After Paytm, now FINO Payments Bank files prospectus for IPO

After consumer internet startups, now fintech firms have lined up for going public in the next few months.

In the latest such foray, FINO Payments Bank has filed its draft red herring prospectus with market regulator Sebi for raising Rs 1,300 crore from the public. The IPO will see a fresh issue of Rs 300 crore as well as an OFS (offer for sale) component.

FINO Payments Bank is backed by Blackstone, ICICI Group and BPCL and is the first profitable fintech to file for IPO.

The payments bank's revenues were for FY21 stood at Rs 791 crore, while it posted a profit of Rs 20.5 crore.

Another fintech firm Paytm is planning to raise Rs 16,600 crore ($2.23 billion) from investors, which if successful, will be the biggest stock market listing in India.

However, the online payments firm's consolidated revenue from operations was at Rs 2,802 crore for FY21, while its losses were at Rs 1,701 crore during this period.

Apart from Paytm, FINO Payments Bank; there are also other financial services companies like Policybazaar that are planning to go public in coming months.

After the successful listing of Zomato, a whole host of Indian startups like Delhivery, and Nykaa are also heading for an IPO. This reflects the maturity of the Indian startup ecosystem which has come up age in the last one decade.