Radiant Cash Management Services IPO: First-day Growth With A 10% Premium

January 4, 2023 daknewsnetwork

Radiant Cash Management Services IPO: Cash management service Radiant IPO sees first-day growth with a 10% premium.

The listing of shares of Radiant Cash Management Services, a provider of retail cash management services for e-commerce companies, began on Wednesday when the company’s shares made a positive start on the NSE.

On Wednesday, the issue price of its IPO was kept at 94 per share, but it was listed at a premium of more than 10%.

Radiant Cash Management’s share price.

Talking about the shares of Radiant Cash Management, the price band of the IPO was fixed at Rs 94 to 99 per share, but it got listed at Rs 104 per share on NSE.

At the same time, shares of Radiant Cash Management started trading at Rs 99 per share on BSE. The bidding opportunity for IPO investors was open till December 27.

IPO subscription.

The company’s IPO has a fresh issue of Rs 54 crore, which was earlier kept at Rs 60 crore.

At the same time, earlier 3,31,25,000 shares were to be sold under OFS (Offer for Sale), but later it was reduced to 21,222,431 equity shares. 53% of the shares in the Offer were subscribed on the last day of subscription on December 27, 2022.

Whereas, bids were received for 1,45,98,150 shares as against 2,74,29,925 on the first day.

The shares placed for Qualified Institutional Buyers (QIBs) were fully subscribed, while the portion for non-institutional investors was subscribed at 66% and retail individual investors (RIIs) at 20%.

https://digitalamitkaul.online/shares-of-this-company-crashed-and-investors-lost-five-percent/

Allotment of shares.

Anchor investors were allotted Rs 99 per equity share in the shares of Radiant Cash Management. Whereas, for those applying other than anchors, the price band will be allotted at Rs 94 per share.

Radiant Cash Management’s IPO was participated by 16 anchor investors which include HDFC Trustees, Aditya Birla Sun Life Trustees, Emerging Businesses Fund, and Alchemy Emerging Leaders of Tomorrow to name a few.