RNFI Services IPO

NiftyTrader • July 19, 2024

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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.