Fino Payments Bank Ltd

About the Company:

Fino Payments Bank Ltd is a growing fintech company offering a diverse range of financial products and services that are primarily digital and have a payments focus.

Company offers products and services via a pan-India distribution network and proprietary technologies, and since 2017, have grown company’s operational presence to cover over 94% of districts as of March 31, 2021.

In the financial years 2019, 2020 and 2021, company’s platform facilitated approximately 154.02 million, 318.56 million and 434.96 million transactions, respectively

Company operates on an asset light business model that principally relies on fee and commission based income generated from our merchant network and strategic commercial relationships.

Company’s products and services include various current accounts and savings accounts, issuance of debit card and related transactions, facilitating domestic remittances, withdrawing and depositing cash (via micro-ATM or Aadhaar Enabled Payment System “AePS”) and cash management services.


Company has a strong leadership position within the Indian fintech industry, for instance:

  • were ranked third among banks in facilitating digital transactions, as of February 2020 by the Ministry of Electronic & Information Technology.
  • had the largest network of micro-ATMs, as of March, 2021.
  • had the third highest deposit growth rate in financial year 2021.



Company’s Background:

Company’s Inception and Evolution Financial Inclusion Network Operations (“FINO”) started as a technology company aimed at developing technological solutions and comprised key employees including Rishi Gupta,company’s MD and CEO.

On September 7, 2015, Fino PayTech Limited was granted an in-principle approval to set up a payments bank.

On April 2017, company commenced operations as a Payments Bank with effect from June, 2017, pursuant to receipt of the final RBI approval dated March 30, 2017.



Company’s key products and Services: 



Marquee investors in Fino PayTech Ltd.

Company is currently a wholly-owned subsidiary of Fino Paytech Ltd, whose principle shareholders include marquee investors such as ICICI Bank Ltd, Intel Capital Corporation, International Finance Corporation, HAV3 Holdings (Mauritius) Ltd, Blackstone GPV Capital Partners (Mauritius) VI-B FDI Ltd and Bharat Petroleum Corporation Ltd.


Company’s pan-India Distribution network:

Company’s delivers financial products and services to customers through a variety of distribution channels, primarily merchants, strategic commercial relationships, branches, CSPs and digital channels such as mobile banking applications.

Company has built a pan-India presence with 641,892 merchants (own and API) as of March 31, 2021, which are typically located in Tier-2 and Tier-3 towns.

Company incur minimal capital expenditure costs in connection with on-boarding merchants, because the merchant typically bears all costs (including acquisition costs related to the micro-ATMs and AePS devices), therefore supporting company’s asset-light business model.

Additionally, company operates 54 branches and 143 Customer Service Points (“CSPs”) as of March 31, 2021.




The below table lists Company’s key performance indicators with respect to business and operations: 


Competitors in the Business:

Company’s most direct competitors are currently other Payments Banks, being India Post Payments Bank Ltd, Airtel Payments Bank Ltd, PayTM Payments Bank Ltd, Jio Payments Bank and NSDL Payments Bank.




Management Team:

  1. Mr. Rishi Gupta (Designation: Managing Director and CEO)
  2. Mr. Mahendra Kumar Chouhan (Designation: Part-time Chairman and Independent Director)




Objectives of the Issue:

Offer for Sale: (Rs. 900 cr)

  • The Promoter Selling Shareholder shall be entitled to the proceeds from the Offer for Sale. Company will not receive any proceeds from the Offer for Sale.


Fresh issue: (Rs. 300 cr)

The Net Proceeds are proposed to be utilised towards augmentation of our Bank’s Tier-I capital base to meet our Bank’s future capital requirements which are expected to arise out of growth in our Bank’s assets, investments and to ensure compliance with regulatory requirements on capital adequacy prescribed by the RBI from time to time.




Peer Group Comparison:

There are no listed companies in India whose business portfolio is comparable with that of Fino Payments Bank business Ltd and comparable to company’s scale of operations.


Positives for the Company:

An Asset Light and Scalable Business Model.

  • Company’s merchant-led model is a capital light business strategy in respect of network expansion and except for referrals of third party loan providers, company do not offer any lending products and do not hold credit risk for loans.
  • In addition, company’s well established technology platform and consistent investment in further improvements, allows company to service a wide pool of customers and cater to their diversified requirements.



Company plans to Expand and Deepen company’s Customer Sourcing Capabilities.

  • As of March 31, 2021, company had an operational presence in over 94% of districts, and during the last three financial years, company acquired 613,734 new merchants across the network.
  • In addition, company also had a number of strategic relationships with businesses/organisations across the country, including with a State Road Transport Corporation (the “SRTC”) where we introduced a near field communication (“NFC”) based contactless payments solutions for the mass transit system.



Strategic commercial relationships.

  • Company has established strategic commercial relationships with a wide variety of Indian companies that are both well-known and trusted brands (including with ICICI Bank Limited, Union Bank of India, and BPCL, as well as new and upcoming fintech companies, to provide value added products for these counterparties and for our existing and potential customer base.
  • Company also has agreements with 85 clients in connection with our CMS as on March 31, 2021, with our top three clients based on monthly throughput volume being L&T Finance Limited, Satin Creditcare Network Limited and RBL Finserv.



Financials of the Company:

(in Crores) FY 19 FY 20 FY 21
Revenue 371.1 691.3 791.0
Net Profit (-62.3) (-32.0) 20.4



IPO Details:

Details Info
Issue Opens on 29th October 2021
Issue Closes on:. 2nd November 2021
Issue Price Rs.560 – 577
Face Value Rs.10
Retail Category Allocation 10%
Minimum Lot 25 Shares
Minimum Investment Rs. 14,425
Issue Constitutes 24.99%
Issue Size Rs.1200 cr ($160 million)
Market Cap Rs. 4801 cr ($640 million)
Listing at NSE & BSE
Equity Shares Offered (OFS) 1,56,02,999
Equity Shares Offered (Fresh) 51,99,306
Equity Shares Offered (Fresh + OFS) 2,08,02,305
Equity Shares Prior to the issue 7,80,14,996
Equity Shares after the issue 8,32,14,302

Also Read : List of Upcoming IPO’s in India.


Important Dates:

Finalization of Basis of Allotment On or before 9th November 2021
Initiation of Refunds On or before 10th November 2021
Credit of Equity Shares: On or before 11th November 2021
Listing Date: On or before 12th November 2021


Subscription Details: (Will be Updated)

(Subscription-Category-Wise (no. of times) Till time : 06:00 PM) Shares Offered Day-1 Day-2 Day-3
QIB  62,25,094 0.00 0.00 1.65
NII  31,12,546 0.05 0.10 0.21
Retail    20,75,031 2.72 4.65 5.92
Employee        51,993 0.25  0.56 0.93
TOTAL 1,14,64,664 0.51 0.87 2.03

Note: Retail Subscription on the basis of Applications: 4.76x


IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
2.62 220 14.6% 19.30



Check IPO Allotment Status:

KfinTech Website: http://kfintech/IPO/Allotment_Status

BSE IPO Website:


Company Contact Info:
Fino Payments Bank Ltd
Mindspace Juinagar, Plot No Gen 2/1/F,
Tower 1, 8th Floor, TTC Industrial Area,
MIDC Shirwane, Juinagar,
Navi Mumbai – 400 706
Maharashtra, India
Tel: +91 22 7104 7000


IPO Registrar Info:
KFin Technologies Private Limited
Selenium, Tower B,
Plot No 31 and 32, Financial District,
Nanakramguda, Serilingampally
Hyderabad, Rangareddi 500 032,
Telangana, India
Tel: +91 40 6716 2222