Radiant Cash IPO | Review

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Radiant Cash Management Services Limited has come up with an initial public offer (IPO). It will open on December 23-27 at Rs.94-99 a share. The IPO issue size is around Rs.387.94 crores. The minimum bid will be for 150 shares and in its multiples thereafter.


Radiant Cash Management Services Limited was incorporated in the year 2005. It is an integrated cash logistics player with a leading presence in the retail cash management (“RCM”) segment in India. Also, it is one of the largest players in the RCM segment in terms of network locations or touch points served. It provides services across 13,044 pin codes in India covering all districts with about 55,513 touch points serving more than 5,388 locations. The company’s 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, eCommerce logistics players, railways and retail petroleum distribution outlets.

The company caters to a broad set of outsourcing requirements pertaining to cash management services for banks, financial institutions, organized retail and e-commerce companies in India. It operates business across five verticals, namely 1) cash pick-up and delivery; 2) network currency management; 3) cash processing; 4) cash vans /cash in transit and 5) other value-added services.

Radiant Cash Ltd is present across touch points in tier 2 and tier 3+ towns and cities across all districts in India. Its ability to offer RCM services across India, with presence in tier 2 and tier 3+ towns and cities has enabled it to attract some of the largest foreign, private and public sector banks in India as clients.

Website https://radiantcashservices.com/


Col. David Devasahayam  – 58.00%Dr. Renuka David – 8.39%

Promoter Holding

Pre-Issue Shareholding – 66.39%Post-Issue Shareholding – 53.21%

Strength & Weakness

Leading integrated cash logistics playerHighly dependent on the banking sector
Pan India presence with a strong networkBusiness is exposed to operational risks
Experienced management teamSubstantial revenue from a limited no. of customers
Long-standing relationship with clientsSignificant expenses in relation to employee benefits
Robust Operational Risk ManagementEntered into related party transactions
Significantly built up technologyExposed to various security risks
Steady financial growthBusiness is subject to seasonal fluctuations


Cash Pick-up and DeliveryCash Processing
Network Currency ManagementCash Vans / Cash in Transit
ATM Other Value-Added Services


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Company Financials

YearRevenue (in Crore)Profit (in Crore)

Objects of Issue

1) Offer for Sale is to allow the Selling Shareholders to sell Equity Shares held by them.

2) Funding working capital requirements

3) Funding of capital expenditure requirements for the purchase of specially fabricated armoured vans

4) General corporate purposes.

Radiant Cash IPO Lot Size

Retail (Min)1150Rs.14,850
Retail (Max)131950Rs.1,93,050
S-HNI (Min)142100Rs.2,07,900
B-HNI (Max)6810,200Rs.10,09,800

Radiant Cash IPO Details

IPO Opening Date December 23, 2022
IPO Closing Date December 27, 2022
Face Value Rs.1 per Equity Share
IPO Price Rs.94-99 per share
Market Lot 150 shares
Minimum Order Quantity 150 shares
Listing At NSE, BSE
No. of shares offered (Fresh Issue)60,60,606 shares
No. of shares offered (OFS)33,125,000 share
Issue Size Up to Rs.387.94 Crore
QIB Shares Offered 50% of the offer
Retail Shares Offered 35% of the offer 
NII/HNI Shares Offered 15% of the offer

Radiant Cash IPO Timetable

IPO DateDecember 23-27, 2022
Allotment DateDecember 30, 2022
Initiation of RefundsJanuary 02, 2023
Credit of share to Demat a/cJanuary 03, 2023
IPO Listing DateJanuary 04, 2023

Allotment Status

Link Intime – https://linkintime.co.in/

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About the author

Shankar Awale

Hey! I am Shankar Awale an aspiring blogger with an obsession for all things of Finance. This blog is dedicated to help people to learn about Financial Knowledge in easy language.

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