RNFI Services Ltd IPO

RNFI Services Ltd IPO

RNFI Services Limited is a tech enabled platform offering advanced financial technology solutions in B2B and B2B2C financial technology arena through an integrated business model via its online portal and mobile application, focusing on providing banking, digital and Government to Citizen (G2C) services on PAN India basis. The Company segregates its business primarily into four (4) segments namely (i) business correspondent services; (ii) non-business correspondent services; (iii) full-fledged money changer service; and (iv) insurance broking. As on the date of this Red Herring Prospectus, the company is providing full-fledged money changer service through its Material Subsidiary (wholly-owned), namely RNFI Money Private Limited which is RBI registered full-fledged money changer (FFMC) and insurance broking service through its wholly-owned Subsidiary, namely Reliassure Insurance Brokers Private Limited which is registered as a direct (Life & General) broker with IRDAI.

RNFI Services Ltd IPO Details

Total Shares Offered

₹ 67,44,000

Offer to Public

TBA

Retail Max (Shares)

₹ 22,26,000

Pre Issue Promoters Holding

₹ 1,63,02,719

Exchange

NSE

Issue size

₹ 70.81 Cr

IPO Open Date

Jul 22, 2024

Close Date

Jul 24, 2024

Lot Size

1200

Min Investment

₹ 1,17,600

Issue Type

Book Building - SME

Listing Date

Jul 29, 2024

RNFI Services Ltd IPO Dates

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Jul 22, 2024
Opening date
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Jul 24, 2024
Closing date
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Jul 25, 2024
Basis of Allotment
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Jul 26, 2024
Initiation of Refunds
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Jul 26, 2024
Credit of Shares
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Jul 29, 2024
Listing date

Details

SectorType
SectorMiscellaneous
Sub SectorNA
Issue TypeBook Building - SME

Subscription Status

*Values are in Lakhs

Investor Type

QIB

NII

Retail

Employee

Total

RNFI Services Ltd Financial Status

Income Statement

Particulars (In Rs. Crores)

Balance Sheet

Particulars (In Rs. Crores)
Particulars (in Rs. Crores)FY23FY22FY21
Revenue from operations916.78935.581,066.59
EBITDA40.9116.3010.43
PAT14.139.206.33
Total Assets154.47104.5057.00
Share Capital24.9518.210.10
Total Borrowings62.5549.3537.17
Operating Activities (Net Cash)25.3611.397.38
Investing Activities (Net Cash)16.995.3119.13
Financing Activities (Net Cash)62.5549.3537.17
Net Cashflow84.8546.6725.19

About RNFI Services Ltd

RNFI Services Limited was originally incorporated as `RNFI Services Private Limited', a private limited company under Companies Act, 2013, pursuant to a certificate of incorporation dated October 13, 2015 issued by the Registrar of Companies, Delhi. Subsequently, the Company was converted into a public limited company pursuant to a resolution passed by our shareholders at an Extra-ordinary General Meeting held on November 22, 2023 and a fresh certificate of incorporation dated December 28, 2023 was issued by the Registrar of Companies, Delhi consequent upon conversion, recording the change in name of the Company from `RNFI Services Private Limited' to `RNFI Services Limited'.

India stands as one of the world's swiftest expanding Fintech markets, showcasing remarkable growth. The market size of the Indian FinTech industry surged from $50 billion in 2021 to a projected ~$150 billion by 2025. The industry's Total Addressable Market is set to escalate to a staggering $1.3 trillion by 2025, with Assets under Management and Revenue projected at $1 trillion and $200 billion respectively by 2030. Key segments in this domain encompass Payments, Digital Lending, InsurTech, and WealthTech. The Payments landscape alone is poised to attain remarkable heights, with an anticipated transaction volume of $100 trillion and revenue hitting $50 billion by 2030. Concurrently, India's digital lending market, valued at $270 billion in 2022, is on track to reach $350 billion in 2023. Notably, India claims the position of the second-largest Insurtech market in Asia-Pacific, predicted to surge nearly 15 times its current value, reaching a substantial $88.4 billion by 2030. This solidifies India's status as one of the world's fastest-growing insurance markets. Finally, the Indian WealthTech sector is anticipated to experience significant growth, propelling to an impressive $237 billion by 2030, driven by a burgeoning base of retail investors.

