The scrip was listed at Rs 199.50, a premium of 90% over the initial public offer (IPO) price. The stock is currently frozen in its lower limit of 5% over its listing price.

The counter hit a high of Rs 199.95 and a low of Rs 189.55. About 16.12 lakh shares of the company changed hands at the counter.

RNFI Services' IPO was subscribed 152.42 times. The issue opened for bidding on 22 July 2024 and it closed on 24 July 2024. The price band of the IPO was fixed at Rs 98 to Rs 105 per share.

The IPO comprised fresh issue of 67,44,000 shares. The company intends to utilize the net proceeds for funding the working capital requirements, purchase of micro ATMS/laptops/server, strengthening technology infrastructure to develop new capabilities, achieving inorganic growth through unidentified acquisitions and other strategic initiatives and for general corporate purposes.

Ahead of the IPO, RNFI Services on 19 July 2024, raised Rs 20.03 crore from anchor investors. The board allotted 19.08 lakh shares at Rs 105 per share to 10 anchor investor.

RNFI Services is a tech enabled platform offering financial technology solutions in B2B and B2B2C financial technology arena through an integrated business model via its online portal and mobile application, focusing on providing banking, digital and government to citizen (G2C) services on PAN India basis. The company segregate its business primarily into four segments namely, business correspondent services, non-business correspondent services, full-fledged money changer service, and insurance broking. As of 31 March 2024, the company had 1,405 permanent employees.

The company recorded revenue from operations of Rs 935.42 crore and net profit of Rs 9.96 crore for the period as on 31 March 2024.