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RNFI Services IPO is a book built issue of Rs 70.81 crores. The issue is entirely a fresh issue of 67.44 lakh shares.
RNFI Services IPO opens for subscription on July 22, 2024 and closes on July 24, 2024. The allotment for the RNFI Services IPO is expected to be finalized on Thursday, July 25, 2024. RNFI Services IPO will list on NSE SME with tentative listing date fixed as Monday, July 29, 2024.
RNFI Services IPO price band is set at ₹98 to ₹105 per share. The minimum lot size for an application is 1200 Shares. The minimum amount of investment required by retail investors is ₹126,000. The minimum lot size investment for HNI is 2 lots (2,400 shares) amounting to ₹252,000.
Choice Capital Advisors Pvt Ltd is the book running lead manager of the RNFI Services IPO, while Skyline Financial Services Private Ltd is the registrar for the issue. The market maker for RNFI Services IPO is Choice Equity Broking.
Refer to RNFI Services IPO RHP for detailed information.
| IPO Date | July 22, 2024 to July 24, 2024 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | ₹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 |
| Share holding post issue | 24,952,688 |
| Market Maker portion | 384,000 shares Choice Equity Broking |
| 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 more than 15% of the Net Issue |
RNFI Services IPO raises Rs 20.03 crore from anchor investors. RNFI Services IPO Anchor bid date is July 19, 2024.
| Bid Date | July 19, 2024 |
| Shares Offered | 1,908,000 |
| Anchor Portion Size (In Cr.) | 20.03 |
| Anchor lock-in period end date for 50% shares (30 Days) | August 24, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | October 23, 2024 |
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 |
| 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 |
Investors can bid for a minimum of 1200 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1200 | ₹126,000 |
| Retail (Max) | 1 | 1200 | ₹126,000 |
| HNI (Min) | 2 | 2,400 | ₹252,000 |
| Lot Size Calculator | |||
The promoters of the company, are Ranveer Khyaliya, Nitesh Kumar Sharma, Deepankar Aggarwal, Rajan Kumar, Krishna Kumar Daga, Charanjeet Singh and Simran Singh Private Trust.
| Share Holding Pre Issue | 89.53% |
| Share Holding Post Issue |
Incorporated in 2015, RNFI Services Limited is a financial technology firm that offers B2B and B2B2C solutions through its online portal and mobile application. It focuses on providing banking, digital, and Government-to-Citizen (G2C) services across India.
The company's business can be divided into four categories:-
As of July 2024, the company has partnered with eleven financial institutions, including National private and public sector banks and payment banks. These institutions are engaged as business correspondents to provide financial inclusion services.
As of March 31, 2024, the company has processed over 115 lakh monthly transactions. As of June 3, 2024, it operates in over 28 states and 5 Union territories, covering 17,964 pin codes nationwide through its distribution network. As of March 31, 2024, the company has 1,405 employees on a standalone basis, playing a significant role in its growth.
As of June 3, 2024, the company has over 360,000 network partners across India, providing various tech-enabled services.
The company provides transactional business correspondent services including Domestic Money Transfer, Aadhaar Enabled Payment System, and Micro ATM, kiosk banking services, and doorstep services for private sector banks to conduct e-KYC for prepaid cards and fastags.
The company offers non-business correspondent services, including utility and travel-related services, EMI collection, delinquent loan collections, and sale of products and services to meet our network partners' needs.
RNFI Services Limited's revenue increased by 49.52% 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 | 3,200.71 | 2,140.67 | 1,369.32 |
| 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 | 3,250.59 | 1,935.39 | 1,165.36 |
| Amount in ₹ Lakhs | |||
The market capitalization of RNFI Services IPO is Rs 262 Cr.
KPI as of March 31, 2024.
| KPI | Values |
|---|---|
| ROCE | 29.74% |
| Debt/Equity | 1.02 |
| RoNW | 40.92% |
| P/BV | 6.05 |
| PAT Margin (%) | 1.06 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 5.47 | 3.99 |
| P/E (x) | 19.19 | 26.3 |
The net proceeds of the Issue, i.e. gross proceeds of the Issue less the issue expenses to the extent applicable to the Issue ("Net Proceeds") are proposed to be utilised for the following objects:
RNFI Services Limited
UG-5, Relipay House, Plot No. 42
DLF Industrial Area Kirti Nagar,
West Delhi, New Delhi, -110015
Phone: +91-8448985100
Email: cs@rnfiservices.com
Website: https://www.rnfiservices.com/
Skyline Financial Services Private Ltd
Phone: 02228511022
Email: ipo@skylinerta.com
Website: https://www.skylinerta.com/ipo.php
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Check our SME IPO Guide 
RNFI Services IPO is a SME IPO of 6,744,000 equity shares of the face value of ₹10 aggregating up to ₹70.81 Crores. The issue is priced at ₹98 to ₹105 per share. The minimum order quantity is 1200 Shares.
The IPO opens on July 22, 2024, and closes on July 24, 2024.
Skyline Financial Services Private Ltd is the registrar for the IPO. The shares are proposed to be listed on NSE SME.
Zerodha customers can apply online in RNFI Services IPO using UPI as a payment gateway. Zerodha customers can apply in RNFI Services IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in RNFI Services IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The RNFI Services IPO opens on July 22, 2024 and closes on July 24, 2024.
RNFI Services IPO lot size is 1200 Shares, and the minimum amount required is ₹126,000.
You can apply in RNFI Services IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for RNFI Services IPO will be done on Thursday, July 25, 2024, and the allotted shares will be credited to your demat account by Friday, July 26, 2024. Check the RNFI Services IPO allotment status.
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