RNFI Services Limited IPO Opens On July 22, 2024

PNN
Mumbai (Maharashtra) [India], July 18: RNFI Services Limited, offering advanced financial technology solutions, has announced its plan to go public with an Initial Public Offering (IPO) on July 22, 2024. The company is aiming to raise Rs 70.81 Crores at the upper band through this IPO, with shares set to be listed on the NSE Emerge platform.
* Total Issue Size - 67,44,000 Equity Shares of Rs 10 each * Issue Size - Rs 70.81 Crores (At Upper Band) * Price Band - Rs 98 - Rs 105 Per Share * Lot Size - 1,200 Equity Shares
The issue size is Up To 67,44,000 equity shares at face value of Rs 10 each.
Equity Share Allocation
* QIB Anchor Portion - Up To 19,08,000 Equity Shares
* Qualified Institutional Buyers (QIB) - Up To 12,72,000Equity Shares
* Non-Institutional Investors (NII) - Up To 9,54,000Equity Shares
* Retail Individual Investors (RII) - Up To 22,26,000Equity Shares
* Market Maker - Up To 3,84,000 Equity Shares
The net proceeds from the IPO will be used for funding working capital requirements, capital expenditure, development to technology infrastructure, inorganic growth through unidentified acquisitions and other strategic initiatives, and for general corporate purposes. The bidding for Anchor portion will open on July 19, 2024, the issue will open for subscription for all other category from July 22, 2024 and closes on July 24, 2024.
The Book Running Lead Manager to the Issue is Choice Capital Advisors Private Limited. The Registrar to the Issue is Skyline Financial Services Private Limited.
Ranveer Khyaliya, Chairman & Managing Director of RNFI Services Limited expressed, "its immense pleasure to share this significant milestone in our journey as we prepare for our Initial Public Offering (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."
Ratiraj Tibrewal Director & CEO of Choice Capital Advisors Private Limited said, "I am privileged to support a company that stands at the forefront of financial technology innovation and inclusion in India. RNFI has demonstrated a strong commitment to bridging the financial gap in rural and underserved regions of India. Their integrated business model, which spans business correspondent services, non-business correspondent services, full-fledged money changer services, and insurance broking, showcases their versatility and dedication to providing comprehensive financial solutions. The company's strategic focus on "Phygital" integration-blending physical and digital services has been instrumental in creating a seamless customer experience across their extensive network.
The upcoming IPO represents a significant milestone, poised to propel to new heights. The funds raised will enable the company to expand its services, strengthen its network, and continue its mission of financial inclusion and technological advancement. We believe that Company's strong foundation, coupled with the strategic use of IPO proceeds, will create a substantial market presence and contribute to the company's long-term growth."
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