RNFI Services IPO: Opens at 90% Premium on NSE SME

RNFI Services IPO made an impressive debut on the NSE SME with its Initial Public Offering (IPO) on July 29, as shares opened at ₹199.50 each, a 90% premium over the issue price of ₹105.

The IPO raised ₹70.81 crore through a fresh issue of 67.44 lakh shares and was available for bidding from July 22 to July 24, with allotment finalised on July 25.

Priced between ₹98 and ₹105 per share, retail investors needed to invest a minimum of ₹1.26 lakh for a lot of 1,200 shares, while High Net-Worth Individuals (HNIs) had to invest at least ₹2.52 lakh for 2,400 shares.

Choice Capital Advisors Pvt Ltd was the book-running lead manager for the IPO, with Skyline Financial Services Pvt Ltd acting as the registrar.

RNFI IPO attracted strong interest from anchor investors, raising ₹20.03 crore with the anchor bid on July 19. The issue was highly oversubscribed, achieving a total subscription rate of 221.49 times, including 142.62 times in the retail category, 140.66 times in the Qualified Institutional Buyers (QIB) category, and an extraordinary 513.31 times in the Non-Institutional Investors (NII) category.

Established in 2015, RNFI Services offers a variety of B2B and B2B2C financial solutions through its online portal and mobile application. The company’s services include banking, digital transactions, and Government-to-Citizen (G2C) services, operating in four main areas: business correspondent services, non-business correspondent services, full-fledged money-changing services, and insurance broking.

The net proceeds from the IPO will be used to fund working capital needs, capital expenditures for purchasing Micro ATMs, laptops, and servers, enhancing technology infrastructure, pursuing strategic acquisitions, and general corporate purposes.

To Summarize

RNFI Services IPO had a remarkable launch on the NSE SME with its Initial Public Offering (IPO) on July 29, as shares began trading at ₹199.50 each, marking a 90% increase over the issue price of ₹105. The funds raised from the IPO will be allocated to cover working capital requirements, capital expenditures for acquiring Micro ATMs, laptops, and servers, improving technology infrastructure, pursuing strategic acquisitions, and for general corporate purposes.