RNFI Services Limited is a financial technology firm that offers B2B and B2B2C solutions through its online portal and mobile application. It focuses on providing banking, digital, and Government-to-Citizen (G2C) services across India.
The company’s business can be divided into four categories:
- Business correspondent services;
- Non-business correspondent services;
- Full-fledged money changer service; and
- Insurance broking.
As of July 2024, the company has partnered with eleven financial institutions, including National private and public sector banks and payment banks. These institutions are engaged as business correspondents to provide financial inclusion services.
As of March 31, 2024, the company has processed over 115 lakh monthly transactions. As of June 3, 2024, it operates in over 28 states and 5 Union territories, covering 17,964 pin codes nationwide through its distribution network. As of March 31, 2024, the company has 1,405 employees on a standalone basis, playing a significant role in its growth.
As of June 3, 2024, the company has over 360,000 network partners across India, providing various tech-enabled services.
The company provides transactional business correspondent services including Domestic Money Transfer, Aadhaar Enabled Payment System, and Micro ATM, kiosk banking services, and doorstep services for private sector banks to conduct e-KYC for prepaid cards and fastags.
The company offers non-business correspondent services, including utility and travel-related services, EMI collection, delinquent loan collections, and sale of products and services to meet our network partners’ needs.
RNFI Services IPO – Details
| IPO Opening Date | 22 July 2024 |
| IPO Closing Date | 24 July 2024 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 67,44,000 Shares Worth ₹70.81 Crore Fresh Issue: 67,44,000 Shares Worth ₹70.81 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹98 – ₹105 per share |
| Market Lot | 1200 Shares |
| Min Order | 1200 Shares (1 Lot) |
| Listing At | NSE SME |
| Register | Skyline Financial Services Private Ltd |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
RNFI Services IPO – Date Schedule
| IPO Open Date | 22 July 2024 |
| IPO Close Date | 24 July 2024 |
| Credit of Shares to Demat Account | 25 July 2024 |
| Initiation of Refund | 26 July 2024 |
| Credit of Shares to Demat Account | 26 July 2024 |
| IPO Listing Date | 29 July 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 24, 2024 |
RNFI Services IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1200 | ₹1,26,000 |
| Retail (Max) | 1 | 1200 | ₹1,26,000 |
| HNI (Min) | 2 | 2400 | ₹2,52,000 |
Competitive Strengths
- The company has a holistic business model providing all-in-one solution in B2B and B2B2C models. RNFI Services wide-ranging product and service portfolio enables company to spread there business risk and enhance the ability to adapt to changing market conditions.
- The company has a technology focused business model with an advanced digital platform.
- The company has a asset light and scalable business model as the business strategy revolves around a network partner-centric model that emphasizes lean capital investment for network expansion.
- The company’s extensive network encompasses a diverse range of participants. As of June 3, 2024, The company has a network base of over 3.60 lakh network partners with presence in 28 States and 5 Union territories.
- The company’s experienced leadership backed by a skilled professional team continues to contribute to the business’s growth and profitability.
Company Promoters
- Ranveer Khyaliya
- Nitesh Kumar Sharma
- Deepankar Aggarwal
- Rajan Kumar
- Krishna Kumar Daga
- Charanjeet Singh
- Simran Singh Private Trust
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2022 | 190.79 | 182.98 | 5.55 | 11.65 |
| 31 March 2023 | 1069.39 | 1062.85 | 4.88 | 19.35 |
| 31 March 2024 | 943.05 | 930.03 | 9.96 | 32.50 |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROCE | 29.74% |
| Debt/Equity | 1.02 |
| RoNW | 40.92% |
| P/BV | 6.05 |
| PAT Margin (%) | 1.06 |
| Pre IPO | Post IPO | |
| EPS (Rs) | 5.47 | 3.99 |
| P/E (x) | 19.19 | 26.3 |
Object Of The Issue
- Funding the working capital requirements of the Company.
- Funding Capital expenditure requirements for the Purchase of Micro ATMs/laptops/Server.
- Strengthening the technology infrastructure to develop new capabilities.
- Achieving inorganic growth through unidentified acquisitions and other strategic initiatives.
- General Corporate Purposes.
RNFI Services IPO Promoter Holding
| Pre Issue Share Holding | 89.53% |
| Post Issue Share Holding | – |
RNFI Services IPO Prospectus
Company Contact Information
| RNFI Services Limited UG-5, Relipay House, Plot No. 42 DLF Industrial Area Kirti Nagar, West Delhi, New Delhi, -110015 Phone: +91-8448985100 Email: cs@rnfiservices.com Website: https://www.rnfiservices.com/ |
RNFI Services IPO Registrar
| Skyline Financial Services Private Ltd Phone: 02228511022 Email: ipo@skylinerta.com Website: https://www.skylinerta.com/ipo.php |
RNFI Services IPO Lead Manager(s)
| 1. Choice Capital Advisors Pvt Ltd |
RNFI Services IPO FAQs
| What is RNFI Services IPO? RNFI Services IPO is a SME IPO. The issue is priced at ₹98 to ₹105 per equity share. The IPO is to be listed on NSE SME. |
| When RNFI Services IPO will open? The IPO is to open on 22 July 2024 for QIB, NII, and Retail Investors. |
| What is RNFI Services IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| How to Apply the RNFI Services IPO? You can apply RNFI Services IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the RNFI Services IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “RNFI Services”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the RNFI Services IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “RNFI Services“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the RNFI Services IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “RNFI Services”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the RNFI Services IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “RNFI Services”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is RNFI Services IPO Size? RNFI Services IPO size is ₹70.81 Crore. |
| What is RNFI Services IPO Price Band? RNFI Services IPO Price Band is ₹98 to ₹105. |
| What is RNFI Services IPO Minimum and Maximum Lot Size for retail? The minimum bid is 1200 Shares with ₹1,26,000 amount while the maximum bid is 1200 Shares with ₹1,26,000. |
| What is the RNFI Services IPO Allotment Date? RNFI Services IPO allotment date is 25 July 2024. |
| What is the RNFI Services IPO Listing Date? RNFI Services IPO listing date is 29 July 2024. The IPO is to be listed on NSE SME. |
