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Radiant Cash Management Services Limited IPO to open on Friday, December 23, 2022, sets price band at Rs94 – 99 per Equity Share

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Posted By: Sachin Murdeshwar December 20, 2022

(L-R) N Muthuraman, (Director-Strategy & Investor Relations), Col. David Devasahayam, (Chairman and Managing Director) & Mr. Cyrus Shroff, (Head of Business Development) Radiant Cash Management Services Limited at their IPO Press Meet.

Col. David Devasahayam, Chairman and Managing Director, Radiant Cash Management Services Ltd at the IPO Press Meet.

MUMBAI, 20 DECEMBER, 2022 (GPN): Radiant Cash Management Services Ltd IPO will kick off for subscription on Friday, December 23, as the company will be selling its shares in the range of Rs 94-99 per Equity Share.

The issue will close on Tuesday, December 27. Investors can make a bid of 150 equity shares and in multiples thereof. The anchor book will open on Thursday, December 22.

The net proceeds from the issue will be utilised towards funding working capital and capital expenditure requirements for the purchase of specially fabricated armoured vans, other than general corporate purposes.
Radiant Cash Management Services is the market leader in retail cash management services for banks, financial institutions, and organized retail and e-commerce companies in India.Radiant provide services across 13,044 pin codes in India covering all districts (other than Lakshadweep) with about 55,513 touch points serving more than 5,388 locations as of July 31, 2022. Its marquee clients include some of the largest foreign, private and public sector banks, and the end user of our services include some of the largest e-commerce companies, retail chains, NBFCs, insurance firms, ecommerce logistics players, railways and retail petroleum distribution outlets. In Fiscal 2021, it had the second highest EBITDA margin, ROCE and ROE amongst organised players in the cash management services segment.

The issue consists of fresh equity shares of Rs 60 crore and an offer for sale (OFS) of 3.31 crore equity shares by the promoters and existing shareholders of the company.

Promoter Col. David Devasahayam will be selling 1.01 crore shares and investor Ascent Capital Advisors India will offload 2.3 crore shares via the OFS route.
The company reported a net profit of Rs 38.21 crore with total revenue of Rs 286.97 crore for the year ended March 31, 2022. Its profit stood at Rs 32.43 crore with total revenue of Rs 224.16 crore at the end of the previous year.

The cash management company clocked a bottomline of Rs 15.32 crore with total revenue of Rs 84.38 crore for the period ended on June 30, 2022.

50% of shares are reserved for qualified institutional buyers (QIBs), whereas 15% of shares are reserved for non-institutional investors (NIIs). The remaining 35% of shares will be allotted to retail investors.

IIFL Securities Limited, Motilal Oswal Investment Advisors Limited, and Yes Securities (India) Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.Ends

About the Author

Sachin Murdeshwar
Sachin Murdeshwar is a Sr.Journalist and Columnist in several Mainline Newspapers and Portals.He is an ardent traveller and likes to explore destinations to the core.

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