RNFI Services Ltd IPO Timeline

RNFI Services Ltd IPO opens on 22-Jul-2024, and closes on 24-Jul-2024. The RNFI Services Ltd IPO bid date is from 22-Jul-2024 to 24-Jul-2024. The Cut-off time for UPI Mandate confirmation is 12 P.M. on the next day of issue closing day.

Event Date
RNFI Services Ltd IPO Opening Date 22-Jul-2024
RNFI Services Ltd IPO Closing Date 24-Jul-2024
Basis of Allotment 25-Jul-2024
Initiation of Refunds 26-Jul-2024
Credit of Shares to Demat 26-Jul-2024
RNFI Services Ltd IPO Listing Date 29-Jul-2024

RNFI Services Ltd IPO Lot Size

RNFI Services Ltd IPO lot size is 1200 shares. A retail-individual investor can apply for up to 1 lots (1200 shares or 126000).

Application Lots Shares Amount
Minimum 1 1200 ₹126000
Maximum 1 1200 ₹126000

RNFI Services Ltd IPO Details

RNFI Services Ltd IPO Date 22-Jul-2024 to 24-Jul-2024
RNFI Services Ltd IPO Face Value Shares of ₹10 per share
RNFI Services Ltd IPO Price ₹98 to ₹105 per share
RNFI Services Ltd IPO Lot Size 1200
Issue Size Shares of ₹10 (aggregating up to ₹70.81 Cr)
Fresh Issue Shares of ₹10 (aggregating up to ₹70.81 Cr)
Offer for Sale -
Issue Type Book Building - SME
Listing At NSE - SME
QIB Shares Offered -
Retail Shares Offered -
NII (HNI) Shares Offered -
Company Promoters Ranveer Khyaliya, Nitesh Kumar Sharma, Simran Singh Pvt Trust.

Objects of the Issue

The company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects:

  • 1 Funding the working capital requirements of the company
  • 2 Funding capital expenditure requirements for the purchase of Micro ATMs/Laptop/Server
  • 3 Strengthening its technology infrastructure to develop new capabilities
  • 4 Achieving inorganic growth through unidentified acquisition and other strategic initiatives
  • 5 General corporate purposes

Company Financials

RNFI Services Ltd Financial Information (Restated)

Period Ended Total Assets Total Revenue Profit After Tax
Amount in ₹ Crore
  • 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.
  • 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.
  • The company derives a portion of its revenue from the fee and commission that its charge from the company's customers against the company's services. Any failure to earn revenue from such activities may have a negative impact on its financial performance.
  • The Company, its Subsidiaries, the company's Promoters and its Directors are parties to certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on its business, results of operations and financial condition.
  • Security breaches and attacks against its tech platform, and any potential breach of or failure to otherwise protect personal, confidential and proprietary information, could damage its reputation and materially and adversely affect the company's business, financial condition and results of operations.
  • The company requires certain approvals and licenses in the ordinary course of business and are required to comply with certain rules and regulations to operate its business, any failure to obtain, retain and renew such approvals and licences or comply with such rules and regulations may adversely affect its operations.
  • Failures to deal effectively with fraudulent activities may cause harm to its business, and could severely diminish the company's banking partner and consumer confidence in and use of its platform.
  • The company has experienced negative cash flows from operating activities and may do so in the future, which could have a material adverse effect on its business, prospects, financial condition, cash flows and results of operations.
  • Its subsidiaries does not own the premises where their registered office is situated.
  • The company is bound by specific obligations and restrictive covenants outlined in the business agreements the company has entered with third parties. Failing to adhere to these obligations and covenants could potentially result in a significant negative impact on its business, prospects, cashflows, and financial condition.
  • The company faces substantial and increasingly intense competition in the fintech industry. If the company is unable to compete effectively, its business, financial condition, results of operations and prospects would be materially and adversely affected.
  • Stringent and changing laws and regulations relating to privacy and data protection could result in claims, harm its results of operations, financial condition, and prospects, or otherwise harm the company's business.
  • The company relies on end consumers using one or more of its services, and are thus vulnerable to changes in consumer preferences and behavior that could adversely affect its profitability and financial condition.
  • The company is dependent upon the business experience and skill of its promoters and management personnel. Loss of the company management personnel or its inability to attract or retain such qualified personnel, could adversely affect its business, results of operations and financial condition.
  • Sufficient working capital is essential to ensure the seamless daily operation of its business. If, for any reason, there is a disruption or the company encounter difficulties in obtaining the necessary working capital in a timely manner and under favorable terms, it could potentially have a detrimental impact on its operational efficiency, profitability, and prospects for growth.
  • The company has availed unsecured loans which are repayable on demand. Any demand for repayment of such unsecured loans, may adversely affect its cash flows.
  • Any failures to maintain, protect and enhance its brand and reputation could have a material adverse effect on its business, financial condition and results of operations.
  • The company has and will continue to introduce new products and services and its cannot assure you that such products and services will be profitable now or in the future.
  • A significant majority of its revenues from operations are derived from a limited number of customers.
  • The company may not be able to successfully manage the growth of its operations and execute the company's growth strategies which may have an adverse effect on its business, financial condition, results of operations and future prospects.
  • The company has in past entered into related party transactions and its may continue to do so in the future.
  • The company has not obtained credit ratings and may not be able to access capital to finance its operations and future growth of the company's business, which could have a material adverse effect on its business, results of operations, financial condition, cash flows, and future prospects.
  • Certain aspects of its operations entail the management of substantial cash volumes, exposing it to operational risks such as employee or network partner misconduct, fraud, petty theft, negligence, and embezzlement. These issues have the potential to negatively impact its financial position and results of operations.
  • The company propose to utilize the Net Proceeds to undertake inorganic growth for which the target may not be identified. If Net Proceeds to be utilized towards funding strategic acquisitions and investment are insufficient for the cost of its proposed acquisitions and other strategic initiative, the company may have to seek alternative forms of funding.
  • Some of its intended inorganic growth initiatives may not perform as anticipated or commence on time or at all or may be discontinued.
  • The company may be unable to sufficiently obtain, maintain, protect, or enforce its intellectual property and other proprietary rights.
  • Some of its Group Companies have incurred losses in the previous Fiscals.
  • Its management will have broad discretion in how the company apply the Net Proceeds, including interim use of the Net Proceeds, and there is no assurance that the objects of the Issue will be achieved within the time frame expected or at all, or that the deployment of the Net Proceeds in the manner intended by it will result in any increase in the value of your investment.
  • Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
  • Its Group Company is engaged in activities which is similar to the company's business. This may be a potential source of conflict of interest for it and which may have an adverse effect on its business, financial condition and results of operations.
  • The company may be affected by competition law, the adverse application or interpretation of which could adversely affect its business.
  • Its ability to pay dividends in the future will depends upon the company's future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in its financing arrangements.
  • The average cost of acquisition of Equity Shares by its Promoter could be lower than the Issue Price.
  • The company depends on its suppliers for the supply of its services and such suppliers could fails to meet their obligations, which may have a material adverse effect on its business, results of operations and financial condition.
  • The company has not yet placed orders in relation to the capital expenditure to be incurred for the proposed purchase of Micro ATMs/laptops / servers. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the Micro ATMs/laptops / servers in a timely manner, or at all, the same may result in time and cost over-runs.
  • Subsequent to the listing of the Equity Shares, the company may be subject to surveillance measures, such as the Additional Surveillance Measures and the Graded Surveillance Measures by the Stock Exchanges in order to enhance the integrity of the market and safeguard the interest of investors.
  • The Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all.
  • The Issue price of its Equity Shares may not be indicative of the market price of the company's Equity Shares after the Issue and the market price of its Equity Shares may decline below the Issue Price and you may not be able to sell your Equity Shares at or above the Issue Price.
  • Any future issuance of Equity Shares, or convertible securities or other equity linked securities by the Company may dilute your shareholding and any sale of Equity Shares by its Promoters or members of the company's Promoter Group may adversely affect the trading price of the Equity Shares.
  • Fluctuation in the exchange rate between the Indian Rupee and foreign currencies may have an adverse effect on the value of its Equity Shares, independent of the company's operating results.
  • Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions.
  • QIB and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid.
  • 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.

