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  3. Fino Payments Bank IPO

About Fino Payments Bank IPO

Incorporated in 2017, Fino Payments Bank is one of the emerging fintech companies in this country. Backed by industry behemoths such as ICICI Bank, BPCL, and Blackstone, this financial institution has managed to cover 94% of the Indian PIN codes, as stated on their website. Moreover, the bank has 6.41 lakh outlets, 143 customer service points, and 54 bank branches throughout India. Furthermore, they have 6.42 lakh registered merchants, 2.6 million bank accounts on their platforms, as stated on their website.

Fino Payments Bank IPO Objectives :

- The proceeds from the fresh issue will be utilised to strengthen the tier-1 capital of the company further

- The proceeds will be used to meet expenses associated with this offer

Fino Payments Bank IPO - Details

Emerging fintech company Fino Payments Bank has filed its draft red herring prospectus with market regulator Securities and Exchange Board of India to float an IPO of Rs. 1,300 crores. This initial public offer will comprise fresh equity shares worth Rs. 300 crores and an OFS of 15.6 million shares.

Opening Date

Oct 29, 2021

Closing Date

Nov 2, 2021

Price Band

₹ 560 to ₹ 577

per equity share

Issue Size

₹ 1,200.29 Cr

Face Value

₹ 10

per equity share

Market Lot

25 Shares

Opening Date

Oct 29, 2021

Closing Date

Nov 2, 2021

Price Band

₹ 560 to ₹ 577

per equity share

Issue Size

₹ 1,200.29 Cr

Face Value

₹ 10

per equity share

Market Lot

25 Shares

Listing at NSE, BSE

Fino Payments Bank IPO Important Dates

IPO Open Date Oct 29, 2021
IPO Close Date Nov 2, 2021
Basis Of Allotment Date Nov 9, 2021
Initiation Of Refunds Nov 10, 2021
Credit Of Shares To
Demat ACcount		 Nov 11, 2021
IPO Listing Date Nov 12, 2021

Why Should You Invest in Fino Payments Bank IPO?

Based out of Maharashtra, Fino Payments Bank is an emerging fintech company with a widespread network of customer touchpoints across the country. Their USP is the reach in the interior parts of this country and their strong financials. Here are some reasons why Fino Payment Bank is an ideal investment option –

1. The company has an asset-light business model, mainly based on commission and fees based on income generation from their strategic commercial tie-ups and merchant network.

2. Such a merchant led business model needs minimal capital expenditure, which in turn increases their operating profit.

3. Also, the company's integration of the latest technology and data analytics allows them to increase their customer experience. Also, they can now sell third-party financial products, increasing their revenue and extending customised products.

4. A glance at the company financial will reflect that Fino Payments Bank has increased its revenue in three successive years.

5. Also, they have been profitable in the last financial year, accumulating Rs. 2,985.05 million.

Financial Highlights

Financial Year Total Assets Total Revenue Total Expenses Profit After Tax
March FY2021 Rs. 10,102.91 millions Rs. 7,910.27 millions Rs. 7,705.53 millions Rs. 2,985.05 millions
March FY2020 Rs. 6,240.01 millions Rs. 6,913.97 millions Rs. 7,234.33 millions Rs. 3,189.79 millions
March FY2019 Rs. 6,840.72 millions Rs. 3,711.21 millions Rs. 4,335.05 millions Rs. 2,869.43 millions

How to apply for Fino Payments Bank IPO?

You can apply for the Fino Payments Bank IPO in these ways:

UPI
Link your bank account to a reliable UPI ID and register it with your Angel One account. Proceed to book Fino Payments Bank IPO shares using the ID, confirm the payment on the UPI app, and block the amount for allotment.

Demat Account

1. If you are already a client of Angel One, apply directly for Fino Payments Bank IPO, click here.
2. If you’re a new investor Open DEMAT Account for free with Angel One to begin your investment journey.

