RNFI Services IPO Subscribed 18.18 Times On Day 2 So Far

RNFI Services Limited launched its Initial Public Offering (IPO) as a book-built issue of Rs 70.81 crores. The issue comprises entirely fresh shares totaling 67.44 lakh shares. The IPO was oversubscribed 5.94 times on Day 1 led by retail investors who subscribed the issue 10.14 times.

RNFI Services IPO was subscribed 18.18 times on Tuesday, July 23 at 03:48 p.m. as per the market tracking site Chittorgarh.

• Non-Institutional Buyers: 17.29 times.

• Retail Investors: 28.95 times.

• Qualified Institutions: 0.00 times.

• Anchor Investors: 1 time.

RNFI Services IPO opened for subscription on July 22 and will close on July 24. The allotment is expected to be finalised on Thursday, July 25. The IPO will list on NSE SME with a tentative listing date set for Monday, July 29.

The price band for RNFI Services IPO is set at Rs 98 to Rs 105 per share. The minimum lot size for an application is 1,200 shares, requiring a minimum investment of Rs 126,000 for retail investors.

RNFI Services IPO has reserved 18.86% of the net issue for qualified institutional buyers (QIBs), 14.15% of the net offer has been allocated for non-institutional investors (NIIs), 33.01% for retail investors and 28.29% for Anchor investors. Up to 3,84,000 equity shares have been allotted to the market maker portion.

Choice Capital Advisors Pvt. Ltd. is the book-running lead manager, while Skyline Financial Services Private Ltd will act as the registrar for the issue. Choice Equity Broking will serve as the market maker for RNFI Services IPO.

Incorporated in 2015, RNFI Services Limited operates as a financial technology firm providing B2B and B2B2C solutions through its online portal and mobile application. Its services include business correspondent services, non-business correspondent services, full-fledged money changer services, and insurance broking

The net proceeds from the IPO will be utilised for:

1. Funding working capital requirements

2. Capital expenditure for the purchase of Micro ATMs/laptops/server

3. Strengthening technology infrastructure for new capabilities

4. Achieving inorganic growth through acquisitions and strategic initiatives

5. General corporate purposes

RNFI Services Limited reported a -11.81% decrease in revenue and a 103.82% increase in profit after tax (PAT) between the financial years ending March 31, 2024, and March 31, 2023.