Cash-logistics company Radiant Cash Management raises ₹116 crore from anchor investors

• Prominent Investors have bought 1.17 crore shares in RCMS via anchor book such as HDFC Trustee, Aditya Birla Sun Life Trustee, Emerging Business Fund and more.
  
• Radiant Cash Management provides services such as cash pick-up and delivery; network currency management; cash processing; cash vans /cash in transit and other value added services.
  
• RCMS is proposing to open its initial public offering of equity shares on Friday, December 23, 2022, and close on Tuesday, December 27, 2022.

Radiant Cash Management Services Limited (RCMS), an integrated cash logistics company in India has raised ₹116.38 crore from anchor investors ahead of its initial public offering on Friday, December 23, 2022.

The company informed the bourses that it allocated 1,17,55,681 shares at ₹99 per share on Thursday, December 22, to anchor investors.

Prominent investors have bought 1.17 crore shares in the company via anchor book such as HDFC Trustee, Aditya Birla Sun Life Trustee, Emerging Business Fund, Alchemy Emerging Leaders of Tomorrow, Citigroup Global Markets, Dovetail India Fund, Societe Generale, BNP Paribas Arbitrage, UTI Mutual Fund, and Saint Capital Fund.

Its marquee clients include Axis Bank Limited, Citibank, Deutsche Bank Limited, HDFC Bank Limited, ICICI Bank Limited, Kotak Mahindra Bank, Standard Chartered Bank, State Bank of India, The Hongkong and Shanghai Banking Corporation Limited and Yes Bank Limited.

“The company operates its business across five verticals, namely cash pick-up and delivery; network currency management (also known as cash burial in industry parlance); cash processing; cash vans /cash in transit and other value added services,” RCMS said in a statement.

Founded in 2005 by Col. David Devasahayam, Radiant Cash Management Services provides services across 13,044 pin codes in India covering all districts (other than Lakshadweep) as of July 31, 2022, the company revealed.

“Radiant Cash Management Systems’ revenue from operations increased 29.04% to ₹286.04 crore for fiscal 2022 from ₹221.67 crore during the year ended March 2021, while its profit after tax during the year grew 17.81% to ₹38.21 crore for fiscal 2022 from ₹32.43 crore for fiscal 2021,” RCMS shared.

The company closes its initial public offering of equity shares on Tuesday, December 27, 2022. As per RCMS, the IPO is estimated to fetch ₹388 crore at the upper end of the price band. Investors can bid for a minimum of 150 equity shares and in multiples of 150 equity shares thereafter, the company states.

SEE ALSO: Landmark Cars lists at nearly 7% discount on bourses amid weak market sentiment
From Shark Tank S2 to Indian 2, a look at the most anticipated sequels releasing in 2023
Radiant Cash Management Services IPO – Here are 10 things you need to know before subscribing