• Radiant Cash Management IPO had a fresh issue of up to ₹60 crore and an offer for sale (OFS) of up to 33,125,000 equity shares
The share allotment of Radiant Cash Management Services IPO has been finalized and all eyes are now on the stock market debut of the company's shares. The Initial Public Offer (IPO) of Radiant Cash Management Services was subscribed 53% on the last day of subscription on Tuesday, December 27, 2022.
According to market observers, Radiant Cash Management shares are earning a premium (GMP) of ₹7 in the gray market today. Meanwhile, the shares of the company are expected to get listed on BSE, NSE on Wednesday, Jan 4, 2023 this week.
Bids were received for 1,45,98,150 shares against 2,74,29,925 shares on offer in the initial share-sale for ₹388 crore. 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 the portion for non-institutional investors got 66% and retail individual investors (RIIs) 20%.
Radiant Cash Management IPO had 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.
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