Launched in 2017, Fino Payments is a growing fintech company that offers a comprehensive 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 brokers help them sell their financial products and services such as third-party gold loan, insurance, debt repayment and cashback. Fino Payments also manages a large BC (Business Correspondents) network on behalf of other banks.
In revenue generation, the company relies on funds and commissions from their merchant network and trading strategy relationships. The company aims to target Indians who have low levels of spending and technology and often do not have access to even basic banking services. By 2020, the Department of Technology and Information Technology places Fino payments in third place in banks to facilitate digital transactions in India. According to CRISIL, the company also has the largest network of micro-ATMs and the third highest deposit growth rate at FY ‘2021.
Competitive Strengths
- A technology-focused business model with an advanced digital platform;
- Customer centricity and innovation at the core of the business;
- An asset-light and scalable business model;
- Operational experience and expertise;
- A socially inclusive model with positive social impact; and
- Highly experienced and committed leadership team, supported by a marquee investor base in our Promoter and shareholder
Company Promoters
- Fino PayTech Limited
Company Financials
| Particulars | For the year/period ended ( in Cr.) | |||
|---|---|---|---|---|
| 31-Mar-21 | 31-Mar-20 | 31-Mar-19 | ||
| Total Assets | 1,010.29 | 624.00 | 684.07 | |
| Total Revenue | 791.03 | 691.40 | 371.12 | |
| Profit After Tax | 20.47 | (32.04) | (62.38) |
Objects Of The Issue
- Prepayment / repayment of all or a portion of the outstanding borrowings of the company to be availed on consolidated basis.
- To meet common corporate objectives.
Fino Payments Bank IPO – Details
| IPO Opening Date | 29 October 2021 |
| IPO Closing Date | 02 November 2021 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Rs 1200.29 Crore |
| 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 |
| Register | KFintech Private Limited |
Fino Payments Bank IPO – Date Schedule
| IPO Open Date | 29 October 2021 |
| IPO Close Date | 02 November 2021 |
| Basis of Allotment Date | 09 November 2021 |
| Initiation of Refunds | 10 November 2021 |
| Credit of Shares to Demat Account | 11 November 2021 |
| IPO Listing Date | 12 November 2021 |
Fino Payments Bank IPO – Lots Size & Price
| Application | Lots | Shares | Amount ( Cut-Off) |
| Minimum | 1 | 25 | 14,425 |
| Maximum | 14 | 325 | 1,87,525 |
Company Contact Information
| Fino Payments Bank Limited Mindspace Juinagar, Plot No Gen 2/1/F, Tower 1, 8th Floor, TTC Industrial Area, MIDC Shirwane, Juinagar, Navi Mumbai – 400 706 Phone: +91 22 7104 7000 Email: basavraj.loni@finobank.com Website: https://www.finobank.com/ |
Fino Payments Bank IPO Registrar
| KFintech Private Limited Phone: 04067162222, 04079611000 Email: finopayments.ipo@kfintech.com Website: https://karisma.kfintech.com/ |
Fino Payments Bank IPO Lead Manager(s)
| 1. Axis Capital Limited 2. CLSA India Private Limited 3. ICICI Securities Limited 4. Nomura Financial Advisory and Securities (India) Private Limited |
Fino Payments Bank IPO FAQs
| When Fino Payments Bank IPO will open? The Fino Payments Bank IPO dates are 29 October 2021 To 02 November 2021. |
| What is the lot size of Fino Payments Bank IPO? Fino Payments Bank IPO lot size and the minimum order quantity is [25 Shares]. |
| How to apply for Fino Payments Bank IPO? You can apply in Fino Payments Bank IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don’t offer banking services. |
| When is Fino Payments Bank IPO listing date? The Fino Payments Bank IPO listing date is announced. The date of Fino Payments Bank IPO listing is [12 November 2021]. |
