Shares Of Radiant Cash Management Rise Over 13 Per Cent In Debut Trade

The total offer size of Radiant Cash Management Services IPO was reduced to Rs 250.76 crore, comprising fresh issuance of shares worth Rs 51.27 crore and an OFS of Rs 199.5 crore.

Radiant Cash Management Services commanded a market valuation of Rs 1,117.23 crore on the BSE.

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Shares of Radiant Cash Management Services ended with over 13 per cent gain in its debut trade on Wednesday against the issue price of Rs 94. The stock listed at Rs 99.30, registering a gain of 5.63 per cent against the issue price on the BSE. During the day, it jumped 24.14 per cent to Rs 116.70. The stock ended at Rs 104.70 apiece, up 11.38 per cent.

On the NSE, shares of the company made its debut at Rs 103, higher by 9.57 per cent. It ended at Rs 106.50 per share, a jump of 13.29 per cent.

The company commanded a market valuation of Rs 1,117.23 crore on the BSE. The initial public offer of Radiant Cash Management Services was subscribed just 53 per cent last month. The Rs 388-crore initial share-sale had a price range of Rs 94-99 a share.

The issue was subscribed just 53 per cent during December 23-27, but the IPO sailed through after the company significantly reduced its offer-for-sale component.

The total offer size was reduced to Rs 250.76 crore, comprising fresh issuance of shares worth Rs 51.27 crore and an OFS of Rs 199.5 crore. Earlier, the IPO size was Rs 388 crore, consisting of fresh issue of Rs 60 crore and an offer-for-sale of Rs 328 crore by promoter and investor.

In the broader market, the BSE benchmark ended 637 points (1.04 per cent) lower at 60,657

Radiant Cash Management Services (RCMS) was founded in March 2005. The company's clients include foreign, private, and public sector banks, and the end-user of its services include some of the largest e-commerce companies, retail chains, NBFCs, insurance firms, according to information available on the firm's website.