RNFI Services is scheduled to hit the market on July 22, 2024 and close on July 24, 2024. RNFI Services plans to raise around ₹70.81 Cr through an IPO with a sale of up to 6,744,000 equity shares of ₹10 each. The Retail offered 35%, QIB Shares Offered 50%, HNI Shares Offered 15%.
Incorporated in 2015, RNFI Services Limited is a financial technology firm in India specializing in B2B and B2B2C solutions through its online platform and mobile app. It focuses on delivering banking, digital, and Government-to-Citizen (G2C) services. The company's business is divided into four categories: business correspondent services, non-business correspondent services, full-fledged money changer service, and insurance broking. By July 2024, RNFI has partnered with eleven financial institutions, including both private and public sector banks, and payment banks to provide financial inclusion services.
As of March 31, 2024, RNFI has processed over 115 lakh monthly transactions and expanded its operations to 28 states and 5 Union territories, covering 17,964 pin codes nationwide. With 1,405 employees as of the same date, the company plays a crucial role in its growth. RNFI boasts over 360,000 network partners across India as of June 3, 2024, offering tech-enabled services such as Domestic Money Transfer, Aadhaar Enabled Payment System, Micro ATM services, kiosk banking, e-KYC services for prepaid cards, and more. Additionally, it provides non-business correspondent services like utility and travel-related services, EMI collection, delinquent loan collections, and the sale of various products to cater to the needs of its network partners.
RNFI Services IPO Details
RNFI Services IPO opens on July 22, 2024, and closes on July 24, 2024. The Listing date for RNFI Services IPO is on July 29, 2024. The price band for IPO is ₹98 to ₹105 per share and lot size of 1200 Shares.
| IPO Date | July 22, 2024 to July 24, 2024 |
| Listing Date | July 29, 2024 |
| Price | ₹98 to ₹105 per share |
| Lot Size | 1200 Shares |
| Issue Size | ₹70.81 Cr |
| Face Value | ₹10 per share |
RNFI Services IPO Tentative Timetable
RNFI Services opening date is July 22, 2024 and close date is July 24, 2024. The IPO allotment date is July 25, 2024. The refund initiation of IPO is on July 26, 2024. The credit of shares in demat account is on July 26, 2024. The listing date is on July 29, 2024.
| Event | Date |
|---|---|
| IPO Opening | July 22, 2024 |
| IPO Closing | July 24, 2024 |
| IPO Allotment Date | July 25, 2024 |
| Refund Initiation | July 26, 2024 |
| Shares Credit to Demat | July 26, 2024 |
| Lisiting Date | July 29, 2024 |
RNFI Services IPO Lot Size
Lot Size of this IPO is 1200 shares. A retail-individual investor can apply for up to 1 lots (1200 shares or ₹126,000).
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail(Minimum) | 1 | 1200 | ₹126,000 |
| Retail(Maximum) | 1 | 1200 | ₹126,000 |
| HNI (Minimum) | 2 | 2400 | ₹252,000 |
RNFI Services IPO Promoter Holding
| Pre Issue Share Holding | 89.53% |
| Post Issue Share Holding |
RNFI Services IPO Review
RNFI Services Ltd. (RSL) provides fintech solutions in B2B and B2B2C models through its platform “Relipay.” The company operates in four main segments: business correspondent services, non-business correspondent services, full-fledged money changer service, and insurance broking. RSL’s mission is to make financial services accessible across India, especially in rural areas, by connecting people to formal financial channels via their web and mobile applications. With a presence in over 28 states and 5 union territories, RSL has achieved significant milestones, processing over 115 lakh monthly transactions as of March 31, 2024.
RSL is launching its maiden IPO to raise Rs. 70.81 crore by issuing 6744000 equity shares at a price range of Rs. 98 to Rs. 105 per share. The IPO, open from July 22, 2024, to July 24, 2024, aims to fund working capital, technological infrastructure, and general corporate purposes. The company’s financial performance has been inconsistent, with fluctuating top lines and bottom lines. In FY24, RSL reported a significant profit increase attributed to expanded retail money exchange services. Despite these fluctuations, the company’s prospects appear bright, suggesting potential medium to long-term rewards for investors.
Financially, RSL posted a total income/net profit of Rs. 190.80 crore/Rs. 5.55 crore in FY22, Rs. 1069.40 crore/Rs. 4.89 crore in FY23, and Rs. 930.03 crore/Rs. 9.96 crore in FY24. The issue is priced at a P/E of 26.31 based on FY24 earnings, indicating it is fully priced. The company's debt/equity ratio of 1.02 as of March 31, 2024, is a concern, but the debt is secured against property investments. The company has not declared any dividends in the past five fiscals. Considering the company’s strong position in the fintech sector and future growth potential, investing in RSL could be beneficial for medium to long-term gains.
RNFI Services IPO Subscription Status (Bidding Details)
Table not foundRNFI Services IPO Broker Recommendations
- Capital Market: To be updated soon
- Anand Rathi: To be updated soon
- SMC Global: To be updated soon
- Arihant Capital: To be updated soon
RNFI Services IPO FAQs
What is RNFI Services IPO?
RNFI Services is issuing 6,744,000 equity shares with a face value of ₹10 each, totaling up to ₹70.81 Cr. The shares are being offered at a price of ₹98 to ₹105 each, with a minimum order quantity of 1200 shares.
Skyline Financial Services Private Ltd is the registrar for the IPO, and the shares are planned to be listed on the BSE and NSE.
When RNFI Services IPO will open?
RNFI Services will open on July 22, 2024 for QIB, NII, and Retail Investors.
When RNFI Services IPO will end?
RNFI Services will end on July 24, 2024.
What is RNFI Services IPO Size?
RNFI Services IPO size is ₹70.81 Cr.
What is RNFI Services IPO Price Band?
RNFI Services price band is ₹98 to ₹105 per share.
What is the RNFI Services IPO Allotment Date?
RNFI Services allotment date is July 25, 2024.
What is the RNFI Services IPO Listing Date?
RNFI Services listing date is July 29, 2024. The IPO is to be listed on BSE and NSE.
How to RNFI Services IPO through Zerodha?
To apply for the IPO “RNFI Services” on Zerodha, log in to the Zerodha website or app, go to the Portfolio section, and click on IPO. Then, click on the “Apply” button and enter your UPI ID, the desired quantity, and the price. Submit the IPO application form and then approve the mandate on your UPI app. To complete the process, you should have an demat account. If you don't have one, open a demat account with Zerodha.
How to Apply RNFI Services IPO through Upstox?
To apply for the IPO “RNFI Services” on Upstox, log in to the Upstox website or app, click on IPO. Then, click on the “Apply” button and enter your UPI ID, the desired quantity, and the price. Submit the IPO application form and then approve the mandate on your UPI app. To complete the process, you should have an demat account. If you don't have one, open a demat account with Upstox.
How to check RNFI Services IPO Allotment Status?
For RNFI Services IPO Allotment status check you can visit this link, select the desired IPO and enter your PAN to check the allotment status.
What is RNFI Services IPO GMP?
You can check out here: RNFI Services IPO GMP