Fino Payments Bank IPO opens today
October 29, 2021
Initial Public offering (IPO) of Navi Mumbai-based fintech organization Fino Payments Bank opens on Friday and closes on November 1.
The organization claims to be the first profitable player in the payments bank to hit the Indian stock trade. Paytm is another payments bank firm in line to get recorded soon. Paytm is hoping to raise ₹18,300 crore ($2.4 billion) through the IPO that is scheduled to open on November 8 and end on November 10.
Fino is hoping to raise ₹1,200 crore through open posting including ₹900 crore through a proposal available to be purchased of 1.56 crore shares and ₹300 new issue of 52 lakh shares. The value band of the IPO is set at ₹560-577 for per share.
Analysts are positive on the fintech business and accept they are poised to grow in the future.
“Fintech organizations’ interest is ready for growth on the back of rising internet penetration, higher disposable income, development of technology, low-cost infrastructure, government initiatives like UPI, and so forth Going ahead, India presents a colossal chance for growth of fintechs. There will be huge growth potential for players in payments, lending, wealth, Insurance, etc segments. We accept Fino Bank is one of the critical recipients of opportunities in the sector,” said analysts at Religare Broking.