IPO News

Fino payments bank inches closer to Initial Public Offering

Fino Payments Bank Ltd is edging closer to an initial public offering, which would make its listing, the first-of-its-kind.

The Mumbai-based payments bank is looking to raise around Rs 1,000 crore to Rs 1,200 crore.

This will take place through an Initial Public Offer that is likely to hit the markets in the next six months.

Moreover, the bank has witnessed a third straight quarterly profit in the second quarter of FY21 as per reports.

A number of investors such as BPCL, ICICI Group, Blackstone, IFC, Intel Capital and LIC are funding the firm.

Airtel Payments Bank, Indian Post Payments Bank, Paytm Payment Bank, Jio Payments Bank and NSDL Payment Bank are it’s top incumbents.

Further, investment banks like Axis Capital, Nomura, ICICI Securities and CLSA are the advisors for the IPO.

However, Fino Payments Bank offers a unique platform as against its peers on the basis of it’s profitability.

It has a distinct rural focus, an enormous network along with thousands of customer touch points.

In fact, the bank managed to own about 3 lakh banking points of its own by Q2 FY21 end.

These consist of more than 8000 outlets of its strategic partner BPCL.

Also, it includes an additional 2.5 lakh points via its partners making the total network at around 5.5 lakh.

The firm aims to augment the network to 10 lakh outlets within a span of the next 3 years.

Moving forward, liability products, Micro ATM, AePS transactions, remittances, payment services partnerships and insurance are Fino’s key business drivers.

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