Radiant Cash shares to list on the bourses today
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.
The shares of Chennai-based Radiant Cash Management Services will debut on the stock exchanges NSE and BSE on Wednesday i.e. January 4, 2023. The 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.Jan 03, 2023 IST3 Min(s) ReadJan 02, 2023 IST4 Min(s) ReadJan 02, 2023 IST2 Min(s) ReadDec 30, 2022 IST3 Min(s) ReadIf 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.Also Read: OYO IPO likely to be delayed as SEBI asks hotel chain to refile draft papersOf 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.