RNFI Services IPO booked over 3 times on the first bidding day so far, retail investors steal the show; check GMP | Stock Market News

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.

Also Read | RNFI Services IPO opens for subscription on July 22; price band set at ₹98-105

RNFI Services IPO subscription status

KRNFI Services IPO subscription status is 3.73 times, on day 1, so far.

The retail portion was subscribed 6.57 times, and NII portion was booked 2.08 times. The QIB portion was yet to be booked.

The company has received bids for 1,66,10,400 shares against 44,52,000 shares on offer, at 15:20 IST, according to data on chittorgarh.com.

Also Read | Chetana Education IPO price band set at ₹80-85 per share

RNFI Services IPO GMP today

RNFI Services IPO GMP today is +55. This indicates RNFI Services share price were trading at a premium of 55 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 160 apiece, which is 52.38% higher than the IPO price of 105.

Based on the previous seven 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 55.

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

Also Read | Sanstar IPO booked 10.04x on the second bidding day so far led by NIIs.Check GMP

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.”

Also Read | IPOs next week: 8 SME issues, 8 listings scheduled for next week; check list

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

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