Radiant Cash Management IPO: GMP, share allotment, listing date details

The category meant for Qualified Institutional Buyers (QIBs) was fully subscribed, while non-institutional investors portion received 66 per cent subscription and Retail Individual Investors (RIIs) 20 per cent. IIFL Securities, Motilal Oswal Investment Advisors and YES Securities were the managers to the offer.

The finalisation of the share allotment of the public issue is expected to happen this week on Friday, December 30, 2022 and if allotted, then the shares will be credited to the demat accounts on Tuesday, January 3, 2023. Link Intime India Private Ltd is the registrar of the initial share sale.

As per market observers, Radiant Cash Management shares are commanding a premium (GMP) of ₹3 in the grey market today. Meanwhile, the company’s shares are expected to list on BSE, NSE next week on Wednesday, January 4, 2023.

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.

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% stake in the company.