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.
Overview
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/
Promoters
| Col. David Devasahayam – 58.00% | Dr. Renuka David – 8.39% |
Promoter Holding
| Pre-Issue Shareholding – 66.39% | Post-Issue Shareholding – 53.21% |
Strength & Weakness
| Strengths | Weaknesses |
| Leading integrated cash logistics player | Highly dependent on the banking sector |
| Pan India presence with a strong network | Business is exposed to operational risks |
| Experienced management team | Substantial revenue from a limited no. of customers |
| Long-standing relationship with clients | Significant expenses in relation to employee benefits |
| Robust Operational Risk Management | Entered into related party transactions |
| Significantly built up technology | Exposed to various security risks |
| Steady financial growth | Business is subject to seasonal fluctuations |
Verticals
| Cash Pick-up and Delivery | Cash Processing |
| Network Currency Management | Cash Vans / Cash in Transit |
| ATM | Other Value-Added Services |
Clients
| Axis Bank Limited | HDFC Bank Limited |
| ICICI Bank Limited | Kotak Mahindra Bank |
| Standard Chartered Bank | State Bank of India |
| Bajaj Finance Limited | Equitas Small Finance Bank |
| Ecom Express Pvt Ltd | Delhivery Pvt Ltd |
Competitors
| SIS Limited |
| CMS Info Systems Limited |
Company Financials
| Year | Revenue (in Crore) | Profit (in Crore) |
| 31-Mar-2020 | 251.78 | 36.50 |
| 31-Mar-2021 | 224.16 | 32.43 |
| 31-Mar-2022 | 286.97 | 38.21 |
| 30-Jun-2022 | 84.38 | 15.32 |
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
| Application | Lot | Shares | Amount |
| Retail (Min) | 1 | 150 | Rs.14,850 |
| Retail (Max) | 13 | 1950 | Rs.1,93,050 |
| S-HNI (Min) | 14 | 2100 | Rs.2,07,900 |
| B-HNI (Max) | 68 | 10,200 | Rs.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 Date | December 23-27, 2022 |
| Allotment Date | December 30, 2022 |
| Initiation of Refunds | January 02, 2023 |
| Credit of share to Demat a/c | January 03, 2023 |
| IPO Listing Date | January 04, 2023 |
Allotment Status
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