RNFI Services Limited is a financial technology firm that offers B2B and B2B2C solutions through its online portal and mobile application. RNFI Services IPO is a book built issue of Rs 70.81 crores. The issue is entirely a fresh issue of 67.44 lakh shares.
IPO opens
July 22, 2024
IPO Closes
July 24, 2024
IPO Size (Rs.)
₹51.00 Cr
IPO Size (shares)
5,368,800 shares
Breakup
Fresh issue only
Face Value:
₹ 10
IPO Price in Rs :
₹98 to ₹105 per share
Minimum Lot
1200 Shares
Listing At
NSE SME
QIB
~50 %
NII Quota
~15%
Retail Quota
~35%
Lead Manager
Choice Capital Advisors
Registrar
Skyline Financial Services Private Ltd
Market maker
Choice Equity Broking
About RNFI Services IPO :
RNFI Services Limited is a financial technology firm that offers B2B and B2B2C solutions through its online portal and mobile application. It focuses on providing banking, digital, and Government-to-Citizen (G2C) services across India.
The company was founded in 2015
Financials:RNFI Services IPO
Particulars/ Rs Lacs
March 31,2024
March 31, 2023
March 31, 2022
Revenue from Operations
93,542.38
1,06,659.37
18,825.26
Profit/(loss) after tax
996.07
488.71
555.03
Share Capital
1,820.87
10
10
Net worth
3,159.90
2,041.64
1,330.24
Net Asset Value per Equity Share
17.35
11.47
7.47
Total Borrowings
3,250.59
1,935.39
1,165.36
Post issue Share Capital
2495
FV
10.0
IPO price
105.0
EPS Fy23
2.0
PE Fy23
53.6
EPS Fy24
4.0
PE Fy24
26.3
Market cap in Lacs
26,198
Market cap / Sales
0.25
Anchors: RNFI Services IPO
RNFI Services IPO: Salient Points
Their business is divided into four segments:
Business Correspondent Services
Non-Business Correspondent Services
Full-Fledged Money Changer Service
Insurance Broking
Subsidiares:
RNFI Money Private Limited: Wholly-owned subsidiary, registered with the RBI as a Full-Fledged Money Changer (FFMC).
Reliassure Insurance Brokers Private Limited: Wholly-owned subsidiary, registered with IRDAI as a direct broker for Life and General Insurance.
Net proceeds
Sr. No.
Particulars
Estimated amount
1.
Funding the Working Capital requirements of our Company
2,500.00
2.
Funding Capital expenditure requirements for the Purchase of Micro ATMs/laptops/Server
1,081.34
3.
Strengthening our technology infrastructure to develop new capabilities
530.00
4.
Achieving inorganic growth through unidentified acquisitions and other strategic initiatives
[●]
Company is present in 28 states and UTs with several banks as its customers.
Peers
Company/ FY24 figures
CMP Rs.
Revenue Rs. Cr
Net Profit Rs. Cr
NPM (%)
PE
Macp/sales
RNFI Services Limited
105
935.00
9.96
1.1%
26.3
0.28
Bls E-services Limited
229
301
34.00
11.3%
33.3
2.87
Mos Utility Limited
199
175
10
5.7%
66.4
6.91
Company has more than 3.6 Lac touch points
It has more than 25000 Micro ATMs and around 1400employees.
From FY22 too FY24
The Revenue has Increased from Rs.188 Crores to Rs.935 Crores.
EBITDA has Increased from 10 Crores ito 19 Crores
PAT has Increased from 5 Crores to 10 Crores.
ARNFI Services IPO is coming at a PE ratio of 26.3 (FY24 Earnings and 53.6x (FY23)
I intend to apply in RNFI Services IPO subject to availability of funds. Comapnies in this sector have done well in the past.
LM has a average to fair record.
GMP as reported on social media has been Rs. 70 (68%)
SME IPOs are quite volatile and new retail investors need to exercise considerable caution in my view.
This post is exploratory and educational purposes only. Please do your own diligence before investing in SME IPOs like this.
Standard disclaimer: I am not a SEBI registered analyst and above analysis is for educational purpose only. Iam a postgraduate in engineering & Management . I have in the past cleared some exams like NISM-Series-V-A: Mutual Fund Distributors Certification, NISM-Series-X-A: Investment Adviser (Level 1) Certification and NISM-Series-X-B: Investment Adviser (Level 2) Examination. This post is my view on the subject matter and is only academic and exploratory in nature. It is not meant to influence investment decisions of investors. I may have bias/vested interest in covered Stock/Mutual Funds/NCD etc. due to my own investment or leaning. Further my understanding of the areas on which I write may be imperfect or incomplete and data could be wrong due to limited time and resources at my disposal. Do check the data from company’s RHP and exchanges before making any decision. Please do your own due diligence as stock market/MF investments have high degree of inherent risk.