Fino Payments Bank IPO – Noteworthy Highlights

Fino Payments Bank started its operations in 2017, and in 4 years, the fintech company has amassed a notable customer base across the country. Here are some notable highlights of the company that prospective investors should know of –

1. Fino Payments Bank has a footprint in 94% of the PIN codes of India and has 143 customer service points, 54 bank branches, and 6.41 lakh banking outlets.

2. It has 6.42 lakh registered merchants under its portfolio and 2.6 million bank accounts.

3. As of March 2021, its gross transaction value was Rs. 1.33 trillion.

4. Fino Payments Bank’s platform has facilitated more than Rs. 430 million in transactions.

Fino Payments Bank IPO - SWOT Analysis

strengths

Strengths

  • Steady improvement in volume: Despite commencing its operations recently, the fintech company has registered steady growth in terms of volume against a comparatively lower operational scale. In FY2021, Fino Payments Bank’s monthly average was around Rs. 9300 - 9400 crores compared to its Rs. 8300 - 8400 crores in FY2020. This steady growth has helped the company to remain profitable over the years.
  • Diverse product portfolio: Fino Payments Bank has a diverse product portfolio that includes current and savings account, micro-ATM, AePS, third-party products such as insurance, cash management services, and many more. Resultantly, its revenue stream remains diverse and helps the financial institution to increase its revenue each year.
Weaknesses

Weaknesses

  • Merchant-biased operation model: The operational model of Fino Payments Bank primarily relies on its merchants and agents. This network is in charge of handling cash via CMS, CASA, remittance, etc.
  • Dealing with third-party products: Since a significant portion of Fino Payments Bank’s business depends on third-party products, changes on that front will affect their revenue.  
Opportunities

Opportunities

  • Holds potential: Fino Payments Bank is likely to grow even further in the coming years. As pointed out by CRISIL, as of March 2021, their sector has about Rs. 0.85 trillion in potential revenue. Now pairing such revenue potential with the bank’s widespread network, it holds prospect.
Threats

Threats

  • Established competitors: Fino Payments Bank is currently battling against competitors who are well established. Financial institutions such as Bandhan, RBL, Dhanlaxmi, Equitas, etc., have a strong foothold in their region and have expanded in other areas of the country. Moreover, these banks are better prepared with higher capital to deal with any uncertainty.
Strenghts Strengths
Weaknesses Weaknesses
Opportunities Opportunities
Threats Threats

Strengths

  • Steady improvement in volume: Despite commencing its operations recently, the fintech company has registered steady growth in terms of volume against a comparatively lower operational scale. In FY2021, Fino Payments Bank’s monthly average was around Rs. 9300 - 9400 crores compared to its Rs. 8300 - 8400 crores in FY2020. This steady growth has helped the company to remain profitable over the years.
  • Diverse product portfolio: Fino Payments Bank has a diverse product portfolio that includes current and savings account, micro-ATM, AePS, third-party products such as insurance, cash management services, and many more. Resultantly, its revenue stream remains diverse and helps the financial institution to increase its revenue each year.

Weaknesses 

  • Merchant-biased operation model: The operational model of Fino Payments Bank primarily relies on its merchants and agents. This network is in charge of handling cash via CMS, CASA, remittance, etc.
  • Dealing with third-party products: Since a significant portion of Fino Payments Bank’s business depends on third-party products, changes on that front will affect their revenue.  

Opportunities 

  • Holds potential: Fino Payments Bank is likely to grow even further in the coming years. As pointed out by CRISIL, as of March 2021, their sector has about Rs. 0.85 trillion in potential revenue. Now pairing such revenue potential with the bank’s widespread network, it holds prospect.

Threats 

  • Established competitors: Fino Payments Bank is currently battling against competitors who are well established. Financial institutions such as Bandhan, RBL, Dhanlaxmi, Equitas, etc., have a strong foothold in their region and have expanded in other areas of the country. Moreover, these banks are better prepared with higher capital to deal with any uncertainty.

