Radiant Cash Management IPO: Details of GMP, share allotment, listing date

 Radiant Cash Management IPO: Details of GMP, share allotment, listing date

• Radiant Cash Management IPO was subscribed only 53% on the last day of subscription 

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

The category meant for Qualified Institutional Buyers (QIBs) was fully subscribed, while non-institutional in

Vesters' portion got 66 per cent subscription and Retail Individual Investors (RIIs) got 20 per cent subscription. IIFL Securities, Motilal Oswal Investment Advisors and Yes Securities were the managers to the offer. 

The finalization of share allotment of the public issue is expected this week on Friday, December 30, 2022 and the shares, if allotted, will be credited to demat accounts on Tuesday, January 3, 2023. Link Intime India Private Limited is the Registrar to the Initial Share Sale. 

According to market observers, Radiant Cash Management shares are commanding a premium (GMP) of ₹3 in the gray market today. Meanwhile, the shares of the company are expected to get listed on BSE, NSE next week on Wednesday, Jan 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. 

The proceeds from the fresh issue component will be used for working capital requirements as well as capital expenditure requirements for procurement of specially built armored vans.

Incorporated in 2005, Radiant Cash Management Services Limited is a 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 including collection and delivery of cash from the end user on behalf of its customers. In 2015, Ascent Capital acquired a 37.2% stake in the company.