• Sun. Feb 5th, 2023

Victory over Woes: Radiant CMS surprises Investors with a positive debut, closes the day at 13% premium

Jan 5, 2023
Col David Devasahayam, CMD, Radiant Cash Management services with his fa...

Chennai, January 05, 2023: Chennai Based Radiant Cash Management Services Limited is an integrated cash logistics player with a leading presence in the retail cash management (“RCM”) segment of the cash management services industry in India and are one of the largest players in the RCM segment in terms of network locations or touch points served as of March 31, 2022, made a positive debut on the exchanges and closed the day at a 13% premium to its issue price.

The scrip listed Rs 99.3 per share on BSE and Rs 103 per share on NSE, at a premium of 5.64% and 9.57% respectively. The company’s share price closed at Rs 104.7 per share on the BSE, an 11.38% premium, and at Rs 106.5 per share on the NSE, a 13.30% premium.

As per NSE, the total quantity traded stood at 189.28 lakh shares, on BSE the total Quantity stood at 34.34 lakh shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 235.92 crore. Delivery quantity % to traded quantity stood at 21.98% and 50.37% on NSE and BSE respectively.

Col. David Devasahayam, Chairman and Managing Director – of Radiant Cash Management Services Limited said “Sincere gratitude to all stakeholders and investors who have bestowed their faith in us. This is the beginning of the journey for us and we are committed to long-term shareholder value accretion in long run through consistent performance growth.”

The Market Capitalization of the Company at today’s closing price stood at Rs. 1117.23 Crore as per BSE and Rs. 1136.44 Crore as per NSE.

The public issue with a face value of Re 1 per equity share comprises a fresh issue of up to Rs 54 crore and an offer for sale up to 21,222,431 equity shares by existing shareholders aggregating to Rs 256.64 crore.

Founded in 2005 by Col. David Devasahayam, Radiant Cash Management Services (RCMS) provides services across 13,044 pin codes in India covering all districts (other than Lakshadweep) with about 55,513 touch points serving more than 5,388 locations as of July 31, 2022. Its marquee clients include some of the largest foreign, private and public sector banks, including 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 and the end user of its services include some of the largest e-commerce companies, retail chains, NBFCs, insurance firms, eCommerce logistics players, railways and retail petroleum distribution outlets.

For the four months ended July 31, 2022, and for fiscal 2022, the total annual currency movement, or the total value of the currency passing through its RCM business, amounted to Rs 48,585 crore and Rs 1,30,380 crore respectively. In fiscal 2021, Radiant had the second highest EBITDA margin, ROCE, and ROE amongst organised players in the cash management services segment.

IIFL Securities Limited, Motilal Oswal Investment Advisors Limited, and Yes Securities (India) Limited are the book-running lead managers and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.