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Fino Payments Bank IPO – Analysis, Details, Review, Opening Date, Issue Price, Allotment Status

IPO Opens on 29 Oct 2021
IPO Closes on  02 Nov 2021
Issue Price band Rs 560 – Rs 577
Any Discount NA
Issue Size Rs 1200 crore
Minimum Investment 12 shares lot (min amount 14425)
Max Investment (Retail) 13 lots / 325 shares (amount Rs 187525)
Registrar KFinTech
Book Running Lead Managers Axis, CLSA, ICICI, Nomura
Listing BSE/NSE
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Some of the recently listed IPOs have given 100-300% returns in 2021. Also check the list of upcoming IPOs in 2021. 
Fino Payments Bank IPO Grey market Premium :

As per market observers, Nykaa IPO grey market premium (GMP) was at around Rs 610 – Rs 670

IPO Issue Allocation:

  • QIB = Not More than 75% of the offer
  • NII = Not less than 15% of the offer
  • Retail = Not less than 10% of the offer
Background:

  • Fino Payments Bank is a scheduled commercial bank that offers digital-based financial services. It has a pan-India presence with over 7.2 lakh merchants, but mostly caters to tier-2 and tier-3 towns.
  • 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.
  • Fino Payments Bank has  6.41 lakh banking outlets, 54 bank branches and 143 customer service points. It has the  largest network of around 2.5 lakh micro ATMs.
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Top Shareholdings:

Fino Payments Bank’s parent Fino Paytech counts BPCL (22.9 per cent stake), Blackstone (15.1 per cent), ICICI Prudential Life (9.1 per cent), Intel Capital (5.7 per cent) as its shareholders.

Fino Paytech currently holds 100 per cent stake in Fino Payments Bank.

 Objective of the issue:

The IPO comprises a fresh issue worth 300 crore and an offer for sale of up to 15.60 million shares by Fino Paytech Ltd. The bank will use the fresh proceeds to augment its tier-1 capital base to meet its future capital requirements.
Anchor Investors:

  • Not yet announced.
Financials:

In FY21, Fino Payments Bank reported gross revenues of Rs 780 crore and net profit of Rs 20.5 crore. The bank’s revenue grew at a CAGR of 29 per cent in the last three years and it stood at Rs 791 crore in FY21. The lender recorded a net profit of Rs 20.5 crore in FY21.

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Valuation as compared to its peers:  

 

Brokerage Recommendations: 
 Brokerage Recommendations
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Should you invest: 

Some of the recently listed IPOs have given 100-300% returns in 2021. Also check the list of upcoming IPOs in 2021. 

Disclaimer: This is not an investment advice and is only for educational purposes. Please consult your financial advisor before taking any financial decisions. 


Important Dates:- IPO Schedule (Tentative)
Finalization of Basis of Allotment 9 Nov 2021
Initiation of Refunds 10 Nov 2021
Credit of Equity Shares: 11 Nov 2021
Listing Date: 12 Nov 2021
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Subscription Details: (Will be Updated)
(Subscription-Category-Wise (no. of times) Till time : 06:00 PM) Day-1 Day-2 Day-3
QIB
NII
Retail
Employee
TOTAL
How to apply for IPO through Zerodha

Zerodha customers can apply online in this IPO using UPI as a payment gateway. Zerodha customers can apply in this IPO by login into Zerodha Console (back office) and submitting an IPO application form.

  • Visit the Zerodha website and login to Console.
  • Go to Portfolio and click the IPOs link.
  • Go to the ‘Fino Payment ‘ row and click the ‘Bid’ button.
  • Enter your UPI ID, Quantity, and Price.
  • ‘Submit’ IPO application form.
  • Visit the UPI App (net banking or BHIM) to approve the mandate.

Disclaimer:  This article is for educational purposes and should not be treated as investment advice. Please consult with your investment advisor before making any investment decisions.

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