RNFI Services IPO Opens Today: Check Timeline, Price Band, and Other Key Details

RNFI Services IPO is now open for subscription starting Monday, July 22, and will close on July 24. The financial technology solutions provider has set a price band of ₹98 to ₹105 per equity share for its initial public offering.

Key Details of RNFI Services IPO

IPO Subscription Dates: July 22 to July 24
Price Band: ₹98 to ₹105 per equity share
Total Shares Issued: 67.44 lakh shares
Amount to be Raised: ₹70.81 crore

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

Investors can bid for a minimum of one lot, comprising 1,200 equity shares worth ₹1.17 lakh, with additional bids in multiples thereof.

Utilization of IPO Proceeds

The net proceeds from the fresh issue will be used for:

• Meeting working capital requirements
• Capital expenditure
• Strengthening technology infrastructure
• Inorganic growth through acquisitions and other strategic initiatives
• General corporate purposes

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

RNFI Services IPO Timeline

Bidding Period: July 22 to July 24
Allotment Finalisation: July 25
Refund Initiation: July 26
Demat Transfer: July 26
Listing Date: July 29

About RNFI Services

Established in 2015, RNFI Services provides technology-enabled financial technology solutions in the business-to-business (B2B) and business-to-business-to-consumer (B2B2C) sectors. The company operates through an integrated business model via a mobile application and an online portal, offering comprehensive banking, government-to-citizen (G2C), and digital services nationwide.

RNFI Services' business is divided into four key segments:

• Full-fledged Money Changer
• Business Correspondent Services
• Non-Business Correspondent Services through RNFI Money Private Ltd
• Insurance Broking through Reliassure Insurance Brokers Private Ltd

News Source:- upstox.com