Radiant Cash Management Services, with the support of private equity firm Ascend Capital, has filed initial paperwork with SEBI to tap into the primary market for finance. The IPO of the integrated cash logistics player is Rs. 60 crore worth of shares and up to 30.13 million shares (OFS) of existing advertisers and shareholders
In OFS, Colonel David Devasakaya will sell 10.13 million shares and Ascent Capital Advisors India will sell 20 million shares.
The company uses the IPO proceeds to finance its working capital requirements and to purchase specially manufactured armored vans.
Founded in Chennai in 2005 by Colonel David Devasakayam, Radiant Cash Management Services is an integrated cash logistics player and the largest retailer of cash management (RCM) in India. It operates in five verticals. Withdrawal and distribution, network currency management, cash processing, cash vans / cash and other value added services.
Its customers include Axis Bank, Citibank, Deutsche Bank, ICICI Bank and State Bank of India, as well as e-commerce companies, retail chains, railways and retail petrol stations.
IIFL Securities, Motilal Oswal and Yes Securities are the leading managers of this issue.