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Fino Payments Bank Limited IPO Detail

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 Promoters

Fino PayTech Limited

IPO Details

IPO Opening DateOct 29, 2021
IPO Closing DateNov 02, 2021
Issue TypeBook Built Issue IPO
Face Value₹10 per equity share
IPO Price ₹560 - 577 per equity share
Market Lot25 Shares
Min Order Quantity25 Shares
Listing AtBSE, NSE
Issue Size₹1300 Cr
Fresh Issue₹300.00 Cr
Offer for Sale15,602,999 Eq Shares of ₹10
Retail Portion 10%

IPO Subscription (Bidding Detail)

Day 1 0.00x 0.05x 2.73x 0.25x - 0.51x
Day 2 0.00x 0.08x 4.35x 0.43x - 0.82x

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 DateOct 29, 2021
IPO Close DateNov 02, 2021
Basis of Allotment DateNov 09, 2021
Initiation of RefundsNov 10, 2021
Credit of Shares to Demat AccountNov 11, 2021
IPO Listing DateNov 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).

ApplicationLotsSharesAmount (Cut-off)

IPO Promoter Holding

Pre Issue Share Holding100%
Post Issue Share Holding

Company Financials:

For the year/period ended (₹ in Crs)

Financial Year Total Assets Total Revenue Profit After Tax
31-Mar-21 1010 791 20.47
31-Mar-20 624 691 -32.04
31-Mar-19 684 371 -62.38

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.