Radiant Cash Management Services IPO Subscribed 53% On Last Day
The IPO of Radiant Cash Management Services was subscribed just 53% on its last day of subscription. The Radiant Cash IPO price range was at ₹94-99 per share.
The reception to the debut of Radiant Cash Management Services has been relatively quiet.
Up to December 27, the last day of bidding, it received offers for 1.45 crore shares versus an offer size of 2.74 crore shares, representing roughly 53% subscription.
20 percent of the allowed quota has been purchased by retail investors, and 66 percent of the portion reserved for high net worth individuals. Institutional qualified purchasers have offered 1.01 times the amount that was reserved.
For the public offering of new shares to be successful, there must be a total subscription at the QIB desk and at least 90% of bids.
The company had set aside 15% of its public offering for high net worth individuals, 50% for qualified institutional buyers, and the remaining 75% for ordinary investors.
The retail cash management firm wants to raise Rs 388 crore at the top price band. The offer consists of a fresh share issuance for Rs 60 crore and an investor and promoter offer to sell shares for Rs 328 crore.
The offer’s opening price range was between Rs. 94 and Rs. 99 per share.
The proceeds from the fresh issue will be used by the company for general corporate objectives, working capital needs, and the acquisition of specifically constructed armored trucks.
For banks, financial institutions, organized retail, and e-commerce businesses in India, Radiant offers retail cash management services, which include the collecting and delivery of cash.
The category designated for Qualified Institutional Buyers (QIBs) received 100% subscription, while the portion for non-institutional investors received 66% subscription and the amount for Retail Individual Investors (RIIs) 20%.
A fresh issue of maximum ₹60 crore and an offer to sell up to 33,125,000 equity shares are included in the Initial Public Offering (IPO).