Mumbai-based Fino Payments Bank which is backed by numerous marquee investors including BPCL, ICICI Group, Blackstone, IFC and Intel Capital has filed its DRHP with market regulator Sebi to raise around Rs 1300 crores via an initial public offer, multiple industry sources with knowledge of the matter told Moneycontrol.
Moneycontrol was the first to report the firms listing plans on March 6th, 2021.
Fino Payments Bank turned profitable in the fourth quarter of FY 20 and the move makes it the first profitable fin-tech to file for an IPO. It counts Airtel Payments Bank, Indian Post Payments Bank, Paytm Payment Bank, Jio Payments Bank & NSDL Payment Bank as its rivals.
“The IPO size is likely to be around ₹1,300 crores which includes a fresh issue component of ₹ 300 cr as well as an OFS component,” according to market sources who added that a digital based ,transaction focused approach with no credit risk has enabled the growth of the firm.
Investment bankers appointed to the issue are Axis Capital Ltd, CLSA India Pvt Ltd, ICICI Securities Ltd and Nomura Financial Advisory Services Pvt Ltd. According to the DRHP, Trilegal is the legal counsel to the bank and promoter selling shareholders and Shardul Amarchand Mangaldas is the legal counsel to the investment bankers. Sidley Austin is the international legal counsel.
ALL ABOUT FINO PAYMENTS BANK
Fino Payments Bank is a scheduled commercial bank serving the emerging India market and the company is a fully owned subsidiary of Fino Paytech Limited (FPL), a pioneer in technology enabled financial inclusion solutions.
Over the last few years, Fino Payents Bank has witnessed a steep surge in transaction volumes on the back of digitization and proliferation of its banking points.