RNFI Services IPO opens on July 22, 2024, and closes on July 24, 2024. The allotment for the RNFI Services IPO is anticipated to be completed on Thursday, July 25, 2024. The IPO will be listed on the NSE and SME, tentatively on Monday, July 29, 2024.
The price band for the RNFI Services IPO is set at Rs 98 to Rs 105 per share. The IPO is a book-built issue of Rs 70.81 crores, entirely a fresh issue of 67.44 Lakhs shares.
RNFI Services IPO Details
| IPO Date | July 22, 2024 to July 24, 2024 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price | ₹98 to ₹105 per share |
| Lot Size | 1200 Shares |
| Total Issue Size | 6,744,000 shares (aggregating up to ₹70.81 Cr) |
| Fresh Issue | 6,744,000 shares (aggregating up to ₹70.81 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE SME |
| Share holding pre-issue | 18,208,688 |
| Shareholding post-issue | 24,952,688 |
| Market Maker portion | 384,000 shares |
RNFI Services IPO Lot Size
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 1200 | ₹126,000 |
| Retail (Max) | 1 | 1200 | ₹126,000 |
| HNI (Min) | 2 | 2400 | ₹252,000 |
RNFI Services IPO Objectives
The objectives of the Issue are:
- Funding the working capital requirements of the Company
- General Corporate Purpose.
- Funding Capital expenditure requirements for the Purchase of Micro ATMs/laptops/Server.
- Strengthening our technology infrastructure to develop new capabilities.
- Achieving inorganic growth through unidentified acquisitions and other strategic initiatives.
About RNFI Services Limited
RNFI Services Ltd, incorporated in 2015, is a financial technology (fintech) company providing B2B and B2B2C customer solutions. The company focuses on delivering banking, digital, and Government-to-Citizen (G2C) services across India through its online portal and mobile app. RNFI Services Ltd operates in four main categories: business correspondent services, non-business correspondent services, full-fledged money changer services, and insurance broking.
RNFI Services Limited Financial Information
RNFI Services Limited’s revenue decreased by -11.81% and profit after tax (PAT) rose by 103.82% between the financial year ending with March 31, 2024 and March 31, 2023.
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 19,051.38 | 12,526.71 | 11,661.34 |
| Revenue | 94,305.10 | 106,939.62 | 19,079.93 |
| Profit After Tax | 996.07 | 488.71 | 555.03 |
| Net Worth | 3,159.90 | 2,041.64 | 1,330.24 |
| Reserves and Surplus | 1,350.86 | 2,043.47 | 1,332.07 |
| Total Borrowing | 3,638.87 | 2,118.75 | 1,264.05 |
RNFI Services IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
RNFI Services IPO Timeline
RNFI Services IPO opens on July 22, 2024, and closes on July 24, 2024.
| IPO Open Date | Monday, July 22, 2024 |
| IPO Close Date | Wednesday, July 24, 2024 |
| Basis of Allotment | Thursday, July 25, 2024 |
| Initiation of Refunds | Friday, July 26, 2024 |
| A credit of Shares to Demat | Friday, July 26, 2024 |
| Listing Date | Monday, July 29, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 24, 2024 |
Conclusion
The RNFI Services IPO is set to open on July 22, 2024, and close on July 24, 2024, with the allotment expected by July 25, 2024, and listing on the NSE and SEM on July 29, 2024. The price band for this book-built issue is Rs 98 to Rs 105 per share, with a total issue size of Rs 70.81 crores, an entirely fresh issue of 67.44 lakh shares. The fintech company, incorporated in 2015, specializes in B2B and B2B2C customer solutions, including business correspondent services and full-fledged money changer services. The IPO aims to fund working capital requirements, general corporate purposes, capital expenditure for purchasing equipment, technology infrastructure enhancement, and strategic acquisitions.
