Fino Payments Bank has filed the initial document i.e. DRHP for its IPO of Rs 1300 crore. Under this IPO of the bank, new shares worth Rs 300 crore will be issued while the promoter of Fino Paytech will sell 15,602,999 equity shares under the offer for sale.
The bank has the support of many investors, including ICICI, Blackstone
BPCL, ICICI Group, Blackstone, IFC and Intel Capital have invested in Fino Payments Bank. Fino Payments is the first company to file for IPO, which is profitable. According to the DRHP, Fino Payments Bank will use the funds raised through the IPO to expand its tier-of-capital base to meet future capital requirements. The bank can also raise Rs 60 crore through pre-IPO placement. If this placement is completed, then the size of the IPO may decrease.
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The business of the fast growing bank Fino Payments Bank
According to bank sources, Rs 1300 crore can be raised under the IPO. According to DRHP, Axis Capital Ltd, CLSA India Pvt Ltd, ICICI Securities Ltd and Nomura Financial Advisory Services will be its investment bankers. Fino Payments Bank ie FPBL is a scheduled commercial bank. It provides digital based financial services. It is a wholly owned subsidiary of Fino Paytech. The transaction volume of the bank has increased significantly in the last few years. Its business has increased due to digitization and increase in banking points.
Fino Payments Bank had turned profitable in the fourth quarter of the financial year 2019-20. Its competitor banks are Airtel Payments Bank, Indian Post Payments Bank, Paytm Payments Bank, Jio Payments Bank and NSDL Bank. Fino Payments Bank’s position in the fintech industry is getting stronger. As of March 2021, Fino Payments Bank had the highest number of micro ATMs.