Fino Payments Bank IPO Review

Fino Payments Bank IPO

Fino MD & CEO Rishi Gupta

Rishi Gupta, MD & CEO

Incorporated on April 04, 2017, Fintech company Fino Payments Bank operates an asset-light business model that primarily relies on fee and commission-based income generated from its merchant networks and strategic commercial relationships.

The payment bank offers a wide range of financial products and services that are primarily digital and payments-focussed. Some of its products and services include:

  • Current accounts and savings accounts (CASA). 
  • Issuance of debit cards and related transactions.
  • Facilitating domestic remittances. 
  • Open banking functionality through Application Programming Interface (API). 
  • Withdrawing and depositing cash through micro-ATM or Aadhaar Enabled Payment System (AePS). 
  • Cash management services (CMS).

Since 2017, it has grown its presence all over India covers almost 94 % of India’s districts with over 6.41L banking outlets, 54 Bank Branches and 143 Customer Service Points. As of March 2021, it has a robust merchant network of 6.4 lakh and 25.7 lakh bank accounts and has the largest network of micro-ATMs with a market share of 55 %.

During the quarter ended September 2020, it opened 297,774 new CASA accounts, which was a 20% over the quarter ended March 31, 2020. As a result, deposits for FY21 grew 106.6% to ₹2.43 billion. The bank turned profitable in the Q4 of FY 20, and since then, it has been profitable in subsequent quarters.

As a condition of the RBI License, the bank is not permitted to provide credit products directly and thereby are not exposed to the credit risk associated with underwriting credit products.

To date, the bank has no listed comparable peer in the payments bank category.

Qualitative Factors

  • Unique DTP (Distribution, Technology, Partnership) framework.
  • An asset-light and scalable business model mainly focused on technology with an advanced digital platform.
  • Customer-centric and innovation are at the core of the business.
  • Operational experience and expertise.
  • Socially inclusive model with positive social impact.
  • Highly experienced leadership team, supported by marquee investors like Blackstone, ICICI Group, Bharat Petroleum and IFC (International Finance Corporation) in promoter and shareholder.

Objects of the offer

• To meet its future capital requirements by augmenting its Tier – 1 capital base for penetration of business/services in sparsely covered areas, modernization of banking technology platform, activities to generate awareness of bank’s products and services.
• To meet expenses for regulatory/ compliance requirements to operate as a payments bank etc.

Company Promoters

Fino PayTech Limited holds 100 % shares of the Payments Bank, according to the DRHP.

Financials of Fino Payments Bank

Parameter (₹ in million)FY21FY20FY19
Total Assets10,102.916,240.016,840.72
Total Income7,910.276,913.973,711.21
Total Expenses7,705.537,234.334,335.05


Fino Payments Bank IPO Issue Details

Issue Open29 Oct 2021- 02 Nov 2021
Issue TypeBook Built Issue IPO
Issue Size[.] equity shares of ₹ 10 (aggregating up to ₹ 1,200.29 Cr)
Fresh Issue[.] equity shares of ₹ 10 (aggregating up to ₹ 300 Cr)
Offer for Sale15,602,999 equity shares of ₹ 10 (aggregating up to ₹ 900.29 Cr)
Face Value₹ 10 per equity share
Issue Price₹ 560 to ₹ 577 per equity share
Market Lot25 shares
Min Order Quantity25 shares
Listing AtBSE, NSE
Allotment Date09 Nov 2021
Listing Date12 Nov 2021


Fino Payments Bank IPO Bid Details

Sl No.

CategorySubscription Status
(No. of times)
29 Oct 2101 Nov 2102 Nov 21


Book Running Lead Managers
1. Axis Capital Limited
2. CLSA India Private Limited
3. ICICI Securities Limited
4. Nomura Financial Advisory and Securities (India) Private Limited
Registrar to the Offer
KFin Technologies Private Limited
Selenium, Tower B,
Plot No 31 and 32, Financial District,
Nanakramguda, Serilingampally
Hyderabad, Rangareddi 500 032,
Telangana, India
Tel: +91 40 6716 2222
Investor grievance e-mail:
Contact person: M Murali Krishna
SEBI registration number: INR000000221


Registered and Corporate Office: Mindspace Juinagar, Plot No Gen 2/1/F, Tower 1, 8th Floor, TTC Industrial Area, MIDC Shirwane, Juinagar, Navi Mumbai – 400 706; Tel: +91 22 7104 7000

Source: Fino Payments Bank Limited RHP

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