Fino payment bank ??The 1,200 crore initial public offering (IPO) will be open for subscription on Friday and the three-day share sale will close on November 2. The company has set a price range of ??560-577 per share. Ahead of its IPO, Fino Payments said on Thursday it had collected ??539 crore from anchor investors.
The initial public offering (IPO) includes a new issue of shares worth ??300 crore and an offer to sell (OFS) of 15,602,999 shares by the promoter Fino Paytech.
Fidelity, HSBC Global, Pinebridge, Aditya Birla Sun Life Mutual Fund (MF), Tata Mutual Fund, SBI Life Insurance Company, Invesco, BNP Paribas and Societe Generale, among others, were allotted shares in the book process. anchoring.
âPayments bank Fino posted a CAGR of 46.0% of its total revenue between fiscal year 2019-21 and also reversed operations and reported profits of Rs. 20 crore for the first time during the FY 2021. At the high end of the price range, the stock would trade at a P / E of 220x fully diluted EPS of Rs for FY 2021. 2.6 that is expensive. Despite strong growth prospects, we believe that the valuations do not justify the premium and therefore we have a NEUTRAL recommendation for the IPO, âsaid Jyoti Roy – DVP- Equity Strategist, Angel One.
The proceeds from the new issue would be used to increase the bank’s Tier 1 capital base to meet its future capital needs. Axis Capital, CLSA India, ICICI Securities and Nomura Financial Advisory Services are principally responsible for the issue.
Fino Payments Bank or FPBL is a regular commercial bank serving the emerging Indian market with its digital financial services. The company will become the first payment bank to be publicly traded.
Fino Payments Bank Managing Director and CEO Rishi Gupta recently said the company does not believe in spending cash or gifts and has been profitable for over a year now, according to PTI.
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