The public issue of Radiant Cash Management Services witnessed a muted response on December 26, the second day of bidding, partly due to volatility in the secondary market. So far, the offer has received bids for 29.77 lakh equity shares against the IPO size of 2.74 crore shares, thereby getting 11 percent subscribed.
Qualified institutional buyers (QIBs) were ahead in supporting the issue, buying 16 percent shares of the allotted quota, while retail investors bid for 12 percent shares of the reserved portion.
The part set aside for high net worth individuals was subscribed 3 percent. Half of the offer is reserved for QIBs, 15 percent for non-institutional investors (high net-worth individuals), and the remaining 35 percent for retail investors.
The retail cash management services provider aims to mop up Rs 388 crore via maiden public issue at the upper end of the price band of Rs 94- Rs 99 per share, of which Rs 116.38 crore has already been raised from anchor book on December 23, a day before the issue opening.
The offer comprises a fresh issuance of shares worth Rs 60 crore, and an offer for sale of Rs 328 crore by promoter David Devasahayam and investor Ascent Capital Advisors India.
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The public issue will close on December 27.
Incorporated in 2005, Radiant Cash Management Services provides retail cash management services for banks, financial institutions, and organised retail and e-commerce companies in India.
The company will finalise its IPO share allotment by December 30. The refunds will be credited to unsuccessful investors by January 2, and the equity shares will be transferred to eligible investors' Demat accounts by January 3.
It will make its debut on the BSE and NSE on January 4.
In the last month of the current calendar year, a total of seven IPOs have been launched including Abans Holdings, Sula Vineyards, Landmark Cars, KFin Technologies, and Elin Electronics. Sah Polymers will be the last IPO of this year, which is set to open on December 30.