Bookbuilding IPO | ₹71 Cr | Listed at NSE SME | Mon, Jul 22, 2024 - Wed, Jul 24, 2024
RNFI Services IPO is a book build issue of ₹70.81 crores. The issue is entirely a fresh issue of 0.67 crore shares of ₹70.81 crore.
RNFI Services IPO bidding started from Jul 22, 2024 and ended on Jul 24, 2024. The allotment for RNFI Services IPO was finalized on Jul 25, 2024. The shares got listed on NSE SME on Jul 29, 2024.
RNFI Services IPO price band is set at ₹105 per share. The lot size for an application is 1,200. The minimum amount of investment required by an retail is ₹1,26,000 (1200 shares) (based on upper price). The minimum lot size for investment in HNI is 2 lots (2,400 shares), amounting to ₹2,52,000.
Choice Capital Advisors Pvt.Ltd. is the book running lead manager and Skyline Financial Services Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Choice Equity Broking Pvt.Ltd..
Refer to RNFI Services IPO RHP for detailed Information.
IPO Open
Mon, Jul 22, 2024
IPO Close
Wed, Jul 24, 2024
Issue Price
₹105 per share
Market Cap (Pre-IPO)
₹262.00 Cr
| IPO Date | 22 to 24 Jul, 2024 |
| Listed on | Mon, Jul 29, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹98 to ₹105 |
| Issue Price | ₹105 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 67,44,000 shares (agg. up to ₹71 Cr) |
| Reserved for Market Maker | 3,84,000 shares Choice Equity Broking Pvt.Ltd. (agg. up to ₹4 Cr) |
| Fresh Issue (Ex Market Maker) | 63,60,000 shares (agg. up to ₹67 Cr) |
| Net Offered to Public | 63,60,000 shares (agg. up to ₹67 Cr) |
| Share Holding Pre Issue | 1,82,08,688 shares |
| Share Holding Post Issue | 2,49,52,688 shares |
| NSE Symbol | RNFI |
| ISIN | INE0SA001017 |
RNFI Services IPO comprises a total issue size of 67,44,000 shares. The net offer to the public is 63,60,000 shares, after excluding 3,84,000 shares allotted on a firm basis. Of the Net offer 31,80,000 (50.00%) are allocated to QIB, 9,54,000 (15.00%) allocated to NII 22,26,000 (35.00%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 31,80,000 | 50.00% | 47.15% |
| − Anchor Investor Shares Offered | 19,08,000 | 28.29% | |
| − QIB (Ex. Anchor) Shares Offered | 12,72,000 | 18.86% | |
| NII (HNI) Shares Offered | 9,54,000 | 15.00% | 14.15% |
| Retail Shares Offered | 22,26,000 | 35.00% | 33.01% |
| Firm Reservations | |||
| Market Maker Shares Offered | 3,84,000 | 5.69% | |
| Total Shares Offered | 67,44,000 | 100.00% | 100.00% |
Investors can bid for a minimum of 1,200 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1,200 | ₹1,26,000 |
| Retail (Max) | 1 | 1,200 | ₹1,26,000 |
| HNI (Min) | 2 | 2,400 | ₹2,52,000 |
RNFI Services IPO raises ₹20.03 crore from anchor investors. RNFI Services IPO Anchor bid date is July 19, 2024.
📝 Anchor Investors Letter (PDF)
| Bid Date | Fri, Jul 19, 2024 |
| Shares Offered | 19,08,000 |
| Anchor Portion (₹ Cr.) | 20.03 |
| Anchor lock-in period end date for 50% shares (30 Days) | Sat, Aug 24, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | Wed, Oct 23, 2024 |
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.
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|
| Assets | 190.51 | 125.27 | 116.61 |
| Total Income | 943.05 | 1,069.40 | 190.80 |
| Profit After Tax | 9.96 | 4.89 | 5.55 |
| NET Worth | 31.60 | 20.42 | 13.30 |
| Reserves and Surplus | 13.51 | 20.43 | 13.32 |
| Total Borrowing | 36.39 | 21.19 | 12.64 |
| Amount in ₹ Crore | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding the working capital requirements of the Company | 25.00 |
| 2 | Funding Capital expenditure requirements for the Purchase of Micro ATMs/laptops/Server | 10.81 |
| 3 | Strengthening our technology infrastructure to develop new capabilities | 5.30 |
| 4 | Achieving inorganic growth through unidentified acquisitions and other strategic initiatives and General Corporate Purposes | 19.38 |
| KPI | Mar 31, 2024 |
|---|---|
| ROCE | 29.74% |
| Debt/Equity | 1.02 |
| RoNW | 40.92% |
| PAT Margin | 1.06% |
| Price to Book Value | 6.05 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 5.47 | 3.99 |
| P/E (x) | 19.19 | 26.3 |
| Promoter Holding | 89.53% | 65.34% |
| Market Cap | ₹262.00 Cr. |
The RNFI Services IPO is subscribed 221.49 times on July 24, 2024 6:19:58 PM (Day 3). The public issue subscribed 142.62 times in the retail category, 140.66 times in the QIB category, and 513.31 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 140.66 | 12,72,000 | 17,89,22,400 |
| NII* | 513.31 | 9,54,000 | 48,96,94,800 |
| Retail | 142.62 | 22,26,000 | 31,74,75,600 |
| Total | 221.49 | 44,52,000 | 98,60,92,800 |
Total Application : 2,64,564
*Market Maker portion is not included to NII/HNI.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees payable to BRLM (including underwriting commissions and selling commission) | 8.96 |
| 2 | Advertising and marketing expenses | 0.16 |
| 3 | Fees to the Registrar to the Issue | 0.10 |
| 4 | Fees payable to the Regulators including stock exchanges | 0.05 |
| 5 | Printing and distribution of Issue stationary | 0.02 |
| 6 | Brokerage, selling commission uploading/processing fees | 0.07 |
| 7 | Others (bankers to the Issue, depositories, secretarial, market making, auditor's fees, other professional fees etc.) | 0.96 |
| Price Details | NSE SME |
|---|---|
| Final Issue Price | ₹105.00 |
| Open | ₹199.50 |
| Low | ₹189.55 |
| High | ₹199.95 |
| Last Trade | ₹189.55 |
Lead Manager Reports
RNFI Services IPO is a SME IPO of 67,44,000 equity shares of the face value of ₹10 aggregating up to ₹71 Crores. The issue is priced at ₹105 per share. The minimum order quantity is 1200.
The IPO opens on Mon, Jul 22, 2024, and closes on Wed, Jul 24, 2024.
Skyline Financial Services Pvt.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 Mon, Jul 22, 2024 and closes on Wed, Jul 24, 2024.
RNFI Services IPO lot size is 1200, and the minimum amount required for application is ₹1,26,000.
You can apply in RNFI Services IPO online using either UPI or ASBA as a 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 applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, 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 Fri, Jul 26, 2024. Check the RNFI Services IPO allotment status.
The RNFI Services IPO listing date is on Mon, Jul 29, 2024.
