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RNFI Services IPO
Price Band
₹98.0–105.0
Issue Size
₹70.81 Cr
Lot Size
1,200 shares
Min Investment
₹126,000
GMP
+₹89.0 (84.76%)
Issue Price
₹105.0
Subject to Sauda
₹81200
Paid only if allotted
RNFI Services IPO AI Summary
- RNFI Services IPO is listed on NSE SME in the Other Financial Services sector.
- Price band: ₹98.0–₹105.0 per share, lot size 1,200 shares (min. investment ₹126,000).
- Subscription window: 22 Jul–24 Jul 2024, listing on 29 Jul 2024.
- Current GMP is +₹89.0 (84.76%), an estimated listing price of ₹194 — unofficial and can change daily.
RNFI Services Limited is a growing financial technology firm with a diverse range of services and a strong operational presence across India. The IPO aims to support its working capital and technology infrastructure, with a competitive valuation compared to its peers.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
RNFI Services IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 24 Jul 2024 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
RNFI Services IPO Grey Market Premium (GMP) Today
GMP
+₹89.0
GMP %
+84.76%
Est. Listing
₹194.0
Updated: 25 Jul 2026 14:05
About the Company
Incorporated in 2015, 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's business can be divided into four categories:- Business correspondent services; Non-business correspondent services; Full-fledged money changer service; and Insurance broking. As of July 2024, the company has partnered with eleven financial institutions, including National private and public sector banks and payment banks. These institutions are engaged as business correspondents to provide financial inclusion services. As of March 31, 2024, the company has processed over 115 lakh monthly transactions. As of June 3, 2024, it operates in over 28 states and 5 Union territories, covering 17,964 pin codes nationwide through its distribution network. As of March 31, 2024, the company has 1,405 employees on a standalone basis, playing a significant role in its growth. As of June 3, 2024, the company has over 360,000 network partners across India, providing various tech-enabled services. The company provides transactional business correspondent services including Domestic Money Transfer, Aadhaar Enabled Payment System, and Micro ATM, kiosk banking services, and doorstep services for private sector banks to conduct e-KYC for prepaid cards and fastags. The company offers non-business correspondent services, including utility and travel-related services, EMI collection, delinquent loan collections, and sale of products and services to meet our network partners' needs.
Company Financials (₹ Cr)
As of 2024-03-31
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|
| Assets | 190.51 | 125.27 | 116.61 |
| Total Income | 943.05 | 1,069.40 | 190.80 |
| Profit After Tax | 9.96 | 4.89 | 5.55 |
| NET Worth | 31.60 | 20.42 | 13.30 |
| Reserves and Surplus | 13.51 | 20.43 | 13.32 |
| Total Borrowing | 36.39 | 21.19 | 12.64 |
Key Ratios
EPS
₹5.47
NAV
₹17.35
ROCE
29.74%
RoNW
40.92%
P/B Value
6.05
P/E Ratio
19.19
Market Cap
₹262.00 Cr
PAT Margin
1.06%
Debt/Equity
1.02
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Mos Utility Limited | 30.1 | 21.37% | 37.15 | 4.17 | 4.17 |
| Bls E-services Limited | 47.45 | 11.51% | 55.3 | 4.44 | 4.44 |
| RNFI Services Limited This IPO | 17.35 | 40.92% | 19.19 | 5.85 | 5.85 |
Promoters
Ranveer Khyaliya, Nitesh Kumar Sharma, Deepankar Aggarwal, Rajan Kumar, Krishna Kumar Daga, Charanjeet Singh and Simran Singh Pvt.Trust
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding the working capital requirements of the Company 25.00 2 Funding Capital expenditure requirements for the Purchase of Micro ATMs/laptops/Server 10.81 3 Strengthening our technology infrastructure to develop new capabilities 5.30 4 Achieving inorganic growth through unidentified acquisitions and other strategic initiatives and General Corporate Purposes 19.38
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹190.80 Cr in the year ending March 31, 2022, rising to ₹1,069.40 Cr by March 31, 2023, before decreasing to ₹943.05 Cr by March 31, 2024. This decrease in the most recent period is notable as it does not represent a full fiscal year, making direct comparison less straightforward.
Profit Trend
Profit After Tax was ₹5.55 Cr in the year ending March 31, 2022, increasing to ₹4.89 Cr by March 31, 2023, and further rising to ₹9.96 Cr by March 31, 2024. This shows a positive trend in profitability over the periods analyzed.
Valuation
RNFI Services Limited has an implied P/E of 19.19 at the issue price, while peers are trading at P/E ratios ranging from 37.15 to 55.3. This positions RNFI at a lower valuation compared to its peers.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the expected premium at which the shares of an IPO might list on the stock exchange compared to the issue price. A positive GMP suggests investor confidence and potential listing gains, while a negative GMP could indicate the opposite.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment strategy, risk tolerance, and market conditions.
Who May Want to Wait
Investors who are risk-averse or prefer stable and established companies may want to avoid IPOs like this, which can be subject to market fluctuations and uncertainties.
Listing Gains — The Risk
Listing-day gains can be unpredictable. While a high GMP may suggest potential for a positive listing, various factors such as market conditions and investor sentiment can influence actual performance on the day of listing.
This evaluation is generated from RNFI Services's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is RNFI Services IPO GMP today?
RNFI Services IPO GMP today is +₹89.0 (84.76%), indicating an estimated listing price of ₹194. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of RNFI Services IPO?
The price band of RNFI Services IPO is ₹98.0–₹105.0 per share.
When does RNFI Services IPO open and close?
RNFI Services IPO opens on 22 July 2024 and closes on 24 July 2024.
When does RNFI Services IPO list on the stock exchange?
RNFI Services IPO listed on 29 July 2024 at ₹194.0.
What is the lot size for RNFI Services IPO?
The lot size for RNFI Services IPO is 1200 shares, requiring a minimum investment of ₹126,000.
What is the price band for the IPO?
The price band for the IPO is ₹98.0 to ₹105.0.
What is the minimum investment required?
The minimum investment required is ₹126,000.
When does the IPO open and close?
The IPO opens on July 22, 2024, and closes on July 24, 2024.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected premium at which the shares might list compared to the issue price.
What is the lot size for this IPO?
The lot size for this IPO is 1,200 shares.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
22 Jul 2024
Close
24 Jul 2024
Allotment
25 Jul 2024
Listing
29 Jul 2024
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