RNFI Services IPO Subscribed Over 220 Times On Final Day Of Bidding
RNFI Services Limited launched its Initial Public Offering (IPO) as a book-built issue of Rs 70.81 crores.
RNFI Services Limited launched its Initial Public Offering (IPO) as a book-built issue of Rs 70.81 crores and the issue comprised entirely fresh shares totalling 67.44 lakh shares. The SME IPO concluded its bidding and was oversubscribed 221 times at the end of day 3.
The IPO was oversubscribed 23.98 times at the end of Day 2 led by retail investors who subscribed to the issue 36.20 times and it concluded Day 1 with an overall subscription of 5.94 times.
The bidding for the RNFI Services IPO concluded on Wednesday, July 24.
RNFI Services IPO Day 3 Subscription Status
RNFI Services IPO was subscribed 221.49 times on Wednesday, July 24 at 07:00 p.m. as per the market tracking site Chittorgarh.
Non-Institutional Buyers: 513.31 times.
Retail Investors: 142.62 times.
Qualified Institutions: 140.66 times.
Anchor Investors: 1 time.
RNFI Services IPO Details
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 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.
About RNFI Services Limited
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
RNFI Services IPO: Objectives of the Issue
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
Financials Of RNFI Services Limited
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.
