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Subscription Opens on Dec 23. All Details Here

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Last Updated: December 28, 2022, 11:45 IST

The public issue includes the fresh issuance of shares worth Rs 60 crore and an offer for sale for 3.31 crore shares by the promoter and existing investor.

The public issue includes the fresh issuance of shares worth Rs 60 crore and an offer for sale for 3.31 crore shares by the promoter and existing investor.

Radiant Cash Management Services has set a price band of Rs 94-99 a piece with bidding for a minimum of 150 shares and multiples thereafter

Integrated cash logistic firm Radiant Cash Management Services Ltd is set to open subscriptions for its initial public offering (IPO) on December 23. The public issue will remain for subscription for five days going through December 27. The company has set a price band of Rs 94-99 a piece with bidding for a minimum of 150 shares and multiples thereafter. A retail individual investor can bid for a maximum of 13 lots or 1950 shares worth Rs 193,050 at the upper price band.

Following the finalisation of the share allotment basis on December 30, the shares are expected to make a market debut in January’s first week

The public issue includes the fresh issuance of shares worth Rs 60 crore and an offer for sale for 3.31 crore shares by the promoter and existing investor. As part of the OFS, promoter David Devasahayam will be selling 1.01 crore shares of his 58 per cent shareholding in the company. The remaining 2.3 crore share is being sold by investors Ascent Capital Advisors India, which is presently the second largest shareholder, owning a 33.61 per cent stake, after promoter David Devasahayam.

The processing from the fresh issuance will be used by the company as working capital and for general corporate purposes. At the upper price band for the IPO, the company aims to raise Rs 388 crore.

Radiant Cash Management has appointed IIFL Securities, Motilal Oswal Investment Advisors, and Yes Securities as merchant bankers for the public issue whereas Link Intime India serves as the registrar.

Radiant Cash Management received the green signal to launch its IPO from market regular SEBI in January this year.

Radiant Cash Management saw its profit climb Rs 38.2 crore in FY 2022 with revenue growing 29 per cent from the previous year at Rs 286 crore.

The cash logistic player caters to various outsourcing requirements related to cash management services for banks, financial institutions, and organised retail and e-commerce companies in India. The company claims to have one of the largest networks in the segment in terms of touchpoints served as of March 2022.

The public issue of Retail Cash Management is the sixth public issue to be launched in December.

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