Business

Upcoming IPO: Radiant Cash Management Services files draft papers for initial offer

New Delhi: Radiant Cash Management Services has filed preliminary papers with market regulator SEBI for initial share sale, which includes fresh issue of shares up to Rs 60 crore.

The Chennai-based company, an integrated cash logistics player with a leading presence in the retail cash management segment, will primarily utilize the fresh issue proceeds from the initial public offering (IPO) to finance working capital and capital expenditure requirements.

According to the draft Red Herring Prospectus (DRHP), the IPO includes fresh issue of shares up to Rs 60 crore and offer for sale (OFS) of 3 crore shares by promoter Col David Devasyam and private equity firm Ascent Capital Advisors India. .

In 2015, Ascent Capital had acquired 37.2 per cent stake in the company.

Out of the amount received from the fresh issue, Rs 20 crore will be used for financing working capital requirements and Rs 23.92 crore for purchase of specially built armored vans for capital expenditure requirements.

IIFL Securities Limited, Motilal Oswal Investment Advisors Limited and Yes Securities (India) Limited are the Book Running Lead Managers of the issue.

At least four companies have filed draft papers for IPOs in the last two weeks. With the stock market booming, many companies are taking the IPO route to raise funds. Read also: TCS Recruitment: In IT major recruitment spree, plans to hire 40,000 candidates

In the first nine months of this year, 72 companies have come out with their IPOs. Read also: Big blow to Dream11! Gaming app shuts down operations in Karnataka after FIR

By Naveen Bharat Staff

 

 

Back to top button