IPO Details
Bidding Dates
22 Jul 24 - 24 Jul 24
Price Range ₹
98 - 105
Total Equity
₹ 70.81Cr
Lot Size
1200
Exchange Status
NSE
IPO Doc
Subscription Rate
Non-Institutional Investor
0.00×
Qualified Institutional Buyers
0.00×
Employees
0.00×
Retail Investors
0.00×
Total subscription Rate
0.00×
IPO Timeline
Offer start
22 Jul 2024
Offer end
24 Jul 2024
Allotment
25 Jul 2024
Refund initiation
26 Jul 2024
Demat transfer
26 Jul 2024
Listing
29 Jul 2024
Offer start
22 Jul 2024
Offer end
24 Jul 2024
Allotment
25 Jul 2024
Refund initiation
26 Jul 2024
Demat transfer
26 Jul 2024
Listing
29 Jul 2024
About Company
Founded in 2015, RNFI Services Limited is a financial technology company that provides B2B and B2B2C solutions via its online portal and mobile application. The firm specializes in delivering banking, digital, and Government-to-Citizen (G2C) services throughout India. The company’s operations are categorized into four main areas: 1. Business correspondent services; 2. Non-business correspondent services; 3. Full-fledged money changer services; 4. Insurance broking. By July 2024, RNFI Services Limited had partnered with eleven financial institutions, including national private and public sector banks and payment banks, to offer financial inclusion services as business correspondents. As of March 31, 2024, the company processed over 11.5 million monthly transactions. By June 3, 2024, it operated across 28 states and 5 Union territories, reaching 17,964 pin codes nationwide through its distribution network. The company had 1,405 employees as of March 31, 2024, significantly contributing to its growth. As of June 3, 2024, RNFI Services Limited had over 360,000 network partners across India, providing various tech-enabled services. The company's transactional business correspondent services include Domestic Money Transfer, Aadhaar Enabled Payment System, Micro ATM, kiosk banking services, and doorstep services for private sector banks to conduct e-KYC for prepaid cards and fastags. Additionally, the company offers non-business correspondent services, including utility and travel-related services, EMI collection, delinquent loan collections, and the sale of products and services to meet the needs of its network partners.
Year Founded
13-10-2015
Promotor Details
Ranveer Khyaliya
Promoter Holdings Details
| Particular | Pre-IPO | Post-IPO |
|---|---|---|
| Percentage | 89.53 | 65.34 |
| Share Capital | 16303020 | 16303020 |
Offer to Public
67,44,000.00 Cr
Project Details
- Funding Capital expenditure requirements for the Purchase of Micro ATMs/laptops/Server - 108.134cr
- Funding the Working Capital requirements of our Company - 250cr
- Strengthening our technology infrastructure to develop new capabilities - 53cr
Objectives
- Funding the working capital requirements of the CompanyFunding Capital expenditure requirements for the Purchase of Micro ATMs/laptops/ServerStrengthening our technology infrastructure to develop new capabilitiesAchieving inorganic growth through unidentified acquisitions and other strategic initiativesGeneral Corporate Purposes
Highlights
- Offering all-in-one solutions in B2B and B2B2C models, diversifying business risks and enhancing market adaptability.
- Advanced digital platform and technology-focused approach create greater scalability and efficiency.
- Network partner-centric strategy with lean capital investment promotes rapid and cost-effective expansion.
- A vast network of over 300,000 partners across India, ensuring widespread presence and market penetration.
- Skilled leadership and professional team contribute to sustained growth, profitability, and strategic expansion.
Challenges
- A significant portion of revenue comes from banking partners regulated by the RBI. Changes in RBI policies or regulations could negatively impact the business.
- Heavy reliance on front-end network partners means that failure to attract new partners or maintain relationships with existing ones could adversely affect business operations and future prospects.
- Dependence on information technology systems exposes the company to potential disruptions, failures, or data breaches, which could harm operations and reputation. Additionally, success depends on the company's ability to innovate and adapt to new technological advancements.
- A portion of revenue comes from fees and commissions charged to customers. Failure to generate income from these activities could negatively affect financial performance.
- Involvement in legal proceedings by the company, its subsidiaries, promoters, and directors could result in adverse decisions that materially affect the business, operations, and financial condition.
Financials
| Years | Total Assets | Share Capital | Profit After Tax | Consolidated Net Profit | Adjusted EPS |
|---|---|---|---|---|---|
| 2023 | 12,489.90 | 10.00 | 555.03 | 522.51 | 2.9354 |
| 2021 | 10,488.21 | 10.00 | 745.97 | 745.97 | 4.1908 |
| 2022 | 11,715.44 | 10.00 | 996.07 | 1,064.32 | 5.8451 |
