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. The allotment for the RNFI Services IPO is expected to be finalized on Thursday, July 25, 2024. RNFI Services IPO will list on NSE SME with tentative listing date fixed as Monday, July 29, 2024.
RNFI Services IPO price band is set at ₹98 to ₹105 per share. The minimum lot size for an application is 1200 Shares. The minimum amount of investment required by retail investors is ₹126,000. The minimum lot size investment for HNI is 2 lots (2,400 shares) amounting to ₹252,000.
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.
Refer to RNFI Services IPO RHP for detailed information.
RNFI Services IPO Details
| 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 |
| Share holding pre issue | 18,208,688 |
| Share holding post issue | 24,952,688 |
| Market Maker portion | 384,000 shares Choice Equity Broking |
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 Anchor Investors Details
RNFI Services IPO raises Rs 20.03 crore from anchor investors. RNFI Services IPO Anchor bid date is July 19, 2024. RNFI Services IPO Anchor Investors list
| 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 |
RNFI Services IPO Timeline (Tentative Schedule)
RNFI Services IPO opens on July 22, 2024, and closes on July 24, 2024.
| 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
Investors can bid for a minimum of 1200 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1200 | ₹126,000 |
| Retail (Max) | 1 | 1200 | ₹126,000 |
| HNI (Min) | 2 | 2,400 | ₹252,000 |
| Lot Size Calculator | |||
RNFI Services IPO Promoter Holding
The promoters of the company, are Ranveer Khyaliya, Nitesh Kumar Sharma, Deepankar Aggarwal, Rajan Kumar, Krishna Kumar Daga, Charanjeet Singh and Simran Singh Private Trust.
| Share Holding Pre Issue | 89.53% |
| Share Holding Post Issue |
About RNFI Services Limited
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:-
- Business correspondent services;
- Non-business correspondent services;
- Full-fledged money changer service; and
- Insurance broking.
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.
RNFI Services Limited Financial Information (Restated Consolidated)
RNFI Services Limited’s revenue decreased by -11.81% and profit after tax (PAT) rose by 103.82% between the financial year ending with March 31, 2024 and March 31, 2023.
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 19,051.38 | 12,526.71 | 11,661.34 |
| Revenue | 94,305.10 | 106,939.62 | 19,079.93 |
| 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 | 3,638.87 | 2,118.75 | 1,264.05 |
| Amount in ₹ Lakhs | |||
Key Performance Indicator
The market capitalization of RNFI Services IPO is Rs 262 Cr.
KPI as of March 31, 2024.
| KPI | Values |
|---|---|
| ROCE | 29.74% |
| Debt/Equity | 1.02 |
| RoNW | 40.92% |
| P/BV | 6.05 |
| PAT Margin (%) | 1.06 |
Check RNFI Services IPO Peer Comparison here.
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 5.47 | 3.99 |
| P/E (x) | 19.19 | 26.3 |
Note:
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2024 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2024 that is available in RHP.
Objects of the Issue (RNFI Services IPO Objectives)
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 utilised for the following objects:
- Funding the working capital requirements of the Company
- Funding Capital expenditure requirements for the Purchase of Micro ATMs/laptops/Server
- Strengthening our technology infrastructure to develop new capabilities
- Achieving inorganic growth through unidentified acquisitions and other strategic initiatives
- General Corporate Purposes
RNFI Services IPO Review (Apply)
[Dilip Davda] The company is in the business of providing fintech solutions on B2B and B2B2C models and has given major thrust to retail money exchange platform, 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. Read detail review…
RNFI Services IPO Prospectus
RNFI Services Limited Contact Details
RNFI Services Limited
UG-5, Relipay House, Plot No. 42
DLF Industrial Area Kirti Nagar,
West Delhi, New Delhi, -110015
Phone: +91-8448985100
Email: cs@rnfiservices.com
Website: https://www.rnfiservices.com/
RNFI Services IPO Registrar
Skyline Financial Services Private Ltd
Phone: 02228511022
Email: ipo@skylinerta.com
Website: https://www.skylinerta.com/ipo.php