Radiant Cash Management Services lists at 9.5% premium on market debut; details here

Radiant Cash Management Services made a good debut on the bourses today, 4 January. On the National Stock Exchange (NSE), shares of the diversified commercial services provider were listed at Rs 103 apiece, a 9.5 percent premium against its initial issue price of Rs 94 per share. The stock of Radiant Cash Management opened at Rs 99.30, 6 percent higher than its issue price on the Bombay Stock Exchange (BSE). At 2:43 pm, the shares of Radiant Cash Management Services were trading at Rs 103.20, up by 9.79 percent from its issue price. At the same time, the stock was trading at Rs 103.55 on the BSE, a jump of over 10 percent compared to its issue price. However, market experts had predicted muted listing since the company failed to receive a positive response from investors ahead of its share market debut. Also, it recorded a below-par performance in the grey market. Radiant Cash’s initial public offering (IPO) began on 23 December and concluded on 27 December. Only 53 percent of the Radiant Cash Management Services’ initial public offering was subscribed. The category designated for Qualified Institutional Buyers (QIBs) obtained 100 percent subscription, compared to 66 percent for non-institutional investors and 21 percent for Retail Individual Investors (RIIs). The IPO’s total size was decreased by the company from Rs 387.94 crore to Rs 256.66 crore. In addition, the offer for sale was cut from 33,125,000 shares to 21,222,431 equity shares, or from Rs 327.94 crore to Rs 202.09 crore. The fresh issue component was decreased from Rs 60 crore to Rs 54 crore. The working capital needs will be covered by Rs 20 crore of the IPO proceeds. An additional 25.5 crore would be used to support capital expenditure to purchase specially-designed armoured vans. Radiant Cash, an integrated cash logistics expert, is a market leader in the retail cash management industry. Cash pick-up and delivery, network currency management, cash processing, cash vans or cash in transit, and value-added services are the five business segments that the company operates. As of 31 July 2022, Radiant Cash Management Services has around 55,513 touchpoints serving more than 5,388 locations and providing services over 13,044 pin codes in India, including all districts except for Lakshadweep. Axis Bank, Citibank, Deutsche Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Standard Chartered Bank, State Bank of India, The Hongkong and Shanghai Banking Corporation, and Yes Bank are some of the company’s most important clients. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.