RNFI Services IPO Allotment Update: After receiving a robust response from investors during the bidding period from July 22 to July 24, attention now turns to the allotment procedure for RNFI Services.
The allotment for the RNFI Services IPO is expected to be finalised today. Investors can monitor their allotment status through the registrar, Skyline Financial Services Private. Ltd.
With oversubscription in the retail category, shares will be allocated to retail individual investors (RIIs) on a proportional basis. For those who do not receive an allotment, RNFI Services will commence the refund process for the application money on July 26, 2024.
Concurrently, allotted shares will be credited to investors' demat accounts on the same day following the refund process. RNFI Services is an SME IPO, with shares slated to be listed on the NSE SME platform, tentatively scheduled for July 29, 2024.
If you have applied for the RNFI Services IPO, you can check your allotment status on the website of the IPO registrar.
Use the Skyline Financial Services URL, https://www.skylinerta.com/ipo.php to directly input your login details.
Step 1: Click the link above to visit the RNFI Services IPO.
Step 2: Pick the initial public offering from Dropbox; the name will only appear once the allocation is complete.
Step 3: Select the PAN, Demat Account, or Application Number to view the status.
Step 4: The screen will show the IPO status as well as the total number of shares allotted to RNFI Services.
The company is a technology-driven platform offering financial solutions in both B2B and B2B2C segments through an integrated model via its online portal and mobile application. It provides a wide range of services, including banking, digital, and government-to-citizen (G2C) services across India.
Its operations are divided into four main segments: business correspondent services; non-business correspondent services; full-fledged money changer services and insurance broking.
It serves as a crucial link in delivering tech-enabled financial services nationwide, including to underserved areas, by connecting them to formal financial systems. Additionally, it offers business and income opportunities for shopkeepers and network partners by enabling them to offer banking, digital, and government services to customers through its web and mobile applications in an assisted model.
As of March 31, 2024, it processes over 11.5 million transactions monthly and operates in over 28 states and 5 Union Territories, covering 17,964 pin codes across the country, according to the company's DRHP report.
The IPO size of RNFI Services was ₹70.18 crore, consisting of 67.44 lakh newly issued shares. The IPO price was set in the range of ₹98 to ₹105 per share. Choice Capital Advisors Pvt Ltd. is the book-running lead manager of the RNFI Services IPO, and the market maker for the RNFI Services IPO is Choice Equity Broking.
The company plans to allocate the funds for several key purposes: meeting its working capital needs, financing capital expenditures such as the purchase of micro-ATMs, laptops, and servers, and enhancing its technology infrastructure to develop new capabilities.
Additionally, the company is set to utilise funds to achieve inorganic growth through strategic acquisitions and other initiatives, as well as covering general corporate purposes.
The RNFI Services IPO saw a robust demand, being subscribed to over 221 times. In monetary terms, the IPO attracted bids worth ₹10,353.97 crore.
The retail category was subscribed to 142 times, with bids for 31,74,75,600 shares against the offered 2,226,000 shares, according to Chittorgarh. While the NII and QIB portions were subscribed to 513 and 140 times, respectively.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
