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Fino Payments Bank has filed draft documents with market regulator SEBI for an initial public offer.
It is looking to raise about ₹1,300 crore. The issue includes a fresh issue of ₹300 crore as well as an offer for sale component.
“The fintech bank turned profitable in the fourth quarter of 2019-20 and has consistently enhanced its profitability since. This makes Fino Payments Bank the first profitable fintech to file for an IPO,” it said in a statement on Saturday.
The bank registered a profit of ₹20.5 crore in 2020-21.
Fino Payments Bank was incorporated on April 4, 2017 and is the wholly-owned subsidiary of Fino Paytech Ltd, which is backed by marquee investors like Blackstone, ICICI Group, Bharat Petroleum and IFC, amongst others.
As stated in the draft red herring prospectus, in 2020-21 the payment bank’s platform has facilitated more than 43.4 crore transactions having a gross transaction value of ₹1.32 lakh crore.
It has the largest network of micro ATMs as of March 2021 with a market share of 55 per cent, a merchant network of 6.4 lakh and 25.7 lakh bank accounts.
Investment bankers appointed to the issue are Axis Capital, CLSA India Pvt, ICICI Securities and Nomura Financial Advisory Services.
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