Fino Payments Bank Limited IPO Detail
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 include:
• 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.
Company PromotersFino PayTech Limited
|IPO Opening Date||Oct 29, 2021|
|IPO Closing Date||Nov 02, 2021|
|Issue Type||Book Built Issue IPO|
|Face Value||₹10 per equity share|
|IPO Price||₹560 - 577 per equity share|
|Market Lot||25 Shares|
|Min Order Quantity||25 Shares|
|Listing At||BSE, NSE|
|Issue Size||₹1300 Cr|
|Fresh Issue||₹300.00 Cr|
|Offer for Sale||15,602,999 Eq Shares of ₹10|
IPO Subscription (Bidding Detail)
IPO Tentative Timetable
The Fino Payments Bank Limited IPO open date is Oct 29, 2021, and the close date is Nov 02, 2021. The issue may list on Nov 12, 2021.
|IPO Open Date||Oct 29, 2021|
|IPO Close Date||Nov 02, 2021|
|Basis of Allotment Date||Nov 09, 2021|
|Initiation of Refunds||Nov 10, 2021|
|Credit of Shares to Demat Account||Nov 11, 2021|
|IPO Listing Date||Nov 12, 2021|
IPO Lot Size
The Fino Payments Bank Limited IPO market lot size is 25 shares. A retail-individual investor can apply for up to 14 lots (350 shares or ₹201950).
IPO Promoter Holding
|Pre Issue Share Holding||100%|
|Post Issue Share Holding|
For the year/period ended (₹ in Crs)
|Financial Year||Total Assets||Total Revenue||Profit After Tax|
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.