generation, the company relies on fees and commissions from their merchant network and strategic commercial relationships. The company is looking to target a population of India which has low levels of financial literacy and technology use and typically does not have access to even basic banking services. In 2020, the Ministry of Electronics & Information Technology ranked Fino payments third among banks in facilitating digital transactions in India. According to CRISIL, the company also has the largest network of micro-ATMs and the third-highest deposit growth rate in FY’ 2021.
- Unique DTP (Distribution, Technology, Partnership) network helps in better customer servicing
- Focus on technology development and in-house technological expertise
- Customer centric and innovative business model
- Highly experienced management team
- Vision of socially inclusiveness and empowerment
Fino PayTech Limited is the company promoters.
|Particulars||For the year/period ended (₹ in Millions)|
|Profit After Tax||204.74||(320.36)||(623.84)|
Objects of the Issue:
- Augmenting Bank’s Tier – 1 capital base to meet its future capital requirements.
- To meet the expenses in relation to the offer.
Fino Payments Bank IPO Details
|IPO Opening Date||Oct 29, 2021|
|IPO Closing Date||Nov 2, 2021|
|Issue Type||Book Built Issue IPO|
|Face Value||₹10 per equity share|
|IPO Price||₹560 to ₹577 per equity share|
|Market Lot||25 Shares|
|Min Order Quantity||25 Shares|
|Listing At||BSE, NSE|
|Issue Size||[.] Eq Shares of ₹10
(aggregating up to ₹1,200.29 Cr)
|Fresh Issue||[.] Eq Shares of ₹10
(aggregating up to ₹300.00 Cr)
|Offer for Sale||15,602,999 Eq Shares of ₹10
(aggregating up to ₹900.29 Cr)
Fino Payments Bank IPO Tentative Timetable
The Fino Payments Bank IPO open date is Oct 29, 2021, and the close date is Nov 2, 2021. The issue may list on Nov 12, 2021.
|IPO Open Date||Oct 29, 2021|
|IPO Close Date||Nov 2, 2021|
|Basis of Allotment Date||Nov 9, 2021|
|Initiation of Refunds||Nov 10, 2021|
|Credit of Shares to Demat Account||Nov 11, 2021|
|IPO Listing Date||Nov 12, 2021|
Fino Payments Bank IPO Lot Size
The Fino Payments Bank IPO market lot size is 25 shares. A retail-individual investor can apply for up to 13 lots (325 shares or ₹187,525).
Fino Payments Bank IPO Promoter Holding
|Pre Issue Share Holding||100%|
|Post Issue Share Holding||75%|