Advertisement
The eagerly anticipated initial public offering (IPO) of RNFI Services is set to open for subscriptions on Monday, July 22, and will close on Wednesday, July 24. The IPO price band is fixed between ₹98 and ₹105 per share, with a face value of ₹10. Investors can bid for a minimum of 1,200 shares and in multiples thereafter.
RNFI Services is a tech-enabled platform offering a wide range of financial technology solutions in the B2B and B2B2C sectors. The company’s services are delivered through an integrated business model via its online portal and mobile application. RNFI Services operates in four main business segments:
- Business correspondent services
- Non-business correspondent services
- Full-service money changer
- Insurance broking
With a focus on delivering digital, banking, and government-to-citizen (G2C) services across India, RNFI Services aims to bridge the financial gap in rural areas, bringing accessible and innovative financial technology solutions to the underserved.
RNFI Services IPO allocation and subscription details
The IPO will allocate shares across different investor categories as follows:
- Qualified Institutional Buyers (QIB): 12,72,000 equity shares
- Non-Institutional Investors (NII): 9,54,000 equity shares
- Retail Individual Investors (RII): 22,26,000 equity shares
- Market maker: 3,84,000 equity shares
- Financial Highlights (FY24)
Sales: ₹93,542.38 lakhs
EBITDA: ₹1,923.88 lakhs
Profit: ₹996.07 lakhs
According to the red herring prospectus (RHP), RNFI Services’ listed peers include BLS E-Services Ltd, with a P/E of 55.30, and Mos Utility Ltd, with a P/E of 37.15. The RNFI Services IPO, worth ₹70.81 crore, consists entirely of a fresh issue of up to 6,744,000 equity shares.
Ranveer Khyaliya, Chairman & Managing Director of RNFI Services Ltd, expressed his excitement about the IPO, stating, “It is an immense pleasure to share this significant milestone in our journey as we prepare for our IPO. Since our inception, our mission has been to bridge the financial gap in rural India, bringing accessible and innovative financial technology solutions to the underserved. Our dedicated team and extensive network have enabled us to reach over 28 states and 5 union territories, processing more than 115 lakh transactions monthly till date.”
He further added, “Our IPO marks a new chapter in our journey. It is an opportunity to further our mission of financial inclusion and technological innovation. The funds raised will be used to enhance our service offerings, expand our network, and continue our commitment to empowering rural India. We are excited about the future and the potential to make a greater impact on the financial landscape of India.”
The RNFI Services IPO presents an exciting opportunity for investors looking to invest in a company with a strong mission and robust financial performance. With its focus on financial inclusion and technological innovation, RNFI Services is well-positioned to make a significant impact on the financial landscape of India. Be sure to mark your calendars for the subscription period from July 22 to July 24, and consider participating in this promising IPO.