The initial public offering (IPO) of RNFI Services opened for public subscription today, July 22, 2204, and will be available for three days. On the first day, the unlisted shares are showing a strong grey market premium (GMP). According to several websites monitoring grey market activities, the RNFI Services IPO GMP is approximately Rs 50, representing a premium of over 47% compared to the upper end of the public issue’s price band of Rs 98-105.

RNFI IPO: 47% Grey Market Premium: The subscription period for the RNFI Services IPO will close on Wednesday, July 24, 2024. The IPO includes a fresh issuance of 6,744,000 shares, totaling up to Rs 70.8 crore, with a price band set between Rs 98 and Rs 105 per share. Investors must apply for at least 1,200 shares, and in multiples of that amount. The minimum investment required for retail investors to participate in the RNFI Services IPO is Rs 1,26,000.

RNFI IPO: 47% Grey Market Premium: The basis of allotment for the RNFI Services IPO shares is set for Thursday, July 25, 2024. The shares are expected to be credited to Demat accounts by Friday, July 26, 2024, with a tentative listing date on Monday, July 29, 2024. RNFI Services’ shares will be listed on the NSE SME.

RNFI IPO: 47% Grey Market Premium: Skyline Financial Services Private Ltd is the registrar for the RNFI Services IPO, with Choice Capital Advisors Pvt Ltd serving as the book-running lead manager. On Friday, July 19, 2024, the company secured Rs 20.03 crore from anchor investors. RNFI Services plans to use the net proceeds from the IPO to fund the company’s working capital requirements and capital expenditure for purchasing micro ATMs, laptops, and servers.

RNFI IPO: 47% Grey Market Premium: Additionally, the remaining proceeds will be used to enhance the company’s technology infrastructure for developing new capabilities, pursuing inorganic growth through unspecified acquisitions and other strategic initiatives, and for general corporate purposes.

Founded in 2015, RNFI Services Limited is a leading financial technology company specializing in providing banking and various digital financial services across India. The company operates in four main categories: money changer services, non-business correspondent services, and insurance broking.