The bank's net profit stood at Rs 20.47 crore for the last financial year as compared to a net loss of Rs 32.04 crore for the previous financial year.
Fino Payments Bank (FPBL) has filed the draft documents with capital markets regulator Sebi for an initial public offering (IPO).
The issue includes a Fresh Issue of equity shares aggregating upto Rs 300 crore and an offer for sale (OFS) of upto 1.56 crore of equity shares, according to the draft red herring prospectus (DRHP) paper filed.
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The Mumbai-based bank, a wholly-owned subsidiary of Fino Paytech Limited (FPL), is aiming to raise around Rs 1,300 crore via IPO, as per market sources.
FPBL had turned profitable at the operating level in FY2019-20. It is backed by marquee investors such as ICICI Bank, Intel Capital Corporation, International Finance Corporation, Blackstone and BPCL, among others.
Notably, in an interview with FE in May this year, Rishi Gupta, MD and CEO, Fino Payments Bank, had said, “The global and domestic environment for profitable payments banks is quite conducive for listing in the next 12-24 months.”
The bank’s net profit stood at Rs 20.47 crore for the last financial year as compared to a net loss of Rs 32.04 crore for the previous financial year.
In the DRHP paper, the bank said its focus on and use of technology throughout it business is a significant factor in improving operating leverage, as it allows the company to improve gross margins and limit variable costs.
“It plays a key role in our ability to expand our reach throughout India without incurring the relatively higher costs associated with traditional bricks and mortar branch presence,” the bank said.