RNFI Services IPO Subscribed 3X on Day 1! Retail Investors Dominate; Check Today’s GMP and Expected Listing Price

The RNFI Services IPO began on Monday, July 22, and will end on Wednesday, July 24. The IPO is priced between ₹98 and ₹105 per share, with a minimum bid of 1,200 shares.

Here’s a breakdown of the share allocations for different investors:

• Qualified Institutional Buyers (QIB): up to 12,72,000 shares
• Non-Institutional Investors (NII): up to 9,54,000 shares
• Retail Investors (RII): up to 22,26,000 shares
• Market Makers: up to 3,84,000 shares

RNFI Services, founded in 2015, is a fintech startup providing B2B and B2B2C solutions via an online portal and mobile app. They offer financial, digital, and government-to-citizen (G2C) services across India.

Their business is divided into four main areas: business correspondent services, non-business correspondent services, full-fledged money changer services, and insurance brokerage. In the fiscal year 2024, RNFI Services reported ₹93,542.38 lakhs in revenue, ₹1,923.88 lakhs in EBITDA, and ₹996.07 lakhs in profit.

RNFI Services IPO Subscription Status

On the first day, the RNFI Services IPO was subscribed 3.73 times. The retail portion was subscribed 6.57 times, the NII portion 2.08 times, while the QIB portion is yet to be fully subscribed. By 3:20 PM IST, the company received bids for 1,66,10,400 shares against 44,52,000 shares on offer.

RNFI Services IPO GMP Today

Today, the Grey Market Premium (GMP) for RNFI Services IPO is +55, meaning the shares are trading at a ₹55 premium in the grey market. Given the IPO price band and the current GMP, the expected listing price is ₹160 per share, which is 52.38% higher than the IPO price of ₹105.

Over the last seven days, the GMP has ranged between ₹38 and ₹55, indicating strong interest and a potential for a good listing.

RNFI Services IPO Details

The IPO aims to raise ₹70.81 crore through a fresh issue of up to 6,744,000 shares. The funds will be used for working capital, capital expenditure, technological infrastructure expansion, acquisitions, and other strategic initiatives.

Choice Capital Advisors Private Ltd is the lead manager for the IPO, and Skyline Financial Services Private Ltd is the registrar.

Ranveer Khyaliya, Chairman & Managing Director of RNFI Services Ltd, stated, “We are excited to share this significant milestone as we prepare for our IPO. Since our inception, our mission has been to bridge the financial gap in rural India by providing accessible and innovative financial technology solutions. Our dedicated team and extensive network have enabled us to reach over 28 states and 5 union territories, processing over 115 lakh transactions monthly.

Our IPO marks a new chapter, allowing us to enhance our services, expand our network, and continue empowering rural India. We look forward to making a greater impact on the financial landscape of India.”