Radiant Cash Management Services is planning to raise Rs 387.94 crore through an initial public offering. The IPO subscription will be open from December 23 to December 27, 2022. The price band is fixed at Rs 94-99 per share.
The IPO comprises of fresh issue of shares worth Rs 60 crore and offer for sale of shares worth Rs 327.94 crore. The face value is fixed at Re 1 per share.
Radiant Cash Management Services is an integrated cash logistics player with leading presence in retail cash management (“RCM”) segment of the cash management services industry in India. It is one of the largest players in the RCM segment in terms of network locations as it provides services across 13,044 pin codes in India covering all districts (other than Lakshadweep). The company has 55,513 touch points serving more than 5,388 locations as of July 31, 2022.
The company operates their business across five verticals — cash pick-up and delivery; network currency management; cash processing; cash vans /cash in transit; and other value added services.
The company’s marquee clients include some of the largest foreign, private and public sector banks, and the end user of our services include some of the largest e-commerce companies, retail chains, NBFCs, insurance firms, e-commerce logistics players, railways and retail petroleum distribution outlets. Amongst the company’s key clients are 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.
Radiant’s end user segments are fairly well diversified across multiple sectors, including e-commerce companies, retail chains, NBFCs, insurance firms, ecommerce logistics players, railways and retail petroleum distribution outlets. Some of the end users of our services include Bajaj Finance, Equitas Small Finance Bank, Ecom Express Private, Delhivery and Hiveloop Logistics.
Further, Radiant has created ‘RADMUS’ mobile application which is an enterprise mobile application for secure end-to-end reconciliation between the customer, end user and Radiant.
- Leading integrated cash logistics player present across the value chain of retail cash management
- Pan India presence with strong network in Tier-2 and Tier-3 locations and fast growing end user segments.
- Diversified client base with long standing relationship and ability to cross-sell value added services.
- Strong operational risk management framework with frequent audits.
- Significant digitisation of processes and augmentation of technology platforms to optimise operational profitability
- Track record of strong financial performance and delivering returns to shareholders.
- Experienced management team backed by a reputed institutional investor
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Purpose of the IPO
- The company plans to use the net proceeds from fresh issue of shares for funding its working capital requirements aggregating up to Rs 20 crore.
- It also plans to fund its capital expenditure requirements for purchase of specially fabricated armoured vans totalling Rs 25.48 crore.
- General corporate purposes.
- Further, the purpose of the offer for sale is to allow the selling shareholders to offload up to 3,31,25,000 equity shares held by them. In addition, the company expects to receive the benefits of listing its equity shares as well as create a public market for its equity shares in India.
David Devasahayam and Renuka David are the promoters of the company.
IPO Subscription Opening Date
December 23, 2022
IPO Subscription Closing Date
December 27, 2022
Re 1 per share
Rs 94 to Rs 99 per share
3,91,85,606 shares aggregating up to Rs 387.94 crore
60,60,606 shares aggregating up to Rs 60 crore
Offer for Sale
3,31,25,000 shares aggregating up to Rs 327.94 crore
Book Built Issue IPO
IPO Lot Size
Small HNI (Minimum)
Large HNI (Minimum)