Fino Payments Bank Ltd IPO

Company Summary

Fino Payments Bank is a fintech company offering a range of financial services and products primarily through a digital platform and focusing on payments.

The bank offers their services and products targeting the unserved and underserved markets in Indian through their merchant network spread across the country. The merchant-led model is a capital light business strategy with respect to network expansion. The company have built a pan-India presence with 641,892 merchants as of March 31, 2021, who are typically located in Tier-2 and Tier-3 towns.

Fino has approximately 17,269 active banking correspondents (BC) across India. BCs are generally retail agents engaged by Fino to provide banking products and services on behalf of other banks such as Union Bank of India, ICICI Bank and Canara Bank.

Additionally, Fino operates 54 branches and 143 Customer Service Points (“CSPs”) as of March 31, 2021.

The bank offers lending products through referrals of third party loan providers and it does not hold credit risk for loans.

The bank’s revenue include liability products and other banking products that generate fee and commission-based income, such as CASA, micro-ATMs and AePS transactions, domestic remittances and issuing of debit cards.

Company Strengths

  • The company’s distribution, technology and partnership model enables the bank to provide financial services in an efficient manner. 
  • A technology focused business model with an advanced digital platform
  • A strong focus on customer satisfaction and creating value for customers 
  • An asset light and scalable business model
  • An inclusive model with positive social impact
  • Highly experienced and committed leadership team with exceptional executional capabilities and operational knowledge

Company Promoters

Fino PayTech Limited is the promoter of the company. The promoter along with its nominees holds 7.80 crore equity shares, comprising 100% of the pre-offer issued, subscribed and paid up equity share capital of the bank.

Purpose of the IPO

The purpose of the initial public offering are as follows,

  • The bank plans to utilise the net proceeds from the fresh issue towards strengthening its Tier – 1 capital base to meet its capital requirements in the future
  • The proceeds will also be used towards meeting the expenses in relation to the offer.
  • Additionally, the bank expects to enhance its brand image and visibility by listing its equity shares on the stock exchanges.

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

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