Radiant Cash Management Services Ltd's initial public offer (IPO) will open for subscription on December 23, and close on December 27. The company has fixed the price band at ₹94 to 99 per equity share for the proposed initial public offer.
Investors can bid for a minimum of 150 equity shares and in multiples thereafter.
The public offering, which has a face value of 1 rupee per equity share, consists of a fresh issue of shares worth ₹60 crore and an offer for sale (OFS) by existing shareholders of up to 3.31 crore equity shares.
Promoter Col. David Devasahayam will sell 1.01 crore shares through the OFS process, and investor Ascent Capital Advisors India will sell 2.3 crore shares.
According to the Red Herring Prospectus (RHP), the net proceeds of the fresh issue will be utilised to fund working capital requirements, capital expenditure requirements for purchase of specially fabricated armoured vans, and general corporate purposes.
IIFL Securities Limited, Motilal Oswal Investment Advisors Limited, and Yes Securities (India) Limited are the book running lead managers.
The equity shares are proposed to be listed on BSE and NSE.
As per Company Commissioned F&S Report, the company provides service across 13,044 pin codes in India covering all districts (other than Lakshadweep) with about 55,513 touch points serving more than 5,388 locations as of July 31, 2022. In fiscal 2021, it had the second highest EBITDA margin, ROCE and ROE amongst organised players in the cash management services segment.