Radiant Cash Management Services has decided to launch its initial public offering on December 23. The price band for the offer will be announced by the company on December 20.
The closing date for the public issue will be December 27, 2022, while investors can participate in the anchor book for a day on December 22.
The maiden public issue comprises a fresh issuance of shares worth Rs 60 crore, and an offer for sale of 3.31 crore shares by the promoter and an investor.
Promoter David Devasahayam will be selling 1.01 crore shares and investor Ascent Capital Advisors India 2.3 crore shares through the offer for sale.
In fact, Ascent Capital is the second largest shareholder in the company with 33.61 percent stake, after promoter David Devasahayam, who holds 58 percent shares.
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The retail cash management company is going to utilise fresh issue proceeds for working capital requirements, purchase of specially fabricated armoured vans, and general corporate purposes.
Radiant caters to a broad set of outsourcing requirements pertaining to cash management services for banks, financial institutions, and organised retail and e-commerce companies in India. It claimed to be one of the largest players in the retail cash management segment in terms of network locations or touch points served as of March 2022.
The company reported 18 percent growth in profit at Rs 38.2 crore for the year ended March 2022 compared to the previous year. In the same period, revenue grew by 29 percent to Rs 286 crore.
IIFL Securities, Motilal Oswal Investment Advisors, and Yes Securities are merchant bankers to the issue, while Link Intime India is the registrar.
This would be the sixth offering to be launched in the current month, after Abans Holdings, Sula Vineyards, Landmark Cars, KFin Technologies, and Elin Electronics.