The RNFI Services IPO, which stands for Initial Public Offering, has opened for subscription today, July 22nd, 2024. This means you now have the opportunity to invest in this financial technology company by buying its shares. But before you jump in, let’s break down the key details of the IPO in an easy-to-understand way.
Established in 2015, RNFI Services is a company that provides technology-based solutions for financial transactions. They work in the business-to-business (B2B) and business-to-business-to-consumer (B2B2C) sectors. Simply put, they help businesses handle financial processes electronically, often through a mobile app or online portal.
RNFI Services is aiming to raise ₹70.81 crore through this IPO. They’ll be issuing new shares of the company to investors in order to get this funding.
The price of each share in the IPO has been set within a range of ₹98 to ₹105 . This means you won’t be able to buy shares for less than ₹98 or more than ₹105 each.
The subscription period for the RNFI Services IPO will be open for three days, starting today, July 22nd, and closing on July 24th, 2024. So, if you’re interested in investing, you’ll need to submit your application within this timeframe.
There’s a minimum number of shares you have to buy, which is called a “lot.” In this case, one lot is equal to 1200 shares. This means the minimum investment amount you’ll need to make is ₹1,17,000, which is the cost of 1200 shares at the lowest price band of ₹98 per share. You can invest more than this amount in multiples of the lot size (1200 shares).
The allotment of shares for the IPO is expected to be finalized on July 25th, 2024. This means you’ll find out around then whether your application for shares was successful.
If you’re allotted shares, you’ll be able to trade them on the National Stock Exchange (NSE) of India’s SME platform. The tentative listing date for the RNFI Services IPO is set for July 29th, 2024. This is when you’ll be able to buy or sell these shares on the stock market.
Important Reminder
Before investing in any IPO, it’s crucial to do your own research and understand the risks involved. Seek advice from a financial advisor to make well-informed investment choices.