RNFI Services shares lists at 90% premium on NSE SME platform; check key details

RNFI Services Ltd. made a stellar debut on the NSE SME platform, Emerge, on Monday. Its shares were listed at a premium of 90% against the issue price of ₹105 apiece.

The stock opened at ₹199.5 apiece, with an upside of 90% against the issue price of ₹105. After listing, the stock fell up to 5% to hit an intraday low of ₹189.55 apiece.

Soon after the stock began to trade, nearly 12.61 lakh shares of the company changed hands on the NSE. The company's total market capitalisation stood at ₹474.72 crore.

The minimum lot size to apply for the public issue was fixed at 1,200 shares after listing successful bidders who were allotted shares of RNFI Services would have earned a profit of at least ₹1,13,400 (₹94.5 x 1,200).

RNFI Services Ltd IPO details

The subscription window for RNFI Services' IPO was open from July 22 to July 24. The company allotted shares to successful bidders on July 25.

The NSE SME issue saw strong subscription in its three-day bidding window and was booked 221.58 times across categories as investors bid for over 98.64 crore shares against 44.52 lakh shares on offer. Non-institutional investors led the demand for the IPO as the category was booked 513.7 times. In the retail category, the issue was booked 142.62 times, and in the qualified institutional buyers (QIBs) category, the issue was booked 140.66 times.

RNFI Services IPO was valued at ₹70.81 crore and consisted of an entirely fresh issuance of 67.44 lakh shares.

The price band for RNFI Services IPO was fixed at ₹98 to ₹105 per share. The minimum lot size for the issue for retail investors was 1,200 shares, which aggregates to an investment of ₹1,26,000.

The company plans to use the money raised via the public issue to fund its working capital and capital expenditure requirements, as well as to purchase Micro ATMs, laptops, and servers. The company also plans to use the proceeds of the public issue to achieve inorganic growth through acquisitions and other strategic initiatives.

RNFI Services Limited, incorporated in 2015, is a financial technology firm. The company offers B2B and B2C solutions. The company is focused on providing banking, digital, and Government-to-Citizen (G2C) services across India.