IPO Details

Bidding Dates

22 Jul '24 - 24 Jul '24

Minimum Investment

₹1,26,000 / 1 Lot ( 1,200 Shares )

Price Range

₹98 - ₹105

Maximum Investment

₹1,26,000 / 1 Lot ( 1,200 Shares )

Retail Discount

To be announced

Issue Size

₹70.81 Cr

Investor category and sub category

Qualified Institutional Buyers  |   Retail Individual Investors  |   Non-institutional Investor  |  

IPO Dates

Important dates with respect to IPO allotment and listing

IPO Open Date

Jul 22, 2024

IPO Close Date

Jul 24, 2024

Basis of Allotment

Jul 25, 2024

Initiation of Refunds

Jul 26, 2024

Credit of Shares to Demat

Jul 26, 2024

Listing Date

Jul 29, 2024

Cut-off time for UPI mandate confirmation

Jul 24, 2024

About RNFI Services Limited

Incorporated in 2015, RNFI Services Limited is a leading financial technology firm specialising in B2B and B2B2C solutions through its online portal and mobile application. The company focuses on providing comprehensive banking, digital, and Government-to-Citizen (G2C) services across India.

RNFI’s business operations are categorised into four primary areas: business correspondent services, non-business correspondent services, full-fledged money changer services, and insurance broking. By July 2024, RNFI has partnered with eleven financial institutions, including major private and public sector banks, as well as payment banks, to deliver financial inclusion services.

RNFI has achieved significant operational milestones, processing over 115 lakh monthly transactions as of March 31, 2024. The company’s extensive distribution network spans 28 states and 5 Union territories, covering 17,964 pin codes nationwide, supported by a workforce of 1,405 employees. By June 3, 2024, RNFI’s network included over 360,000 partners across India, offering diverse tech-enabled services.

The company’s transactional business correspondent services include Domestic Money Transfer, Aadhaar Enabled Payment System, Micro ATM, kiosk banking services, and doorstep services for e-KYC. Additionally, RNFI provides non-business correspondent services such as utility and travel-related services, EMI collection, delinquent loan collections, and the sale of products to meet network partners’ needs.

Industry Outlook:

  1. India's FinTech market is projected to grow from $50 billion in 2021 to $150 billion by 2025, with a Total Addressable Market of $1.3 trillion by 2025.
  2. The Payments segment in India is expected to achieve a transaction volume of $100 trillion and revenue of $50 billion by 2030.

RNFI Services Limited IPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. Funding the working capital requirements of the Company
  2. Funding Capital expenditure requirements for the Purchase of Micro ATMs/laptops/Server
  3. Strengthening our technology infrastructure to develop new capabilities
  4. Achieving inorganic growth through unidentified acquisitions and other strategic initiatives
  5. General Corporate Purposes

Peer Details

The companies considered by RNFI Services as its peers include:

  1. Bls E-services Limited
  2. Mos Utility Limited

How to Check the Allotment Status of the RNFI Services Limited IPO?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Go to the individual order details page of the IPO that you had applied for.
  • Check the IPO allotment status. As such, Angel One will notify you of your IPO allotment status via push notification, email, and SMS.

Contact Details of RNFI Services Limited IPO

  • Registered office: UG-5, Relipay House, Plot No. 42 DLF Industrial Area Kirti Nagar, West Delhi, New Delhi, Delhi, India, 110015
  • Phone: +91-8448985100
  • E-mail: cs@rnfiservices.com

IPO Financials

Particulars Year ending on March 31, 2024 Year ending on March 31, 2023 Year ending on March 31, 2022
Total Revenue (in ₹ lakh) 94,305.10 106,939.62 19,079.93
Profit After Tax (PAT) (in ₹ lakh) 996.07 488.71 555.03
Cash & Cash Equivalents (in ₹ lakh) 6,067.00 3,237.11 5,262.48
Net Worth (in ₹ lakh) 3,159.90 2,041.64 1,330.24
Debt to Equity Ratio (x) 1.02 0.90 0.85
Return on Net Worth (%) 40.92% 31.99% 49.42%
Return on Capital Employed (RoCE) (%) 29.74% 24.28% 33.25%
Earning Per Share (EPS)-in absolute ₹ 5.85 3.03 2.94

Know before investing

Strengths

7

  1. Offers diverse B2B and B2B2C financial solutions.

  2. Centralised enterprise application ensuring efficiency and predictability.

  3. Invested ₹454.91 lakhs in technological advancements in FY 2024.

  4. Prioritises simplicity and efficient service design and implementation.

  5. Expands via network partners' premises, reducing capital investment.

  6. Over 3.60 lakh network partners across 28 states and 5 UTs.

  7. Automated reporting, SAS dashboards, and fraud risk management systems.

Risks

7

  1. Revenue dependency on banking partners regulated by RBI policies.

  2. High reliance on 3.60 lakh network partners for service distribution.

  3. Vulnerabilities in information technology systems may disrupt operations.

  4. Dependence on fees and commissions for revenue generation.

  5. Ongoing legal proceedings may impact financial conditions and operations.

  6. Potential security breaches could damage reputation and operations.

  7. Requires specific approvals and licenses for business operations.

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RNFI Services IPO FAQs

What is RNFI Services Ltd's IPO?

RNFI Services Limited IPO is a book-built IPO. The IPO will be open from July 22, 2024, to July 24, 2024.

When will RNFI Services Ltd's IPO be allotted?

The Basis of Allotment will happen on Thursday, July 25, 2024.

When will RNFI Services Ltd's IPO open for subscription?

The IPO subscription window will open on July 22, 2024.

What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 1,200 shares.

When will RNFI Services Ltd list on exchanges?

The listing date for RNFI Services is Monday, July 29, 2024.

What would be the listing gains on the RNFI Services Ltd IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

I have finished the application process for the RNFI Services Ltd IPO, but the funds still need to be debited. What is the reason?

Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you.

How do I approve the UPI mandate request for RNFI Services Ltd's IPO?

You must complete the payment process by logging in to your UPI handle and approve the payment mandate.

Can I submit more than one application for the public issue of RNFI Services Ltd using one PAN?

You can submit only one application using your PAN card.