RNFI Services Limited is a tech enabled platform offering advanced financial technology solutions in B2B and B2B2C financial technology arena through an integrated business model via its online portal and mobile application, focusing on providing banking, digital and Government to Citizen (G2C) services on PAN India basis. The Company segregates its business primarily into four (4) segments namely (i) business correspondent services; (ii) non-business correspondent services; (iii) full-fledged money changer service; and (iv) insurance broking. As on the date of this Red Herring Prospectus, the company is providing full-fledged money changer service through its Material Subsidiary (wholly-owned), namely RNFI Money Private Limited which is RBI registered full-fledged money changer (FFMC) and insurance broking service through its wholly-owned Subsidiary, namely Reliassure Insurance Brokers Private Limited which is registered as a direct (Life & General) broker with IRDAI.

Peer Comparison:

  • BLS E-Services Ltd
  • MOS Utility Ltd

RNFI Services Ltd Key Points

Strengths

We have a holistic business model providing all-in-one solution in B2B and B2B2C models. Its wide-ranging product and service portfolio enables it to spread its business risk and enhance its 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 its business strategy revolves around a network partner-centric model that emphasizes lean capital investment for network expansion.

Its extensive network encompasses a diverse range of participants. As of March 5, 2024, the company has a network base of over 3 lakh network partners with presence in 28 States and 5 Union territories.

Its experienced leadership backed by a skilled professional team continues to contribute to its business's groth and profitability.

Risk

A substantial portion of the revenue is generated from its banking partners. The company's banking partners are regulated by the RBI and any change in the RBI's policies, decisions and regulatory framework could adversely affect its business, cash flows, results of operations and financial condition.

The company heavily relies on its front-end network partners, if the company is unable to attract new network partners or retain and grow its relationships with the company's existing network partners, its business, results of operations, financial condition, and future prospects would be materially and adversely affected.

The company heavily relies on information technology systems which may be subject to vulnerabilities, disruptions, failures, or data breaches and thus may have the potential to negatively impact both its operations and the company's reputation. Additionally, its ability to succeed is contingent on the company's capacity to innovate, update, and adjust to emerging technological advancements.

Strategy

Accelerating growth and increasing its diversity using Micro ATM as a catalyst.

Using technology to create greater scalability.

Optimize Growth across Business Segments through Integrated Model and Cross-Selling Strategies.

Strategic Expansion: Acquisitions and geographic growth.

Strengthen its network capabilities.

How To Apply for RNFI Services Ltd IPO Online?

Step 1:

Log in to the BlinkX stock market app and click ‘IPO’ in the Xplore section.

Step 2:

From the list of open IPOs, select the IPO you want to invest.

Step 3:

Go through the IPO details like lot size, price band, about the company, etc.

Step 4:

Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.

Step 5:

Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.

FAQs on IPO (Initial Public Offering)

What is the issue size of the RNFI Services Ltd IPO?

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RNFI Services Ltd's IPO offers shares for up to 70.81 It begins on Jul 22, 2024 and ends on Jul 24, 2024.

What is the price of the RNFI Services Ltd IPO?

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The price of RNFI Services Ltd IPO ranges between ₹98 to ₹105 per share.

What are the open and close dates for the RNFI Services Ltd IPO?

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The RNFI Services Ltd IPO opens on Jul 22, 2024 and closes on Jul 24, 2024.

When will the RNFI Services Ltd IPO be allotted?

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The allotment for the RNFI Services Ltd IPO will be finalised on Jul 25, 2024. The shares will be listed on BSE and NSE on Jul 29, 2024.

What is the minimum lot size required for RNFI Services Ltd IPO?

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The minimum lot size for RNFI Services Ltd IPO is 1200 shares, priced between ₹98 to ₹105 per share.

What is the GMP of RNFI Services Ltd IPO?

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The GMP (Grey Market Premium) of RNFI Services Ltd IPO fluctuates based on market demand and sentiment.

How do you check the allotment status of RNFI Services Ltd IPO?

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To check the allotment status of RNFI Services Ltd IPO, visit the registrar's website, select the IPO, enter your PAN Card number, Application Number, or DP Client ID, and click 'search.'

Where is the RNFI Services Ltd IPO getting listed?

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The RNFI Services Ltd IPO is getting listed on the BSE and NSE. Bidding opens on Jul 22, 2024, and closes on Jul 24, 2024. The allotment is finalised on Jul 25, 2024.

How do you apply for the RNFI Services Ltd IPO?

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To apply for the RNFI Services Ltd IPO, download the BlinkX app, complete KYC, select the IPO, enter bid details, and submit. Verify UPI payment for shares allotment.

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