Bookbuilding IPO | ₹1,200 Cr | Listed at BSE, NSE | Fri, Oct 29, 2021 - Tue, Nov 2, 2021
Fino Payments Bank IPO is a book build issue of ₹1,200.29 crores. The issue is a combination of fresh issue of 0.52 crore shares aggregating to ₹300.00 crores and offer for sale of 1.56 crore shares aggregating to ₹900.29 crores.
Fino Payments Bank IPO bidding started from Oct 29, 2021 and ended on Nov 2, 2021. The allotment for Fino Payments Bank IPO was finalized on Nov 9, 2021. The shares got listed on BSE, NSE on Nov 12, 2021.
Fino Payments Bank IPO price band is set at ₹577 per share. The lot size for an application is 25. The minimum amount of investment required by an retail is ₹14,425 (25 shares) (based on upper price). The lot size investment for sNII is 14 lots (350 shares), amounting to ₹2,01,950, and for bNII, it is 70 lots (1,750 shares), amounting to ₹10,09,750.
The issue includes a reservation of up to 51,993 shares for employees offered at a discount of ₹0.00 to the issue price.
Axis Capital Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to Fino Payments Bank IPO RHP for detailed Information.
IPO Open
Fri, Oct 29, 2021
IPO Close
Tue, Nov 2, 2021
Issue Price
₹577 per share
Market Cap (Pre-IPO)
₹4,801.47 Cr
| IPO Date | 29 Oct to 2 Nov, 2021 |
| Listed on | Fri, Nov 12, 2021 |
| Face Value | ₹10 per share |
| Price Band | ₹560 to ₹577 |
| Issue Price | ₹577 per share |
| Lot Size | 25 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 2,08,02,305 shares (agg. up to ₹1,200 Cr) |
| Fresh Issue | 51,99,306 shares (agg. up to ₹300 Cr) |
| Offer for Sale | 1,56,02,999 shares of ₹10 (agg. up to ₹900 Cr) |
| Share Holding Pre Issue | 7,80,14,996 shares |
| Share Holding Post Issue | 8,32,14,302 shares |
| BSE Script Code / NSE Symbol | 543386 / FINOPB |
| ISIN | INE02NC01014 |
Fino Payments Bank IPO comprises a total issue size of 2,08,02,305 shares. The net offer to the public is 2,07,50,312 shares, after excluding 51,993 shares under a preferential allotment. Of the Net offer 1,55,62,735 (75.00%) are allocated to QIB, 31,12,546 (15.00%) allocated to NII 20,75,031 (10.00%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue | Max Allottees |
|---|---|---|---|---|
| QIB Shares Offered | 1,55,62,735 | 75.00% | 74.81% | NA |
| − Anchor Investor Shares Offered | 93,37,641 | 44.89% | NA | |
| − QIB (Ex. Anchor) Shares Offered | 62,25,094 | 29.93% | NA | |
| NII (HNI) Shares Offered | 31,12,546 | 15.00% | 14.96% | NA |
| Retail Shares Offered | 20,75,031 | 10.00% | 9.98% | 83,001 |
| Preferential Reservations | ||||
| Employee Shares Offered | 51,993 | 0.25% | NA | |
| Total Shares Offered | 2,08,02,305 | 100.00% | 100.00% | |
Investors can bid for a minimum of 25 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 25 | ₹14,425 |
| Retail (Max) | 13 | 325 | ₹1,87,525 |
| S-HNI (Min) | 14 | 350 | ₹2,01,950 |
| S-HNI (Max) | 69 | 1,725 | ₹9,95,325 |
| B-HNI (Min) | 70 | 1,750 | ₹10,09,750 |
Fino Payments Bank IPO raises ₹538.78 crore from anchor investors. Fino Payments Bank IPO Anchor bid date is October 28, 2021.
📝 Anchor Investors Letter (PDF)
| Bid Date | Thu, Oct 28, 2021 |
| Shares Offered | 93,37,641 |
| Anchor Portion (₹ Cr.) | 538.78 |
| Anchor lock-in period end date for 50% shares (30 Days) | Thu, Dec 9, 2021 |
| Anchor lock-in period end date for remaining shares (90 Days) | Mon, Feb 7, 2022 |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Yes | |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
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.
Competitive Strengths:
| Period Ended |
|---|
| Amount in ₹ Crore |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Augmenting its Tier–1capital base to meet its future capital requirements |
The Fino Payments Bank IPO is subscribed 2.03 times on November 2, 2021 5:00:00 PM (Day 3). The public issue subscribed 5.92 times in the retail category, 1.65 times in the QIB category, and 0.21 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 1.65 | 62,25,094 | 1,02,40,525 |
| NII | 0.21 | 31,12,546 | 6,63,350 |
| Retail | 5.92 | 20,75,031 | 1,22,93,975 |
| Employee | 0.93 | 51,993 | 48,300 |
| Total | 2.03 | 1,14,64,664 | 2,32,46,150 |
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | BRLMs fees and commissions (including underwriting commission, brokerage and selling commission payable to members of the syndicate) | 35.17 |
| 2 | Commission/processing fee for SCSBs and Bankers to the Offer and fee payable to the Sponsor Bank for Bids made by RIBs using UPI | 1.14 |
| 3 | Brokerage and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | 1.05 |
| 4 | Fees payable to the Registrar to the Offer | 0.06 |
| 5 | Fees payable to legal counsel | 6.53 |
| 6 | Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | 4.64 |
| 7 | Printing and stationery | 1.81 |
| 8 | Advertising and marketing expenses | 8.23 |
| 9 | Miscellaneous | 7.97 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹577.00 | ₹577.00 |
| Open | ₹548.00 | ₹544.35 |
| Low | ₹510.80 | ₹511.05 |
| High | ₹583.35 | ₹582.95 |
| Last Trade | ₹545.25 | ₹543.90 |
Lead Manager Reports
Fino Payments Bank IPO is a main-board IPO of 2,08,02,305 equity shares of the face value of ₹10 aggregating up to ₹1,200 Crores. The issue is priced at ₹577 per share. The minimum order quantity is 25.
The IPO opens on Fri, Oct 29, 2021, and closes on Tue, Nov 2, 2021.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Fino Payments Bank IPO using UPI as a payment gateway. Zerodha customers can apply in Fino Payments Bank IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Fino Payments Bank IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Fino Payments Bank IPO opens on Fri, Oct 29, 2021 and closes on Tue, Nov 2, 2021.
Fino Payments Bank IPO lot size is 25, and the minimum amount required for application is ₹14,425.
You can apply in Fino Payments Bank IPO online using either UPI or ASBA as a 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. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Fino Payments Bank IPO will be done on Tuesday, November 9, 2021, and the allotted shares will be credited to your demat account by Thu, Nov 11, 2021. Check the Fino Payments Bank IPO allotment status.
The Fino Payments Bank IPO listing date is on Fri, Nov 12, 2021.
