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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 ₹577.00 per share . The lot size for an application is 25. The minimum amount of investment required by an retail is ₹14,000 (25 shares). 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 Date | October 29, 2021 to November 2, 2021 |
| Listing Date | November 12, 2021 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹560 to ₹577 per share |
| Issue Price Final | ₹577 per share |
| Lot Size | 25 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 2,08,02,305 shares (aggregating up to ₹1,200.29 Cr) |
| Fresh Issue | 51,99,306 shares (aggregating up to ₹300.00 Cr) |
| Offer for Sale | 1,56,02,999 shares of ₹10 (aggregating up to ₹900.29 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 7,80,14,996 shares |
| Share Holding Post Issue | 8,32,14,302 shares |
Fino Payments Bank IPO offers total 2,08,02,305 shares. Out of which 1,55,62,735 (74.81%) allocated to QIB, 62,25,094 (29.93%) allocated to QIB, 31,12,546 (14.96%) allocated to NII, 20,75,031 (9.98%) allocated to RII and 93,37,641 (44.89%) allocated to Anchor investors.
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| QIB Shares Offered | 1,55,62,735 (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 (14.96%) | NA |
| Retail Shares Offered | 20,75,031 (9.98%) | 83,001 |
| Employee Shares Offered | 51,993 (0.25%) | NA |
| Total Shares Offered | 2,08,02,305 (100.00%) |
| 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 |
Fino Payments Bank IPO opens on October 29, 2021, and closes on November 2, 2021.
| IPO Open Date | Fri, Oct 29, 2021 |
| IPO Close Date | Tue, Nov 2, 2021 |
| Tentative Allotment | Tue, Nov 9, 2021 |
| Initiation of Refunds | Wed, Nov 10, 2021 |
| Credit of Shares to Demat | Thu, Nov 11, 2021 |
| Tentative Listing Date | Fri, Nov 12, 2021 |
| Cut-off time for UPI mandate confirmation | 5 PM on Tue, Nov 2, 2021 |
Investors can bid for a minimum of 25 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| 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 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
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:
| Particulars | For the year/period ended (₹ in Millions) | ||||
|---|---|---|---|---|---|
| 30-March-21 | 31-Mar-20 | 31-Mar-19 | |||
| Total Assets | 10,102.91 | 6,240.01 | 6,840.72 | ||
| Total Revenue | 7,910.27 | 6,913.97 | 3,711.21 | ||
| Profit After Tax | 204.74 | (320.36) | (623.84) | ||
The Company Fino Payments Bank IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Augmenting its Tier–1capital base to meet its future capital requirements |
[Dilip Davda] The company is a novel technology company in the financial sector. It has established its play and enjoys a niche place. Perhaps due to such status, it is trying its maiden float with fancy pricing which is exorbitant on all counts. Though it has turned the corner for the last three quarters, its carried forward losses remain a major concern. For the last three fiscals, it has posted an average negative earnings and hence it has a negative P/E. Considering all these, risk seeker/cash surplus investors may consider investment for the long term. Read detail review...
| Listing Date | November 12, 2021 |
| BSE Script Code | 543386 |
| NSE Symbol | FINOPB |
| ISIN | INE02NC01014 |
| Final Issue Price | ₹577 per share |
| BSE Listing Group | B |
Fino Payments Bank Ltd.
Mindspace Juinagar, Plot No Gen 2/1/F, Tower 1,
8th Floor, TTC Industrial Area, MIDC Shirwane,
Juinagar, Navi Mumbai – 400 706
Mumbai, Maharashtra
Phone: +91 22 7104 7000
Email: basavraj.loni@finobank.com
Website: https://www.finobank.com/
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: finopayments.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
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 ₹1,200.29 Crores. The issue is priced at ₹577 per share. The minimum order quantity is 25.
The IPO opens on October 29, 2021, and closes on November 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 October 29, 2021 and closes on November 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 Thursday, November 11, 2021. Check the Fino Payments Bank IPO allotment status.
The Fino Payments Bank IPO listing date is on Friday, November 12, 2021.
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