RNFI Services IPO booked over 221 times on the third bidding day, NIIs steal the show; check GMP

RNFI Services IPO: Subscriptions for the RNFI Services IPO commenced on Monday, July 22, and will conclude on Wednesday, July 24. RNFI Services' initial public offering is priced between ₹98 and ₹105 per share, with a face value of ₹10. There are at least 1,200 shares up for bidding, as well as multiples of those shares.

In the RNFI Services IPO, Qualified Institutional Buyers (QIB) can purchase up to 12,72,000 equity shares; Non-Institutional Investors (NII) can buy up to 9,54,000 equity shares; retail investors (RII) can buy up to 22,26,000 equity shares; and Market Makers can buy up to 3,84,000 equity shares.

RNFI Services, founded in 2015, is a financial technology startup that provides B2B and B2B2C solutions via an online portal and mobile application. It specialises in offering financial, digital, and government-to-citizen (G2C) services throughout India.

The company's business is separated into four categories: business correspondent services, non-business correspondent services, full-fledged money changer service, and insurance brokerage.

In fiscal year 2024, the company made ₹93,542.38 lakhs in revenue, ₹1,923.88 lakhs in EBITDA, and ₹996.07 lakhs in profit.

RNFI Services IPO subscription status

RNFI Services IPO subscription status is 221.49 times, on day 3.

The retail portion was subscribed 142.62 times, and NII portion was booked 513.31 times. The QIB portion booked 140.66 times.

The company has received bids for 98,60,92,800 shares against 44,52,000 shares on offer, according to data on chittorgarh.com.

RNFI Services IPO subscription status was 5.94 times, on day 1, and the issue was booked 23.98 times. 

RNFI Services IPO GMP today

RNFI Services IPO GMP today is +70. This indicates RNFI Services share price were trading at a premium of ₹70 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, RNFI Services IPO expected listing price was indicated at ₹175 apiece, which is 66.67% higher than the IPO price of ₹105.

Based on the previous nine sessions of grey market activity, today's IPO GMP trends higher, indicating a solid listing. According to analysts at investorgain.com, the lowest GMP is ₹38 and the maximum is ₹70.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

RNFI Services IPO details

The RNFI Services IPO, worth ₹70.81 crore, is purely made up of fresh issue of up to 6,744,000 equity shares.

The net proceeds of the IPO will be utilised to support working capital requirements, capital expenditure, expansion of technological infrastructure, inorganic growth through unidentified acquisitions and other strategic initiatives, and for general company reasons.

Choice Capital Advisors Private Ltd is the book running lead manager for the Issue. Skyline Financial Services Private Ltd is the registrar for the Issue.

Ranveer Khyaliya, Chairman & Managing Director of RNFI Services Ltd expressed, “its 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 the date.

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.”

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