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16 Nov 2024
RNFI Services Limited IPO
RNFI Services is a tech-enabled platform offering financial technology solutions in the B2B and B2B2C financial technology arena through an integrated business model via their online portal and mobile application, focusing on providing banking, digital and Government to Citizen (G2C) services on a PAN India basis. They act as a bridge to ensure the availability of tech-enabled financial services throughout the country, including to the underserved population in remotest of the places by connecting them to formal financial channels.
They also provide business and income-generating opportunities for shopkeepers and network partners by enabling them to provide banking, digital and government services to end customers through their web and mobile applications via an assisted model. 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. RNFI Services IPO price band is set at ₹98 to ₹105 per share. The minimum lot size for an application is 1200 Shares. 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.
RNFI Services IPO Overview
| Detail | Description |
|---|---|
| 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 |
| Shareholding pre issue | 18,208,688 |
| Shareholding post issue | 24,952,688 |
| Market Maker portion | 384,000 shares Choice Equity Broking |
RNFI Services IPO Timeline (Tentative Schedule)
| Detail | Description |
|---|---|
| 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 |
RNFI Services IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1200 | ₹126,000 |
| Retail (Max) | 1 | 1200 | ₹126,000 |
| HNI (Min) | 2 | 2,400 | ₹252,000 |
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 more than 15% of the Net Issue |
RNFI Services IPO Promoter Holding
| Share Holding Pre Issue | 89.53% |
| Share Holding Post Issue |
RNFI Services IPO Anchor Investors Details
| 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 |
Company & Financials
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 June 3, 2024, the company has over 360,000 network partners across India, providing various tech-enabled services.
RNFI Services Limited Financial Information
| 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 | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| 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 |
Objectives of RNFI Services IPO
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 utilized for the following objectives:
- 1. Funding the working capital requirements of the Company.
- 2. Capital of the financing expenditure requirements for purchasing Micro ATMs/laptops/Servers.
- 3. Strengthening our technology infrastructure to develop new capabilities.
- 4. Achieving inorganic growth through unidentified acquisitions and other strategic initiatives.
- 5. General Corporate Purposes.
RNFI Services IPO Review
The company is in the business of providing fintech solutions on B2B and B2B2C models and has given a major thrust to retail money exchange platforms, which has yielded the fruits. Based on FY24 earnings, the issue appears fully priced. Considering bright prospects and the scope of scaling up of the performance, investors may park funds for the medium to long-term rewards.
FAQs for RNFI Services IPO
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What is RNFI Services IPO?
RNFI Services IPO is an NSE SME IPO. They are going to raise ₹70.81 Crores via IPO. The issue is priced at ₹98 to ₹105 per equity share. The IPO is to be listed on NSE.
-
When will RNFI Services IPO open?
The IPO is to open on July 22, 2024 for QIB, NII, and Retail Investors.
-
What is RNFI Services IPO Investors Portion?
The investors’ portion for QIB is 50%, NII is 15%, and Retail is 35%.
-
What is RNFI Services IPO Size?
RNFI Services IPO size is ₹70.81 crores.
-
What is RNFI Services IPO Price Band?
RNFI Services IPO Price Band is ₹98 to ₹105 per equity share.
-
What is RNFI Services IPO Minimum and Maximum Lot Size?
The IPO bid is 1200 shares with ₹126,000.
-
What is RNFI Services IPO Allotment Date?
RNFI Services IPO allotment date is July 25, 2024.
-
What is RNFI Services IPO Listing Date?
RNFI Services IPO listing date is July 26, 2024. The IPO to list on NSE SME.
RHP:
RHP of RNFI Services Limited IPO
DRHP:
DRHP of RNFI Services Limited IPO
-
What is RNFI Services IPO?
RNFI Services IPO is an NSE SME IPO. They are going to raise ₹70.81 Crores via IPO. The issue is priced at ₹98 to ₹105 per equity share. The IPO is to be listed on NSE.
-
When will RNFI Services IPO open?
The IPO is to open on July 22, 2024 for QIB, NII, and Retail Investors.
-
What is RNFI Services IPO Investors Portion?
The investors’ portion for QIB is 50%, NII is 15%, and Retail is 35%.
-
What is RNFI Services IPO Size?
RNFI Services IPO size is ₹70.81 crores.
-
What is RNFI Services IPO Price Band?
RNFI Services IPO Price Band is ₹98 to ₹105 per equity share.
-
What is RNFI Services IPO Minimum and Maximum Lot Size?
The IPO bid is 1200 shares with ₹126,000.
-
What is RNFI Services IPO Allotment Date?
RNFI Services IPO allotment date is July 25, 2024.
-
What is RNFI Services IPO Listing Date?
RNFI Services IPO listing date is July 26, 2024. The IPO to list on NSE SME.
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