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Radiant Cash Management Services made a good stock market debut as shares were listed at Rs 103, a 10 per cent premium to its issue price of Rs 94 per share on the National Stock Exchange (NSE). On the BSE, the stock of diversified commercial services provider opened at Rs 99.30, 6 per cent higher over its issue price.
Post listing, the stock moved higher to Rs 110 per share, 17 per cent higher over its issue price on the NSE. On the BSE, meanwhile, it hit a high of Rs 108.45.
At 10:13 AM; shares of Radian Cash Management Services traded around Rs 101 on the BSE and NSE. A combined 5.7 million shares changed hands on both these exchanges, data shows. In comparison, the S&P BSE Sensex was down 0.51 per cent at 60,983.
Radiant Cash Management Services Limited is the market leader in retail cash management services for banks, financial institutions, and organized retail and e-Commerce companies in India. The company offers a range of services under this segment, which consists of collection and delivery of cash on behalf of our clients from the end user.
Radiant Cash Management Services provide services across 13,044 pin codes in India covering all districts (other than Lakshadweep), with about 55,513 touchpoints serving more than 5,388 locations as of July 31, 2022.
The company’s key clients are Axis Bank, Citibank, Deutsche Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Standard Chartered Bank, State Bank of India, The Hongkong and Shanghai Banking Corporation and Yes Bank.
However, the Rs 388-crore initial public offer of Radiant Cash Management Services was subscribed just 53 per cent. The category meant for Qualified Institutional Buyers (QIBs) was fully subscribed, while non-institutional investors portion received 66 per cent subscription, and Retail Individual Investors (RIIs) 21 per cent.
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