RNFI Services Ltd IPO
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RNFI Services Ltd IPO Details
Details
| Total Shares Offered | Offer to Public | Retail Max (Shares) | Pre Issue Promoters Holding | Exchange | Issue size |
|---|---|---|---|---|---|
| ₹ 67.44 L | TBA | ₹ 22.26 L | ₹ 163.03 L | NSE | ₹ 70.81 Cr |
| IPO Open Date | Close Date | Lot Size | Min Investment | Issue Type | Listing Date |
| 22 Jul, 24 | 24 Jul, 24 | 1200 | ₹ 1,17,600 | Book Building - SME | 29 Jul, 24 |
RNFI Services Ltd IPO Dates
Details
| Sector | Type |
|---|---|
| Sector | Miscellaneous |
| Sub Sector | NA |
| Issue Type | Book Building - SME |
Subscription Status
*Values are in Lakhs
| Investor Type | Subscription Times | Shares Offered* | Shares Bid* |
|---|---|---|---|
| QIB | 0.3x | 3180000 | 964800 |
| NII | 26.73x | 954000 | 25497600 |
| Retail | 35.55x | 2226000 | 79132800 |
| Employee | 0x | 0 | 0 |
| Total | 15.66x | 6744000 | 105595200 |
Subscription Status
Investor Type
QIB
NII
Retail
Employee
Total
*Values are in Lakhs
RNFI Services Ltd Financial Status
Income Statement
Balance Sheet
| Particulars (in Rs. Crores) | FY23 | FY22 | FY21 |
|---|---|---|---|
| Revenue from operations | 1,066.59 | 188.25 | 134.01 |
| EBITDA | 10.43 | 8.53 | 10.67 |
| PAT | 6.33 | 5.38 | 7.20 |
| Total Assets | 57.00 | 68.74 | 84.50 |
| Share Capital | 0.10 | 0.10 | 0.10 |
| Total Borrowings | 37.17 | 13.97 | 31.01 |
| Operating Activities (Net Cash) | 7.38 | 5.98 | 7.62 |
| Investing Activities (Net Cash) | 19.13 | -1.05 | -0.34 |
| Financing Activities (Net Cash) | 37.17 | 13.97 | 31.01 |
| Net Cashflow | 25.19 | 50.48 | 61.22 |
Particulars (in Rs. Crores)
Revenue from operations
EBITDA
PAT
Total Assets
Share Capital
Total Borrowings
Operating Activities (Net Cash)
Investing Activities (Net Cash)
Financing Activities (Net Cash)
Net Cashflow
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 IPO 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.
- 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.
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.