RNFI Services Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
Participate in the RNFI Services Ltd IPO with full transparency. Review issue details, company fundamentals, and financial performance, and apply securely through Alice Blue.
IPO Snapshot
Key metrics and details at a glance.
Price Band
₹105
Per ShareLot Size
1200 Shares
Minimum Investment
₹1,26,000
Issue Size
₹70.81 Cr
Face Value
₹10
Per ShareIPO Type
Book Building - SME
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
RNFI Services Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
89.53%
Issue Type
Book Building - SME
ISIN
INE0SA001017
About the Company
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.
Industry Overview
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.
Company History
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'.
Products & Services
- 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.
Growth 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.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY23 to FY25.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offer of up to 67,44,000 equity shares of face value Rs. 10 each (the "Equity Shares") of RNFI Services Limited ("The Company" or the "Issuer") for cash at a price of Rs. 105 per equity share (including securities premium of Rs. 95 per equity share) ("Issue Price"), aggregating up to Rs. 70.81 crores (the "Issue") of which 3,84,000 equity shares aggregating to Rs. 4.03 crores (constituting up to 1.54% of the post-issue paid-up equity share capital of the company) will be reserved for subscription by market maker ("Market Maker Reservation Portion"). The issue less the market maker reservation portion is hereinafter referred to as the "Net Issue". The issue and the net issue will constitute 27.03 % and 25.49 % respectively of the post-issue paid-up equity share capital of the company. The Offer Price is Rs. 105 per equity share of face value of Rs. 10 each. The Offer price is 10.50 times of the face value. Bid can be made for a minimum of 1200 equity share and in multiples of 1200 equity share thereafter.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- 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.