“RNFI Services IPO: Offering Details and Business Overview”
RNFI Services, established in 2015, specializes in technology-enabled financial solutions. The company is set to launch its IPO aiming to raise ₹70.81 crore through a fresh issuance of 67.44 lakh shares. Interested investors can bid for a minimum of one lot (1,200 equity shares worth ₹1.17 lakh) and in multiples thereafter.
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RNFI
The IPO will open for subscription on July 22 and close on July 24, offering shares at a price band of ₹98 to ₹105 per equity share. Allocation details include:
- Qualified institutional buyers (QIBs): Up to 12.72 lakh shares
- QIB anchor portion: Up to 19.08 lakh shares
- Non-institutional investors (NIIs): Up to 9.54 lakh shares
- Retail individual investors (RIIs): Up to 22.26 lakh shares
- Market maker: Up to 3.84 lakh shares
Proceeds from the IPO will fund various initiatives such as working capital needs, capital expenditure, technology infrastructure enhancement, acquisitions, and general corporate purposes.
Choice Capital Advisors Private Ltd is the sole book-running lead manager, with Skyline Financial Services Private Ltd serving as the registrar. The IPO timeline includes bidding from July 22 to July 24, allotment finalization on July 25, refund initiation and demat transfer on July 26, and listing on July 29.
RNFI Services operates in segments including full-fledged money changer services, business correspondent services through RNFI Money Private Ltd, and insurance broking via Reliassure Insurance Brokers Private Ltd, catering primarily to the B2B and B2B2C sectors nationwide.
