Radiant Cash Management IPO to open on 23 Dec, fixes price band at ₹94-99

As per the statement, the IPO comprised a fresh issue worth ₹60 crore and an offer for sale (OFS) of up to 33,125,000 equity shares aggregating to ₹327.94 crore at the upper price band. That being said, the company is likely looking to raise ₹387.94 crore from the public offer.

It needs to be noted that the floor price is 94 times the face value of the Equity Share and the cap price is 99 times the face value of the Equity Share. The public issue has a face value of Re 1 per equity share.

Investors can bid for a minimum of 150 equity shares and in multiples of 150 equity shares thereafter.

Companies like IIFL Securities, Motilal Oswal Investment Advisors and Yes Securities are acting as the book-running lead managers of the IPO. While Link Intime India is the registrar of the offer

Radiant has a leading presence in the retail cash management (“RCM”) segment of the cash management services industry in India and is one of the largest players in the RCM segment in terms of network locations or touch points served as of March 31, 2022.

The company provides services across 13,044 pin codes in India covering all districts (other than Lakshadweep) with about 55,513 touchpoints serving more than 5,388 locations as of July 31, 2022.

In the statement, Radiant said, 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, e-commerce logistics players, railways and retail petroleum distribution outlets.”

Also, the company stated that in case of any revision in the price band, the bid/offer period will be extended by at least three additional working days after such revision in the Price Band, subject to the bid/offer period not exceeding 10 working days.

The equity shares are proposed to be listed on BSE and NSE.