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All that you should know about the Company before applying for the IPO.

December 21, 2022     

The public issue of equity shares of RADIANT CASH MANAGEMENT SERVICES LIMITED will open for subscription on December 23, 2022 and closes on December 27, 2022. It is expected to list on the stock exchanges on January 04, 2023. What does the company do? Why is the company going public? Who are its key competitors? Its key strengths, and lot more. Here’s everything that you want to know about the company to analyse the IPO.

Company Profile

Incorporated in 2005, the company (“Radiant”) is an integrated cash logistics player with leading presence in retail cash management (“RCM”) segment of the cash management services industry in India and is one of the largest players in the RCM segment in terms of network locations or touch points served as of March 31, 2022. They cater to broad set of outsourcing requirements pertaining to cash management services for banks, financial institutions, organized retail, and e-commerce companies in India. Radiant operates their business across 5 verticals: (i) Cash pick-up and delivery, (ii) Network currency management, (iii) Cash processing, (iv) Cash vans /cash in transit, (v) Other value-added services.

Radiant provides services across 13,044 pin codes in India covering all districts (other than Lakshadweep) with about 55,513 touch points serving more than 5,388 locations as of July 31, 2022. As of July 31, 2022, they had a fleet of 739 specially fabricated armoured vans through a combination of leased vehicles and on short term contractual basis. This allows them to service clients across the length and breadth of the nation along with the support of a team consisting of 8,780 persons, including employees and contractual workers.

Their marquee clients include some of the largest foreign, private, and public sector banks, and the end user of the services include some of the largest e-commerce companies, retail chains, NBFCs, insurance firms, ecommerce logistics players, railways, and retail petroleum distribution outlets such as Axis Bank, Citibank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, SBI, Bajaj Finance, Equitas Small Finance Bank, Delhivery, among others.

Who are the Promoters of the Company?

Col. David Devasahayam and Dr. Renuka David

Positives about the Company

  • Leading integrated cash logistics player in a consolidating industry 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
  • Robust Operational Risk Management
  • Significantly built-up technology to optimize operational profitability
  • Steady financial growth
  • Experienced management team and backed by a reputed institutional investor

Who are its listed peers?

  • SIS Limited
  • CMS Info Systems Limited

Why is the Company going public?

Given below are the objectives of the Company –

The Offer comprises a Fresh Issue by the company and an Offer for Sale by the selling shareholders. The company will not receive any proceeds from the Offer for Sale.

The Company proposes to utilise the Net Proceeds from the Fresh Issue towards funding of the following objects:

  • Funding working capital requirements
  • Funding of capital expenditure requirements for purchase of specially fabricated armoured vans
  • General Corporate Purposes

IPO Details

IPO Size ₹ 387.94 Crore *
Offer Mix Fresh Issue ₹ 60 Crore + Offer For Sell ₹ 327.94 Crore
Price Band ₹ 94 - ₹ 99
Lot Size 150 Shares (& in multiples thereof)
Face Value ₹ 1
Application Amount Min. ₹ 14,850 (1 lot) | Max. ₹ 1,93,050 (13 lots) [at upper price band]
Listing on NSE & BSE
Registrar Link Intime India Private Limited
Cut-off time for UPI Mandate Confirmation 27-December-2022 (up to 05:00 PM)
* at upper price band

Category Wise Availability *

QIB ₹ 193.97 Crore
(50% of the Issue Size)
NIB ₹ 58.19 Crore
(15% of the Issue Size)
Retail ₹ 135.78 Crore
(35% of the Issue Size)
* at upper price band

Indicative Issue Timeline

Activity Date
IPO Opens December 23, 2022
IPO Closes December 27, 2022
Finalization of the basis of allotment December 30, 2022
Unblocking of funds / Initiation of refunds January 02, 2023
Credit of equity shares to Demat accounts January 03, 2023
Listing of equity shares January 04, 2023
Source: Company RHP  Alternate Text


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