Fino Payments Bank Limited IPO- 29th October, 2021
Company Background
Fino Payments Bank was incorporated on 4th April 2017. It is a banking company that provides a banking experience that is easily accessible , anytime and anywhere.The company offers a wide portfolio of digital financial products and services in India. The company also does cross-selling of their other financial products and services such as third-party gold loans, insurance, bill payments and recharges. It currently has approximately 17,430 active BCs across India. It is invested in by ICICI Bank, BPCL, Blackstone.
Business Information
The company is present in 94% of districts of India with over 6.41lakhs banking outlets, 54 Bank Branches and 143 Customer Service Points. It also had relationships with organizations such as the State Road Transport Corporation where it introduced a near field communication ("NFC") based contact less payments solutions for the mass transit system. The company's major products include CASA (Current and Savings account),insurance of debit card and opening banking facilities and it also offers cash management services.
Facts about the company
The company relies on fees and commissions from its merchant network and strategic commercial relationships, to generate revenue.
In 2020, Fino was ranked third among banks offering digital transactions in India.
The company has the largest network of micro-ATMs and the third-highest deposit growth rate in Financial Year 2021
FPBL has a strong business technology team with approximately 110 technical staff as as recorded in June 2021, to research, test and develop the technology.
Points to note before investing in Fino Payments Bank Limited IPO
The company aims on being accessible to every corner of the country hence making the company a very consumer centric one,
Their Banking Outlets serve the banking and financial needs of its community, which in turn forms the backbone of our assisted-digital ecosystem. the company calls it the “phygital” delivery model( a combination of physical and digital services)
Highly experienced management team with a common vision of empowerment.
The Fino Payments Bank IPO will be lead managed by Axis Capital, CLSA India, ICICI Securities and Nomura. KFintech will be the registrars to the issue.
Fino Payments Bank, under the conditions of the RBI Payment Bank License, is not allowed to give loans.
Fino Payments Bank Limited IPO Details
IPO Opening Date | Oct 29, 2021 |
IPO Closing Date | Nov 2, 2021 |
Issue Type | Book Built Issue IPO |
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 |
Allotment, Listing and Refunds details
Basis of Allotment Date | Nov 9, 2021 |
Initiation of Refunds | Nov 10, 2021 |
Credit of Shares to Demat Account | Nov 11, 2021 |
IPO Listing Date | Nov 12, 2021 |
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