Radiant Cash Management Services Files IPO Papers

Radiant Cash Management Services' IPO will consist of a fresh issue of shares worth Rs 60 crore and an offer for sale of up to 30.13 million shares by existing promoters and shareholders

Radiant Cash Management Services Files IPO Papers

Radiant Cash Management Services was founded by Colonel David Devasahayam in Chennai in 2005

Radiant Cash Management Services, which is backed by the private equity firm Ascent Capital, has filed preliminary papers papers with Sebi to tap the primary market for funds. The integrated cash logistics player's IPO will consist of a fresh issue of shares worth Rs 60 crore and an offer for sale (OFS) of up to 30.13 million shares by existing promoters and shareholders, the company said in its draft red herring prospectus.

In the OFS, Col David Devasahayam will offload 10.13 million shares and Ascent Capital Advisors India will sell up to 20 million shares.

The company will use the IPO proceeds to fund its working capital requirements and buy specially fabricated armored vans.

Founded in 2005 in Chennai by Colonel David Devasahayam, Radiant Cash Management Services is an integrated cash logistics player and among the largest in the retail cash management (RCM) segment in India. It operates in five verticals viz. cash pick-up and delivery, network currency management, cash processing, cash vans /cash in transit and other value-added services.

Its clients include private and public sector banks such as Axis Bank, Citibank, Deutsche Bank, ICICI Bank and State Bank of India, as well as e-commerce companies, retail chains, railways and retail petroleum distribution outlets.

IIFL Securities, Motilal Oswal and Yes Securities are the lead managers to the issue.