Fino Payments Bank files papers with SEBI for Rs 1,300 crore IPO

Blackstone, ICICI Group and BPCL backed Fino Payments Bank have filed the draft documents with market regulator SEBI for an initial public offer (IPO). 

It is planning to raise an amount of Rs 1,300 crore which includes a fresh issue of Rs 300 crore as well as an OFS component.

“The fintech bank turned profitable in the fourth quarter of 2019-20 and has consistently enhanced its profitability since. This makes Fino Payments Bank the first profitable fintech to file for an IPO,” it said in a statement.

The bank turned profitable by registering a profit of Rs 20.5 crore in 2020-21.

Investment bankers appointed to the issue are Axis Capital Ltd, CLSA India Pvt Ltd, ICICI Securities Ltd, and Nomura Financial Advisory Services Pvt Ltd.

Fino Payments Bank was incorporated on April 4, 2017, and is the wholly-owned subsidiary of Fino Paytech Ltd.

According to the draft red herring prospectus(DRHP), in 2020-21 the payment bank’s platform has facilitated more than 43.4 crore transactions having a gross transaction value of Rs 1.32 lakh crore.

It also claims to have the largest network of micro ATMs as of March 2021 with a market share of 55%, a merchant network of 6.4 lakh and 25.7 lakh bank accounts.

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