RNFI Services IPO opens today: Check timeline, price band and other key details

2 min read | Updated on July 22, 2024, 08:59 IST

SUMMARY

RNFI Services IPO plans to raise ₹70.81 crore through a fresh issuance of 67.44 lakh shares. An interested investor can bid for a minimum of one lot or 1,200 equity shares worth ₹1.17 lakh and in multiples after that.

Established in 2015, RNFI Services offers technology-enabled financial technology solutions.

RNFI Services IPO will open for subscription on Monday, July 22. The initial public offering, which will conclude on July 24, has set a price band of ₹98 to ₹105 per equity share.

The financial technology solutions provider plans to raise ₹70.81 crore through a fresh issuance of 67.44 lakh shares.

Equity share allocation

Qualified institutional buyers (QIBs) - Up to 12.72 lakh shares
QIB anchor portion - Up to 19.08 lakh equity 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

An interested investor can bid for a minimum of one lot or 1,200 equity shares worth ₹1.17 lakh and in multiples after that.

To know more about RNFI Services IPO, CLICK HERE.

The net proceeds from the fresh issue will be used to meet working capital requirements, capital expenditure, strengthening technology infrastructure, inorganic growth through acquisitions and other strategic initiatives, and general corporate purposes.

Choice Capital Advisors Private Ltd is the sole book-running lead manager to the IPO, while the registrar is Skyline Financial Services Private Ltd.

RNFI Services IPO: Timeline

Bidding period: July 22 to July 24
Allotment finalisation: July 25
Refund initiation: July 26
Demat transfer: July 26
Listing: July 29

About RNFI Services

Established in 2015, RNFI Services offers technology-enabled financial technology solutions in the business-to-business (B2B) and business-to-business-to-consumer (B2B2C) sectors through an integrated business model via a mobile application and an online portal. The firm's core focus lies in providing comprehensive banking, government-to-citizen (G2C), and digital services nationwide.

Its business is segregated into four key segments - full-fledged money changer, business correspondent and non-business correspondent services through RNFI Money Private Ltd, and insurance broking through Reliassure Insurance Brokers Private Ltd.

To know more about IPO listings, schedule and upcoming IPOs, click here.

About The Author

Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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RNFI Services IPO opens today: Check timeline, price band and other key details

Equity share allocation

RNFI Services IPO: Timeline

About RNFI Services

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