The Initial Public Offering (IPO) of RNFI Services Ltd. had a spectacular start on the NSE SME on July 29. The shares opened at Rs 199.50 apiece, a 90% premium over the issue price of Rs 105.

The IPO, which raised Rs 70.81 crore through a fresh issue of 67.44 lakh shares, was up for bidding between July 22 and July 24. The allocation was finalised on July 25.

The IPO pricing range was set at Rs 98 to Rs 105 per share. For a lot size of 1,200 shares, retail investors had to invest a minimum of Rs 1.26 lakh, while High Net Worth Individuals (HNIs) had to invest a minimum of Rs 2.52 lakh for 2,400 shares.

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