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Subscriptions for the RNFI Services IPO will open on Monday, July 22, and close on Wednesday, July 24. The initial public offering is priced between ₹98 and ₹105 per share, with a face value of ₹10. The minimum bid is for 1,200 shares, with bids in multiples of that amount.
The IPO allocates a maximum of 12,72,000 equity shares for Qualified Institutional Buyers (QIB), 9,54,000 shares for Non-Institutional Investors (NII), 22,26,000 shares for Retail Individual Investors (RII), and 3,84,000 shares for Market Maker.
RNFI Services, a tech-enabled platform, offers digital, banking, and government-to-citizen (G2C) services across India. The company operates in four main segments: business correspondent services, non-business correspondent services, full-service money changer, and insurance broking. Its listed peers include BLS E-Services Ltd (P/E of 55.30) and Mos Utility Ltd (P/E of 37.15).
In FY24, RNFI Services reported sales of ₹93,542.38 lakhs, an EBITDA of ₹1,923.88 lakhs, and a profit of ₹996.07 lakhs. The ₹70.81 crore IPO consists entirely of a fresh issue of up to 6,744,000 equity shares. The proceeds will support working capital requirements, capital expenditure, technology infrastructure expansion, potential acquisitions, and other strategic initiatives.
Choice Capital Advisors Private Ltd is the book running lead manager, and Skyline Financial Services Private Ltd is the registrar. Ranveer Khyaliya, Chairman & Managing Director of RNFI Services Ltd, stated, "Our IPO is a milestone in our mission to bridge the financial gap in rural India with innovative technology solutions. We aim to enhance our services, expand our network, and empower rural India further."
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