RNFI Services shares list at 90% premium on NSE SME platform

Ahead of the listing, the company’s shares traded with a premium of Rs 85 in the unlisted market.

The IPO, which was completely a fresh equity sale of 67.44 lakh shares, received an overwhelming response from investors with an overall subscription of over 200 times at close.

RNFI Services is tech-enabled platform offering financial technology solutions in the B2B and B2B2C fintech arena through an integrated business model via its online portal and mobile application, focusing on providing banking, digital, and government-to-citizen services on a PAN India basis.

The company segregates its business primarily into four segments namely business correspondent services, non-business correspondent
services, full-fledged money changer services, and insurance broking.

As on the date of filing RHP, it is providing full-fledged money changer services through its material subsidiary RNFI Money and insurance broking services through another subsidiary Reliassure Insurance Brokers.

The company acts as a bridge to ensure the availability of tech-enabled financial services throughout the country, including to the underserved population in remotest of the places by connecting them to formal financial channels.

It also provides business and income-generating opportunities for shopkeepers and network partners by enabling them to offer banking, digital and government services to the end customers through the web and mobile application via an assisted model.

The company has entered into arrangements with 11 financial institutions including national private and public sector banks, payment banks wherein it is engaged as their business correspondents for providing financial inclusion services.

The market size of the Indian fintech industry is projected to surge from $50 billion in 2021 to $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.