Competitive Analysis: Market Peers

Following is an overview of how Fino Payments Bank’s listed market peers were performing in NSE on 11 August 2021 –

Competitor Face value Sector P/E Market Cap. Dividend yield
RBL Bank Ltd 10 30.06 Rs. 10,634 crores 0.84
IDFC First Bank Ltd 10 30.06 Rs. 29,128 crores NA
Dhanlaxmi Bank Ltd 10 30.06 Rs. 399 crores NA
Bandhan Bank Ltd 10 30.06 Rs. 47,547 crores NA
Equitas Small Finance Bank Ltd 10 30.06 Rs. 6,531 crores NA
Ujjivan Small Finance Bank Ltd 10 30.06 Rs. 4,415 crores NA
AU Small Finance Bank Ltd 10 30.06 Rs. 40,323 crores NA
** Note: Market cap is mentioned in crores

Fino Payments Bank IPO FAQs

How can investors apply for Fino Payments Bank IPO via Angel One App?

Here’s how to apply for Fino Payments Bank IPO via Angel One’s mobile-based application:
Step 1: Open the Angel One app and Navigate to the ‘Investment Opportunities’ section
Step 2: After entering all the required details and select “IPOs and FPOs”
Step 3: Enter your NPCI - approved UPI ID/Handle
Step 4: To finish placing the order, click on ‘invest’

Where can individuals find their UPI ID?

Individuals can navigate to the profile section of the UPI App they are using to locate the UPI ID. Also, they can click here and check out the screenshots, which might help them to spot them.

Can investors apply for Fincare Small Finance Bank IPO even if they do not have a UPI ID?

If individuals do not have a UPI ID, they can create the same using any of the UPI Handles in the NPCI list. As an alternative, they can apply through ASBA with their bank or via the physical form.

How can one create his/her UPI ID?

Follow these steps to create a new UPI ID using the BHIM app:
Step 1: Download the BHIM app on your phone
Step 2: Complete the verification of your mobile number
Step 3: Register the passcode as it is needed to open the mobile-based application
Step 4: Choose your bank from available options
Step 5: Upon selecting the bank, this app will fetch all details in relation to your bank account
Note that if individuals have multiple bank accounts, they will have to choose only one account.
Step 6: After registering your bank account, makes sure to set up a PIN to secure the UPI app.
After completing the steps mentioned above, you can check your UPI ID in the app’s profile section.

Why am I not being able to place my Fincare Small Finance Bank IPO order using my UPI ID/handle?

Note that only NPCI-approved UPI ID/Handles are allowed. If you are not being able to apply for Fino Payments Bank IPO using your existing UPI ID/Handle, we advise you to check the banks/apps that have the green signal from NPCI to provide UPI service.

Why am i not being able to find UPI ID listed in dropdown menu on Angel One’s mobile-based app when applying for IPO?

If you are not able to find your UPI Handle in the dropdown menu on the Fino Payments Bank IPO page in the Angel One app, it is because the UPI Handle is not NPCI-approved. Remember, you will not be able to apply for the initial share sale unless you use or create another UPI ID with any of the institutions in the NPCI list.

When does an investor receive his/her UPI mandate after placing IPO order?

Individuals will receive the UPI mandate request within 15 to 20 minutes on the relevant app after they bid for Fino Payments Bank IPO on the Angel One app. That said, there could be a slight delay in receiving the request from their respective banks.

How do I approve the Fincare Small Finance Bank IPO mandate request?

To learn how you can approve Fino Payments Bank IPO mandate request for the UPI UPI apps that are used commonly, click here.

Why is the UPI mandate request still pending even though I have approved it?

You can find the updated status of the UPI mandate request in the IPO order book in a short period of time after approving it. Note that the status does not get updated in real-time.

How much time does it take to approve the UPI mandate request?

After Fino Payments Bank IPO subscription closes, individuals can approve the UPI mandate request any time before 12 pm on the next working day.

Can an investor submit more than one application for Fincare Small Finance Bank IPO?

Individuals can subscribe to Fino Payments Bank IPO using the same PAN only once. Thus, if one applies for the initial share sale via different platforms using the same PAN, he/she will not get allotment as the application will get rejected.

How much does it cost to apply for Fino Payments Bank IPO?

Investors do not need to pay any charge if they apply for Fino Payments Bank IPO via Angel One’s online trading platform.

