RNFI Services IPO opens today: Check GMP, Dates, Price, Size and more

RNFI Services IPO GMP Today: Three-day subscription window of the initial public offering (IPO) of RNFI Services opened for public subscription today, July 22, 2204. Unlisted shares are commanding a strong grey market premium (GMP) on the first day of its opening.

According to several websites that track grey market activities, the RNFI Services IPO GMP is around Rs 50, translating to a premium of over 47 per cent over the upper-end of the public issue's price band of Rs 98-105.

RNFI Services IPO issue size and price band

The subscription window will close on Wednesday, July 24, 2024. The RNFI Services IPO comprises a fresh issue of 6,744,000 shares aggregating up to Rs 70.8 crore and is available at a price band of Rs 98-105 per share. Investors can apply for a minimum of 1,200 shares and in multiples thereof. The minimum amount required by a retail investor to apply for the RNFI Services IPO is Rs 1,26,000. 

RNFI Services IPO allotment date

The basis of allotment of the RNFI Services IPO shares is scheduled for Thursday, July 25, 2024, while the shares are likely to be credited to Demat accounts on Friday, July 26, 2024. The tentative listing date of RNFI Services IPO is Monday, July 29, 2024. The company's shares will be listed on the NSE SME.  

RNFI Services anchor book

Skyline Financial Services Private Ltd is the registrar for the RNFI Services IPO, while Choice Capital Advisors Pvt Ltd is the book-running lead manager of the public issue.

The company has already raised Rs 20.03 crore from anchor investors on Friday, July 19, 2024. RNFI Services intends to use the net proceeds from the IPO for funding the working capital requirements of the company and capital expenditure requirements for the purchase of micro ATMs, laptops, and servers. 

RNFI Services IPO objective

The company will also use the remaining proceeds for strengthening its technology infrastructure to develop new capabilities, achieving inorganic growth through unidentified acquisitions and other strategic initiatives, and for general corporate purposes.

About RNFI Services Limited

RNFI Services Limited is a leading financial technology company that focuses on providing banking and other financial digital services across India. The company, established in 2015, currently operates in four larger categories, including money changer services, non-business correspondent services, and insurance broking.