RNFI Services IPO Subscription Status

RNFI Services IPO - Day-3 Subscription at 221.49 times

As of 5:41 pm on July 24, 2024, RNFI Services Ltd received bids for 98,609,2800 shares out of the 44.52 lakh shares on offer in the IPO, excluding the market maker portion and the anchor allocation. This resulted in an overall subscription rate of 221.49 times by the end of Day 3 of the IPO. The subscription details for RNFI Services IPO as of the close of Day 3 are as follows:

The subscriptions for the IPO were primarily led by High Net Worth Individuals (HNI) and Non-Institutional Investors (NII), followed by Qualified Institutional Buyers (QIB) and then retail investors. Typically, QIB and NII/HNI subscriptions gain momentum on the final day. HNI bids usually increase on the last day as they include large HNI and corporate bids. Institutional bids also tend to be concentrated on the first half of the final day. The overall subscription ratio excludes the anchor portion and the market-making segment of the IPO. Here are the details of the subscription by category.

Data Source: NSE

RNFI Services IPO began on July 22 and will end on July 24, 2024. Allotments are anticipated to be completed on Thursday, July 25 with the shares scheduled to list on NSE SME on Monday, July 29. The IPO price is set between ₹98 and ₹105 per share. Retail investors are required to apply for a minimum of 1,200 shares which entails an investment of ₹126,000.

The IPO has allocated the shares as follows: 18.86% for Qualified Institutional Buyers (QIBs), 14.15% for Non Institutional Investors (NIIs), 33.01% for retail investors and 28.29% for Anchor investors. Additionally, up to 384,000 equity shares are reserved for market makers. Choice Capital Advisors is the book running lead manager, Skyline Financial Services is the registrar and Choice Equity Broking will be the market maker.

RNFI Services Ltd, founded in 2015 is a financial technology company offering B2B and B2B2C solutions through its online portal and mobile app. Its services include business correspondent services, money changing and insurance broking.