Radiant Cash Management Services IPO
Radiant Cash Management Services IPO — date, price band, lot size & details 2022
Radiant Cash Management Services listed on 4 Jan 2023 at ₹103, 9.6% above the ₹94 issue price.
Radiant Cash Management Services is an integrated cash logistics company with a leading presence in retail cash management for banks, retailers and e-commerce firms. Its total income was Rs 286.97 crore in FY2022.
Stock price
Radiant Cash Management Services is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 23 Dec 2022
- Close 27 Dec 2022
- Allotment 30 Dec 2022
- Refund/credit 02 Jan 2023
- Listing 04 Jan 2023
Issue summary
The terms of the offer, as filed.
| IPO Dates | 23 to 27 Dec, 2022 |
|---|---|
| Price Band | ₹94 – ₹99 |
| Face Value | ₹1 |
| Lot Size | 150 Shares |
| Issue Size | ₹256.64 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,100 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 150 shares at the ₹94 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 150 | ₹14,100 |
| Retail (max) | 14 | 2,100 | ₹1,97,400 |
| S-HNI (min) | 15 | 2,250 | ₹2,11,500 |
| S-HNI (max) | 70 | 10,500 | ₹9,87,000 |
| B-HNI (min) | 71 | 10,650 | ₹10,01,100 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 224.16 crore in FY2021 to Rs 286.97 crore in FY2022.
- 02The source puts return on net worth at 27.34% and the EBITDA margin at 20.73%.
- 03It served about 55,513 touch points across 13,044 pin codes on 31 July 2022.
- 04Borrowing was low at Rs 25.54 crore on 30 June 2022, against net worth of Rs 155.19 crore.
- 05The P/E was 24.93 at the issue price of Rs 94, based on pre-issue EPS of Rs 3.77.
Risks · 5
- 01Most of the issue, Rs 202.64 crore, was offer for sale, so only about Rs 54 crore went to the company.
- 02Cash handling depends on cash use in the economy, and digital payments can reduce demand. Touch points fell from 47,270 in Fiscal 2020 to 42,420 in Fiscal 2021.
- 03Profit has been flat, at Rs 36.50 crore in FY2020 and Rs 38.21 crore in FY2022.
- 04Moving and storing cash carries risk of theft, fraud and staff misconduct across about 2,012 employees.
- 05Promoter holding fell from 66.39% before the issue to about 56.92% after it, as per the prospectus share counts.
Three years of numbers
All figures in ₹ crore, as reported in the Radiant Cash Management Services offer document.
| Metric | 30 Jun 2022 | 31 Mar 2022 | 31 Mar 2021 | 31 Mar 2020 |
|---|---|---|---|---|
| Assets | 203.95 | 190.57 | 162.14 | 157.62 |
| Total Income | 84.38 | 286.97 | 224.16 | 251.78 |
| Profit After Tax | 15.32 | 38.21 | 32.43 | 36.50 |
| NET Worth | 155.19 | 139.76 | 127.10 | 119.57 |
| Reserves and Surplus | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Borrowing | 25.54 | 26.75 | 11.05 | 21.13 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Radiant Cash Management Services RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Radiant Cash Management Services IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹3.77 | ₹5.74 |
| P/E Ratio (x) | 24.93 | 16.38 |
| Market Cap at Offer Price (₹ Cr) | ₹381.98 | ₹250.89 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹94 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹49.25 Cr of the issue is earmarked to named objects.
About the company
It collects and delivers cash on behalf of clients, and also offers cash processing, vaulting and related services. Its clients include some of the largest foreign, private and public sector banks, and end users include e-commerce companies, retail chains, NBFCs, insurers, railways and fuel outlets.
On 31 July 2022 it served 13,044 pin codes covering all districts other than Lakshadweep, with about 55,513 touch points across more than 5,388 locations.
The IPO was Rs 256.64 crore, with about Rs 54 crore of fresh issue and Rs 202.64 crore of offer for sale by the promoter and Ascent Capital. The issue was priced at Rs 94, the bottom of the Rs 94 to 99 band. Fresh money was planned for working capital and armoured vans.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Radiant Cash Management Services IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Motilal Oswal Investment Advisors
47 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Metro Brands (-12.6%).
IIFL Capital Services Limited
86 issues handledBest listing: MTAR Technologies (+82.6%). Weakest: Rategain Travel Technologies (-15.3%).
YES Securities (India) Ltd
4 issues handledBest listing: eMudhra (+5.5%). Weakest: Lodha Developers (-10.3%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Radiant Cash Management Services?
The current Grey Market Premium is ₹1.01, or 1% over the issue price.
What is the Radiant Cash Management Services IPO price band?
₹94 to ₹99, on a face value of ₹1.
When is the allotment?
The basis of allotment is 30 December 2022, with listing on 4 January 2023.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
