Fino Payments Bank Ltd's initial public offering (IPO) will open on 29 October for subscription and close on 2 November.
The IPO consists of a fresh issue of Rs 300 crore and offer for sale of up to 15.60 million shares by Fino Paytech Ltd which holds 100% stake in the firm.
The firm plans to list on exchanges on 12 November.
FIno Payment Bank is backed by marquee investors like Blackstone, ICICI Group, Bharat Petroleum and IFC.
Axis Capital, CLSA Capital, ICICI Securities and Nomura Financial advisory and Securities are book running lead managers to the issue.
Net proceeds from the fresh issue will be used for augmenting Tier I capital base to meet future capital requirements. For FY21 the Tier I capital ratio was 56.25%.
It’s a growing fintech company offering a diverse range of financial products and services that are primarily digital and have payments focus.
Its platform facilitated around 434.96 million transactions and gross transaction value was Rs 1.33 trillion as on March 2021.
Due to the countrywide lockdown, the lender observed a surge in banking transactions as a result of government relief disbursements. It recorded high levels of transactions through micro-ATM and AePS networks which consequently led to an increase in its fee/commission income derived from offering such products and also facilitated the opening of CASA accounts as more of the population wanted to gain access to the government’s relief allowance.
During the quarter ended September 2020, it opened 297,774 new CASA accounts, which was a 20% increase over new CASA accounts opened during the quarter ended March 31, 2020. Deposit for FY21 grew 106.6% to Rs 2.43 billion.
Currently it has approximately 17,269 active BCs across India. Additionally, it operated 54 branches and 143 customer service points as of March 2021.
For fiscal year 2021, the lender had total income of Rs 791.03 crore against Rs 691.40 crore a year ago. Net income for the period stood at Rs 20.47 crore versus a loss of Rs 32.04 crore last year.