RNFI Services Ltd IPO Promoter Holding

Pre Issue Share Holding 89.53%
Post Issue Share Holding 0%

RNFI Services Ltd IPO Subscription Status (Bidding Detail)

The RNFI Services Ltd IPO is subscribed 22 times on Jul 24, 2024 05:00:00 PM. The public issue subscribed - times in the retail category, - times in the QIB category, and - times in the NII category. Check Day by Day Subscription Details (Live Status)

Category QIB NII Retail Employee Total
Subscription (times) - - - - 22

RNFI Services Ltd IPO Prospectus

RNFI Services Ltd IPO Listing Date

Listing Date 29 Jul 24
BSE Script 92957
NSE Symbol RNFI
Listing In NSE - SME
ISIN INE0SA001017
IPO Price ₹105
Face Value ₹10

RNFI Services Ltd IPO Registrar

Skyline Financial Services Pvt

Phone: +91 11 40450193-97
Email: ipo@skylinerta.com
Website: www.skylinerta.com

RNFI Services Ltd IPO Lead Manager(s)

  1. Choice Capital Advisors Pvt Ltd

FAQs on RNFI Services Ltd IPO

RNFI Services Ltd IPO, which opens for subscription from 22-Jul-2024 to 24-Jul-2024 has an issue size of ₹70.81 crore. The issue type is book building issue.

In case of pre-apply, your IPO order will be placed on the Exchange as soon as the official bidding for RNFI Services Ltd IPO begins. You will receive a UPI request within 24 hours after the bidding period opens.

RNFI Services Ltd IPO Opens for subscription from 22-Jul-2024 to 24-Jul-2024.

The lot size of RNFI Services Ltd is 1200 shares. Retail investors can subscribe to minimum 1 lot and maximum 1 lots. The minimum and maximum application value is ₹126000 and ₹126000 respectively.

Allotment date for RNFI Services Ltd is 25-Jul-2024 and refund of application amount (in case allotment is not received) will begin from 26-Jul-2024. If your allotment goes through, then shares will be credited in your Demat account by 26-Jul-2024.

The registrar for RNFI Services Ltd IPO is Skyline Financial Services Pvt. You can check your IPO allotment status on the registrar's website.

The shares of RNFI Services Ltd are proposed to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

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