RNFI Services IPO Day 3: NSE SME issue booked 221 times, check subscription details

RNFI Services IPO subscription closed with a huge demand on Wednesday, July 24, as the public issue was booked over 220 times, driven by strong demand from the Non-Institutional Investors (NIIs).

The NSE SME IPO of the fintech solutions provider received bids for more than 98.64 crore shares compared to 44.52 lakh shares on offer on the last day of bidding, leading to an overall subscription of 221 times.

The public issue was subscribed 513 times in the NIIs category with applications for 49 crore shares against 9.54 lakh shares set aside for the segment.

The Qualified Institutional Buyers (QIB) placed bids for 17.89 crore shares against 12.72 lakh shares. The QIBs portion was booked 140 times.

Retail investors applied for over 31.74 crore shares against 22.26 lakh shares set aside for the category, booking their portion 142 times.

RNFI Services IPO was open for subscription from July 22 to July 24.

RNFI Services IPO offer size, price band and other details

RNFI Services Limited IPO is a book-building issue worth ₹70.81 crore. The public offer comprises entirely a fresh issue of 67.44 lakh shares, including an anchor allocation of 19.08 lakh shares and a market maker portion of 3.84 lakh shares.

RNFI Services IPO price band was fixed at ₹98 to ₹105 per share. The minimum lot size for retail investors was 1,200 shares, amounting to an investment of ₹1,26,000. The minimum application size for High-net-worth individuals (HNIs) was 2 of 2,400 shares, aggregating to an investment of ₹2,52,000.

RNFI Services IPO allotment status and listing dates

RNFI Services IPO allotment status is likely to be finalised on Thursday, July 25.

Refunds will be initiated for unsuccessful bidders on July 26 and shares will be credited in the Demat accounts of successful bidders the same day.

Shares of RNFI Services IPO are likely to be listed on the NSE SME platform, Emerge, on July 29.

RNFI Services Limited IPO registrar

The registrar for the IPO is Skyline Financial Services Private Ltd. The book-running lead manager for the issue is Choice Capital Advisors Pvt Ltd.

RNFI Services IPO objective

RNFI Services Limited plans to utilise a portion of the IPO proceeds for the purchase of Micro ATMs, laptops, servers and other equipment to upgrade and expand its technology infrastructure.

A part of the funds will also be utilised to cover the general expenses that are necessary for the routine operational expenses, administrative costs, legal fees and marketing expenses of the company.

About RNFI Services Limited

RNFI Services Limited, founded in 2015, offers financial technology solutions. The company offers services to enhance accessibility and efficiency for companies in banking, foreign exchange, insurance and broader financial solutions segments.