Home / Markets / Radiant Cash Management IPO: Check subscription status on last day of the issue

The initial public offer (IPO) of Radiant Cash Management Services was subscribed 11% on the second day of subscription on Monday. The initial share-sale received bids for 29,76,450 shares against 2,74,29,925 shares on offer. The issue, which opened on December 23, will conclude on Tuesday, December 27, 2022. The company has fixed a price band of 94 to 99 a share for its 388-crore public offer.

Radiant Cash Management IPO has a fresh issue of up to 60 crore and an offer for sale (OFS) of up to 33,125,000 equity shares by promoter David Devasahayam and private equity firm Ascent Capital Advisors India. Based on the upper band of the share price, the public issue is expected to fetch 388 crore. Investors can bid for a minimum of 150 equity shares and in multiples of 150 equity shares thereafter.

Proceeds from the fresh issue component will be used for funding working capital requirements as well as capital expenditure requirements for purchase of specially fabricated armoured vans.

Incorporated in 2005, Radiant Cash Management Services Limited is the market leader in retail cash management services for banks, financial institutions, and organized retail and e-commerce companies in India. The company offers a range of services under this segment consisting of collection and delivery of cash on behalf of its clients from the end user. In 2015, Ascent Capital had acquired 37.2 per cent stake in the company.

“In view of the leading integrated cash logistics player, strong financial track record with healthy double digit operating margins (EBITDA margin of >20%) and double digit return ratio (RoE of 27.3%), strong presence across India, multiple key marquee clients, focus on continuous technology improvement and attractive valuation, we recommend ‘Subscribe’ to the issue," said Reliance Securities in an IPO note.

IIFL Securities Limited, Motilal Oswal Investment Advisors Limited and Yes Securities (India) Limited are the book running lead managers to the issue. Link Intime India Private Ltd is the registrar of the initial share sale. The company's shares are expected to list on BSE, NSE next week on Wednesday, January 4, 2023.

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