RNFI Services Debuts On NSE SME Platform With 90 Per Cent Premium

Mumbai, Jul 29 (KNN) RNFI Services made a strong debut on the National Stock Exchange's Small and Medium Enterprise (NSE SME) platform on Monday, with shares opening at Rs 199.5, marking a 90 per cent premium over the issue price of Rs 105.

The initial public offering (IPO), consisting of 67.44 lakh fresh equity shares, garnered significant investor interest, with overall subscription exceeding 200 times at the close of the offering.

Prior to the listing, shares of RNFI Services commanded a premium of Rs 85 in the unlisted market.

RNFI Services operates as a technology-enabled platform offering fintech solutions in the B2B and B2B2C sectors through an integrated business model.

The company's operations span four primary segments: business correspondent services, non-business correspondent services, full-fledged money changer services, and insurance broking.

The firm aims to bridge the gap in financial services accessibility across India, particularly in underserved remote areas, by connecting customers to formal financial channels.

RNFI Services has established partnerships with 11 financial institutions, including national private and public sector banks, to provide financial inclusion services as their business correspondent.

Industry projections indicate substantial growth potential for the Indian fintech sector, with market size expected to triple from USD 50 billion in 2021 to USD 150 billion by 2025.

The total addressable market is forecast to reach USD 1.3 trillion by 2025, with assets under management and revenue projected at USD 1 trillion and USD 200 billion, respectively, by 2030.

(KNN Bureau)