Fino Payments Bank IPO
Fino Payments Bank IPO — date, price band, lot size & details 2021
Fino Payments Bank listed on 12 Nov 2021 at ₹544.35, 5.7% below the ₹577 issue price.
Fino Payments Bank offers digital banking and payment services through a large merchant network, mainly to people with limited access to banks. Its total income was Rs 791.03 crore in FY2021.
Stock price
Fino Payments Bank is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 29 Oct 2021
- Close 02 Nov 2021
- Allotment 09 Nov 2021
- Refund/credit 10 Nov 2021
- Listing 12 Nov 2021
Issue summary
The terms of the offer, as filed.
| IPO Dates | 29 Oct to 2 Nov, 2021 |
|---|---|
| Price Band | ₹560 – ₹577 |
| Face Value | ₹10 |
| Lot Size | 25 Shares |
| Issue Size | ₹1200.29 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,425 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 25 shares at the ₹577 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 25 | ₹14,425 |
| Retail (max) | 13 | 325 | ₹1,87,525 |
| S-HNI (min) | 14 | 350 | ₹2,01,950 |
| S-HNI (max) | 69 | 1,725 | ₹9,95,325 |
| B-HNI (min) | 70 | 1,750 | ₹10,09,750 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 371.12 crore in FY2019 to Rs 791.03 crore in FY2021.
- 02The bank moved from a loss of Rs 62.38 crore in FY2019 to a profit of Rs 20.47 crore in FY2021.
- 03EBITDA turned positive at Rs 74.06 crore in FY2021, after negative figures in FY2019 and FY2020.
- 04Rs 300.00 crore of fresh capital was raised to strengthen the Tier-1 capital base.
- 05It earns from many fee streams, such as remittances, cash management and cross-selling, and income more than doubled between FY2019 and FY2021.
Risks · 5
- 01The pre-issue P/E was 220.23 at the upper band of Rs 577, based on EPS of Rs 2.62.
- 02Profit was only Rs 3.13 crore in the three months to 30 June 2021.
- 03Rs 900.29 crore of the Rs 1,200.29 crore issue was offer for sale by the promoter, so most of the money did not reach the bank.
- 04As a payments bank it cannot lend, so income depends on fees and commissions, which face competition from other payment providers. It began operations only in 2017.
- 05Promoter holding fell from 100% before the issue to 75% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Fino Payments Bank offer document.
| Metric | 30 Jun 2021 | 31 Mar 2021 | 31 Mar 2020 | 31 Mar 2019 |
|---|---|---|---|---|
| Assets | 1,020.16 | 1,010.29 | 624.00 | 684.07 |
| Total Income | 206.24 | 791.03 | 691.40 | 371.12 |
| Profit After Tax | 3.13 | 20.47 | -32.04 | -62.38 |
| EBITDA | 9.91 | 74.06 | -8.47 | -18.59 |
| NET Worth | 153.68 | 150.55 | 130.07 | 162.11 |
| Reserves and Surplus | 109.10 | 105.97 | 85.49 | 117.53 |
| Total Borrowing | 211.28 | 180.80 | 110.79 | 82.90 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Fino Payments Bank RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Fino Payments Bank IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹2.62 | ₹1.50 |
| P/E Ratio (x) | 220.23 | 384.67 |
| Market Cap at Offer Price (₹ Cr) | ₹689.32 | ₹1,204.01 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹577 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹366.59 Cr of the issue is earmarked to named objects.
About the company
Its services include current and savings accounts, debit cards, domestic remittances, open banking through APIs, cash withdrawal and deposit through micro-ATMs and AePS, and cash management services. Its merchants also cross-sell third-party gold loans, insurance, bill payments and recharges.
It also runs a business correspondent network for other banks, and earns mainly from fees and commissions. Its focus is on customers with low financial literacy and limited use of technology.
The IPO was Rs 1,200.29 crore, with Rs 300.00 crore of fresh issue and Rs 900.29 crore of offer for sale by Fino PayTech. The fresh money was meant to strengthen the bank's Tier-1 capital base.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Fino Payments Bank IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Axis Capital
71 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
ICICI Securities
65 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Nomura Financial Advisory & Securities (India) Pvt. Ltd
11 issues handledBest listing: Nazara Technologies (+80.7%). Weakest: Shriram Properties (-23.7%).
CLSA India Pvt. Ltd
3 issues handledBest listing: Devyani International (+56.6%). Weakest: Star Health and Allied Insurance Company (-6.1%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Fino Payments Bank?
The current Grey Market Premium is ₹0.
What is the Fino Payments Bank IPO price band?
₹560 to ₹577, on a face value of ₹10.
When is the allotment?
The basis of allotment is 9 November 2021, with listing on 12 November 2021.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
