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 consisting of collection and delivery of cash on behalf of our clients from the end user.
The business operates across five verticals:
1. cash pick-up and delivery
2. network currency management (also known as cash burial in industry parlance)
3. cash processing
4. cash vans /cash in transit
5. other value added services
The company’s management is supported by a qualified and motivated pool of about 1,761 employees as of July 31, 2021.
Radiant Cash Management Services provide services across 12,150 pin codes in India covering all districts (other than Lakshadweep) with about 42,420 touchpoints serving more than 4,700 locations as of July 31, 2021.
The company’s key clients are Axis Bank Limited, Citibank, Deutsche Bank Limited, HDFC Bank Limited, ICICI Bank Limited, Kotak Mahindra Bank, Standard Chartered Bank, State Bank of India, The Hongkong and Shanghai Banking Corporation Limited and Yes Bank Limited.
Radiant CMS IPO – Details
| IPO Opening Date | 23 December 2022 |
| IPO Closing Date | 27 December 2022 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 3,91,85,606 Shares Worth ₹387.94 Crore |
| Fresh Issue | 60,60,606 Shares Worth Rs 60 Crore |
| Offer For Sale | 3,31,25,000 Shares Worth Rs 327.94 Crore |
| Face Value | ₹1 per equity share |
| IPO Price | ₹94 to ₹99 |
| Market Lot | 150 Shares |
| Min Order | 150 Share (1 Lot) |
| Listing At | BSE, NSE |
| Register | Link Intime India Private Limited |
| QIB Shares Offered | 50% |
| Retail Shares Offered | 35% |
| NII (HNI) Shares Offered | 15% |
Radiant CMS IPO – Date Schedule
| IPO Open Date | 23 December 2022 |
| IPO Close Date | 27 December 2022 |
| Basis of Allotment Date | 30 December 2022 |
| Initiation of Refunds | 02 January 2023 |
| Credit of Shares to Demat Account | 03 January 2023 |
| IPO Listing Date | 04 January 2023 |
Radiant CMS IPO – Lots Size & Price
| Application | Lots | Shares | Amount ( Cut-Off) |
| Minimum | 1 | 150 | 14,850 |
| Maximum | 13 | 1950 | 1,93,050 |
| S-HNI (Min) | 14 | 2100 | 2,07,900 |
| B-HNI (Min) | 68 | 10,200 | 10,09,800 |
Competitive Strengths
- Leading integrated cash logistics player in a consolidating industry present across the value chain of retail cash management.
- Pan India presence with strong network in Tier 2 and Tier 3+ locations and fast-growing end-user segments.
- Diversified client base with long-standing relationship and ability to cross-sell value-added services.
- Robust Operational Risk Management.
- Significantly built-up technology to optimize operational profitability.
- Steady financial growth.
- The experienced management team and backed by a reputed institutional investor.
Company Promoters
- Col David Devasahayam
- Dr. Renuka David
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax |
|---|---|---|---|
| 31 March 2019 | 223.13 | 186.65 | 25.01 |
| 31 March 2020 | 251.78 | 201.52 | 36.50 |
| 31 March 2021 | 224.15 | 179.11 | 32.43 |
| 30 June 2021 | 59.87 | 49.64 | 7.44 |
| 31 March 2022 | 286.97 | 234.91 | 38.20 |
| 30 June 2022 | 84.39 | 63.82 | 15.31 |
Object Of The Issue
- Funding working capital requirements.
- Funding of capital expenditure requirements for purchase of specially fabricated armoured vans.
- General corporate purposes.
Radiant CMS IPO Peer Comparison
| S. No. | Face Value | Company Name | PE |
| 1 | 5 | SIS Limited | 17.62 |
| 2 | 10 | CMS Info System Limited | 21.79 |
Radiant CMS IPO Strengths
- Leading integrated cash logistics player in a consolidating industry present across the value chain of retail cash management.
- Pan India presence with strong network in Tier 2 and Tier 3+ locations and fast growing end user segments.
- Diversified client base with long standing relationship and ability to cross-sell value added services.
- Robust Operational Risk Management.
- Significantly built up technology to optimise operational profitability.
Radiant CMS IPO Risks
- The business is highly dependent on the banking sector in India to generate revenues, and any changes within Indian banks that affects their utilisation of and demand for cash management services could affects the business and its operations.
- If one or more of the key customers were to suffer a deterioration in their business, cease doing business or substantially reduce its dealings with the, the revenues could decline.
- A decrease in the availability or use of cash as the predominant mode of payment in India could have an adverse effect on the business as cashless payments system gains traction.
- The currency demonetisation measures had a significant impact on the cash circulation in India and there is uncertainty whether similar unanticipated measures could be adopted, hence the future remains unpredictable.
- Given the large volumes of cash handled, the firm are exposed to various operational risks, including armed robbery, endcustomer or third-party fraud, theft or embezzlement by employees or, reporting errors, both deliberate and inadvertent, and failure to meet specific requirements under applicable service agreements for which we may incur penalty charges.
Promoter Holding
| Pre Issue Share Holding | 66.39% |
| Post Issue Share Holding | 53.21% |
Radiant CMS IPO Prospectus
Company Contact Information
| Radiant Cash Management Services Limited 28, Vijayaraghava Road, T. Nagar, Chennai 600 017, Tamil Nadu, India Tel: +91 044 4904 4904 E-mail: jayabharathi@radiantcashlogistics.com Website: www.radiantcashservices.com |
Radiant CMS IPO Registrar
| Link Intime India Private Limited C 101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai 400 083 Maharashtra, India Tel: +91 22 4918 6200 E-mail: radiant.ipo@linkintime.co.in Website: https://www.linkintime.co.in/ |
Radiant CMS IPO Lead Manager(s)
| 1. IIFL Securities Limited 2. Motilal Oswal Investment Advisors Limited 3. YES Securities (India) Limited |
Radiant CMS IPO FAQs
| What is Radiant CMS IPO? Radiant CMS IPO is a main-board IPO. The issue is priced at ₹94 to ₹99 per equity share. The IPO is to be listed on BSE & NSE. |
| When Radiant CMS IPO will open? The IPO is to open on 23 December 2022 for QIB, NII, and Retail Investors. |
| What is Radiant CMS IPO Investors Portion? The investors’ portion for QIB-50%, NII-15%, and Retail 35%. |
| How to Apply the Radiant CMS IPO? You can apply Radiant CMS IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Radiant CMS IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Radiant CMS”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Radiant CMS IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Radiant CMS”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Radiant CMS IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Radiant CMS”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Radiant CMS IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Radiant CMS”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is Radiant CMS IPO Size? Radiant CMS IPO size is ₹387.94 crores. |
| What is Radiant CMS IPO Price Band? Radiant CMS IPO Price Band is ₹94 to ₹99. |
| What is Radiant CMS IPO Minimum and Maximum Lot Size? The minimum bid is 150 Shares with ₹14,850 amount while the maximum bid is 1950 Shares with ₹1,93,050. |
| What is the Radiant CMS IPO Allotment Date? Radiant CMS IPO allotment date is 30 December 2022. |
| What is the Radiant CMS IPO Listing Date? Radiant CMS IPO listing date is 04 January 2023. The IPO is to list on BSE and NSE. |
