Fino Payments Bank on 27 October 2021 finalized allocation of 93,37,641 equity shares to anchor investors at Rs 577 each, aggregating to Rs 538.78 crore.

The IPO of Fino Payments Bank was subscribed 2.03 times. The issue opened for bidding on 29 October and it closed on 2 November 2021. The price band of the IPO was fixed at Rs 560-577 per share.

Shares of Fino Payments Bank entered the bourses on 12 November 2021. It was listed at Rs 548, a discount of 5.03% to the issue price of Rs 577.

Fino Payments Bank is a fintech company offering a diverse range of financial products and services that are primarily digital and have payments focus. It offers such products and services to target markets via a pan-India distribution network and proprietary technologies. The bank has grown its operational presence to cover over 90% of districts end September 2021.

The payment business operates an asset light business model that principally relies on fee and commission-based income generated from merchant networks and strategic commercial relationships. Each merchant serves the banking and financial needs of its community, which in turn form the backbone of assisted-digital ecosystem, referred to as "phygital" delivery model (i.e., a combination of physical and digital). The use of analytics on the data enhances the merchant's ability to cross sell the third-party products offered by the bank to existing customers, thereby increasing potential revenue and opportunity to further customize products and services offering.

The bank reported a net profit of Rs 3.13 crore on a net total income of Rs 203.19 crore in quarter ended June 2021.