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

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


The initial public offer of Radiant Cash Management Services was subscribed just 53 per cent on the last day of subscription on Tuesday, December 27, 2022. The 388-crore initial share-sale received bids for 1,45,98,150 shares against 2,74,29,925 shares on offer. The issue, which opened on December 23, had a price band of 94 to 99 a share for its 388-crore public offer.

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.

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