IPO - Initial Public Offers - Fino Payments Bank IPO Details in IPO's & MF's - Fino Payments Bank incorporated in 2017 and one of the growing FinTech companies in India. They are offering digital financial ...
Fino Payments Bank incorporated in 2017 and one of the growing FinTech companies in India. They are offering digital financial products and services to PAN-India distribution networks in India. They are having 94% of India's district with over 6L banking outlets, 50+ branches and over 140 customer service outlets across India. They offer Savings Account, Current Account, BPay, Loans, Insurance services to their customers. The company became profitable in 2021 while making losses in last few years.
As per the CRISIL the company has one of the largest network of Micro-ATMs, products and services include, Current accounts and Savings accounts (CASA), Issuance of debit card and related transactions, facilitating domestic remittances, Open banking functionality (through their Application Programming Interface), Withdrawing and depositing cash (via micro-ATM or Aadhaar Enabled Payment System (AePS) and Cash Management Services (CMS).
Objects of the Issue:
Augmenting Banks Tier 1 capital base to meet its future capital requirements.
To meet the expenses in relation to the offer.
Company Financial Details:
Fino Payments Bank IPO Details:
Fino Payments Bank IPO Lot Size:
The Fino Payments Bank IPO market lot size is 25 shares. A retail-individual investor can apply for up to 13 lots (325 shares or ₹187,525).
1. ASBA - All you have to do is, know if your demat is with NSDL or CDSL. Make a note of your Demat ID/DP ID/BO ID - 16 digit number from your broker terminal. Once you have these 2 information, go ahead and apply from your internet banking. One advantage in this process is that, once you submit the application, process ends there and amount gets blocked. While in UPI, you need to get mandate from your bank and need to authorize on time. Many parties are involved in UPI process (Bank, broker, 3rd party UPI app provider etc) and there are chances of delayed UPI mandates. This is a recent process and will take time to settle. Till then, it is better to apply from net banking, but ensure you enter correct 16 digit DP ID.
2. UPI - Visit your broker terminal, select the IPO, enter UPI ID and other bid details to submit the application. Wait for mandate to arrive on UPI app. Approve the mandate to block the amount.
Refer to this video to apply for IPO using UPI at Zerodha.
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