Shares of Radiant Cash Management Services Ltd listed on the bourses at a premium on Wednesday.
On the NSE, the was listed at ₹103 per share, 9.6 percent higher than the issue price, and on the BSE, the stock was listed at ₹99.30 per share, 5.6 percent higher than the issue price.
The stock hit a high of ₹108.45, and a low of ₹98, on the BSE.
At 10:16 IST, the stock was trading at ₹104 per share, 11.01% higher on the NSE.
On the final day, the public offer was subscribed 0.53 times or 53 percent. Qualified institutional buyers (QIB) oversubscribed the public offering while slightly more than half of the non-institutional investors' portion was subscribed. However, retail investors did not show much of interest
The IPO that opened for subscription on Friday, December 23, closed on Tuesday, December 27.
The company's total IPO size was reduced from ₹387.94 crore to ₹256.66 crore, as the allotment price was reduced from ₹99 to ₹94.
The fresh issue component was reduced from ₹60 crore to ₹54 crore, and offer for sale from ₹327.94 crore to ₹202.09 crore.
According to an exchange filing, the company garnered ₹116.38 crore from anchor investors. On Thursday, December 22, the company informed the bourses that it allocated 1,17,55,681 shares at ₹99 per share to anchor investors.
While allotment to anchor investors was done at ₹99 per equity share, people who have applied excluding anchor will be allotted at the lower price band i.e ₹94 per share.
Anchor investors include HDFC Trustee, Aditya Birla Sun Life Trustee, Emerging Business Fund, Alchemy Emerging Leaders of Tomorrow, Citigroup Global Markets, Dovetail India Fund, Societe Generale, BNP Paribas Arbitrage, UTI Mutual Fund, and Saint Capital Fund.
Out of the total allocation of 1,17,55,681 equity shares, 32,32,800 equity shares (27.50 percent of the total allocation to anchor investors) were allocated to three domestic mutual funds through a total of 5 schemes.
The company had fixed the price band at ₹94 to 99 per equity share for the proposed initial public offer.
IIFL Securities Limited, Motilal Oswal Investment Advisors Limited, and Yes Securities (India) Limited are the book running lead managers.