The shares of Chennai-based Radiant Cash Management Services made a decent debut on the stock exchanges NSE and BSE on Wednesday i.e. January 4, 2023. On BSE, Radiant Cash listed at Rs 99 apiece against the issue price of Rs 94-99. The stock started its trading journey at Rs 103.8 apiece on NSE — a 10.5 percent premium to the issue price.
The integrated cash logistics player's Rs 387.9 crore initial public offering (IPO) opened for subscription for retail investors on December 23 and concluded on December 27. The price band of the issue was set at Rs 94-99 per share.
If the company's shares list at the upper end of the IPO price band, the company's market capitalisation is likely to be near Rs 1,062.4 crore.
Radiant Cash's IPO consisted of an offer for sale (OFS) where promoter David Devasahayam and private equity firm Ascent Capital Advisors India offloaded shares. In 2015, Ascent Capital had acquired 37.2 percent stake in the company.
In addition, the IPO also consisted of fresh issue worth Rs 60 crore.
Of the proceeds from the IPO, Rs 20 crore will be used to fund working capital requirement. Another 25.5 crore will be used for funding capex to buy specially fabricated armoured vans.
The integrated cash logistics player Radiant Cash has a leading presence in the retail cash management segment. The company runs business in five different areas — cash pick-up and delivery, network currency management, cash processing, cash vans or cash in transit and value added services.
The company's clientele includes Deutsche Bank, Standard Chartered and ICICI Bank.
The company gets 67 percent revenue from fixed point cash pick up and 24 percent from network currency management.
First Published: Jan 4, 2023 7:19 AM IST
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