How can NRIs subscribe to Fino Payments Bank IPO using Angel One’s mobile-based application?

NRIs are not eligible to apply for Fino Payments Bank IPO using the Angel One app. As an alternative, they can subscribe through the Application Supported By Blocked Amount (ASBA) via their bank.

What is the cut-off price in relation to IPO, and why should one place the IPO order at a cut-off price?

Cut-off price refers to the price at which Fino Payments Bank will issue its shares to investors via its initial public offering. The cut-off price in relation to the initial share sale can be obtained at the allotment stage. In case an investor places the IPO order at this price, it implies that he/she is ready to bid at that particular price. Ideally, individuals put in bids at the cut-off price to maximise the chances of getting an allotment.

Can I apply for Fincare Small Finance Bank IPO if my bank account is not linked with the Angel One app?

Yes, you can subscribe to Fino Payments Bank IPO through a different bank account. However, make sure that it is in the investor’s name.

Can investors subscribe to Fino Payments Bank IPO using their bank’s current Account?

It is advised that individuals apply for Fino Payments Bank IPO using their savings account as many banks do not process IPO orders that are placed via a current account.

Can an individual apply for Fino Payments Bank IPO using his/her HUF’s account?

No, individuals cannot apply for Fino Payments Bank using their HUF’s account via the Angel One app. However, they can apply through the ASBA route with their bank.

Can I subscribe to Fino Payments Bank IPO using my daughter’s bank account if she’s under the age of 18?

The Angel One doesn’t allow minors to apply for Fino Payments Bank IPO. However, minors can apply via the ASBA process with their bank.

Why my bank account hasn’t been debited even though I’ve placed IPO order?

According to the ASBA processes, a bank will hold/block the money once you place Fincare Small Finance Bank IPO order. If shares are allotted to you, the amount will get debited from your bank account. Nevertheless, in case you don't get allotment, the amount will be unblocked and transferred back to your account before the expiry of the UPI mandate.

Can investors modify their bid if they've already applied for Fino Payments Bank IPO?

Once investors place the Fino Payments Bank IPO order, they can change the lot size as well as the UPI ID in relation to their bid. However, it is imperative to note that if individuals modify the IPO order after having approved the UPI mandate request, the total bid amount will get blocked along with the amount that was held for the initial bid. Also, they’ll receive one more UPI mandate request for the updated bid. Nevertheless, if investors did not approve the initial mandate request, no amount would be held for the original bid.

Are investors allowed to cancel/withdraw/delete their bid after placing IPO order?

In relation to the Fino Payments Bank IPO application procedure on Angel One’s mobile-based application, deleting/cancelling/ withdrawing is the same thing. Follow these steps to cancel your application:
Step 1: Navigate to the ‘Investment Opportunities’ on the Angel One app
Step 2: Go to the “IPOs and FPOs” section
Step 3: Select the “Order Book” option
Step 4: Choose the Fincare Small Finance Bank IPO order
Step 5: Select “Details”
Step 6: Once you see the “Cancel” option, select it to withdraw your IPO application

How does an investor check his/her check Fino Payments Bank IPO status?

Individuals who have subscribed to Fino Payments Bank IPO can follow these steps to check the allotment status:
Step 1: Open the Angel One app
Step 2: Navigate to the “Investment Opportunities” section
Step 3: Select “IPOs and FPOs”
Step 4: Tap the “Order Book” option to check the application status

Why is my Fino Payments Bank IPO application rejected?

Here are some common reasons why your Fino Payments Bank IPO application might get rejected:
- The UPI PIN or ID that you entered when approving the mandate was incorrect
- Your bank account/ DEMAT account/ UPI ID might not be mapped with the same PAN
Here’s an example:
Suppose Ravi is using Rohan’s UPI ID to subscribe to Fino Payments Bank IPO with his own DEMAT account. In this case, Ravi’s application will get cancelled owing to these reasons:
- Rohan’s bank account is not linked with Ravi’s DEMAT account
- Rohan’s UPI ID is not linked with Ravi’s PAN

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