Incorporated in 2005, Radiant Cash Management Services Ltd (RADIANT) is the market

leader in retail cash management services (RCMS) for banks, financial institutions, organized
retail and e-commerce companies in India. Unlike CMS Info Systems and AGS Transact
Technologies, RADIANT majorly deals with RCMS which is a highly underpenetrated
segment in the industry with strong growth potential. RADIANT commands around 40% of
the retail cash management in the industry.
As of 31st Jul 2022, RADIANT had a fleet of 739 specially fabricated armored vans offering
RCMS to 55,513 retail touchpoints(grew from 38,786 in FY19) across 13,044 PIN codes in
India. During FY19-22, RADIANT’s revenue grew at a CAGR of 9.0% to INR 286 cr, which was
mainly driven by 4.8% CAGR in annual cash movement to INR 1,30,380 cr and improvement
in revenue-to-cash movement ratio from 0.20% in FY19 to 0.22% in FY22.
The company added 11,194 retail touchpoints and 124 cash vans during FY19- 22, which
increased its retail network to 49,980 touchpoints and 739 cash vans in FY22. The expansion
in retail touchpoints is expected to be faster in the coming years due to
• Expansion of banking network in underpenetrated
Issue Details:
geographies
Listing: BSE & NSE
• Faster rollout of organized retail in Tier II/III cities and
Open Date: 23rd Dec 2022 towns
Close Date: 27th Dec 2022 • Increasing e-commerce sales.
Price Band: INR 94-99 The addition of new retail touchpoints improved the
Face Value: INR 1 asset utilization of the company, which resulted in better
profit margins. EBITDA and PAT grew at a CAGR of 14.5%
Market Lot: 150 shares
and 15.2% to INR 59 cr and 38 cr, respectively, while
Minimum Lot: 1 Lot EBITDA and PAT margins improved by 282bps to 20.5%
and 203bps to 13.4%, respectively. As a result, return
ratios – RoE and RoIC – improved by 367bps to 27.3% and 2377bps to 62.8% respectively.
The Equity Shares offered through this Red Herring Prospectus are proposed to be listed on
the Stock Exchanges, being NSE and BSE. Our Company has received an ‘in-principle’
approval from BSE and NSE for listing of the Equity Shares pursuant to letters dated
November 12, 2021 and November 11, 2021, respectively. For the purposes of the Offer, the
Designated Stock Exchange shall be NSE.

Name of the Registrar: LINK INTIME INDIA PRIVATE LIMITED

The Promoters of the Company are Col. David Devasahayam and Dr. Renuka David.

Name of the BOOK RUNNING LEAD MANAGERS:

IIFL Securities Limited
Motilal Oswal Investment Advisors Limited
YES Securities (India) Limited

Roles of the Banks:

Sr. Activity Responsibility Co-

No. ordinator
1. Capital structuring, positioning strategy and due IIFL, MOTILAL, IIFL
diligence of the Company including its YES Securities
operations/management/business plans/legal etc.
Drafting and design of the Draft Red Herring
Prospectus, Red Herring Prospectus, Prospectus,
Abridged Prospectus and application form. The BRLMs
shall ensure compliance with stipulated requirements
and completion of prescribed formalities with the Stock
Exchanges, RoC and SEBI
2. Drafting and approval of all statutory advertisements IIFL, MOTILAL, IIFL
YES Securities
3. Appointment of intermediaries viz., Registrar, Printers, IIFL, MOTILAL, IIFL
Advertising Agency, Sponsor Bank, Bankers to the Offer YES Securities
and other intermediaries, including coordination of all
agreements to be entered into with such
intermediaries
4. Drafting and approval of all publicity material other IIFL, MOTILAL, MOTILAL
than statutory advertisement as mentioned in (2) YES Securities
above including corporate advertisement, brochure
and filing of media compliance report
5. Preparation of road show marketing presentation and IIFL, MOTILAL, MOTILAL
frequently asked questions YES Securities
6. International Institutional marketing of the Offer, which IIFL, MOTILAL, MOTILAL
will cover, inter alia: YES Securities
• Institutional marketing strategy;
• Finalizing the list and division of international
investors for oneto-one meetings;
• Finalizing international road show and investor
meeting schedule
7. Domestic Institutional marketing of the Offer, which IIFL, MOTILAL, IIFL
will cover, inter alia: • Institutional marketing strategy; YES Securities
• Finalizing the list and division of domestic investors
for one-to-one meetings; and • Finalizing domestic
road show and investor meeting schedule
8. Conduct non-institutional marketing of the Offer, which IIFL, MOTILAL, MOTILAL
will cover, inter alia: • Finalising media, marketing and YES Securities
public relations strategy; • Finalising centres for
holding conferences etc.
 9. Conduct retail marketing of the Offer, which will cover, IIFL, MOTILAL, YES
inter alia: • Formulating marketing strategies; • YES Securities Securities
Preparation of publicity budget, finalizing media and
public relations strategy. • Finalizing centres for
holding conferences for brokers • Finalizing collection
centres; • Arranging for selection of underwriters and
underwriting agreement and • Follow-up on
distribution of publicity and Offer material including
form, prospectus and deciding on the quantum of the
offer material.
10. Managing the book and finalization of pricing in IIFL, MOTILAL, IIFL
consultation with the Company and the Selling YES Securities
Shareholders.
11. Coordination with Stock Exchanges for Anchor IIFL, MOTILAL, MOTILAL
coordination, Anchor CAN and intimation of anchor YES Securities
allocation, book building software, bidding terminals
and mock trading and deposit of 1% security deposit
with the designated stock exchange
12. Post- Offer activities, which shall involve essential IIFL, MOTILAL, IIFL
follow-up with Bankers to the Offer and SCSBs to get YES Securities
quick estimates of collection and advising our Company
about the closure of the Offer, based on correct
figures, finalization of the basis of allotment or weeding
out of multiple applications, listing of instruments,
demat credit and refunds, payment of STT on behalf of
the Selling Shareholders and coordination with various
agencies connected with the post-Offer activity such as
Registrar to the Offer, Bankers to the Offer, SCSBs
including responsibility for underwriting arrangements,
as applicable. Co-ordination with SEBI and Stock
Exchanges for refund of 1% security deposit and
submission of all post Offer reports including the initial
and final post Offer report to SEBI

Offer Size Offer Up to:

- Fresh Issue(1) Up to [●] Equity Shares, aggregating up to ₹ 600.00 million
- Offer for Sale(2) Up to 33,125,000 Equity Shares, aggregating up to ₹ [●] million by the
Selling Shareholders

Objects of the Issue:

The net proceeds of the Fresh Issue -

 Funding working capital requirements.

  Funding of capital expenditure requirements for the purchase of specially fabricated
armoured vans.
 General corporate purposes.

Book Building Process

“Book building”, in the context of the Offer, refers to the process of collection of Bids from
investors on the basis of this Red Herring Prospectus, the Bid cum Application Forms and the
Revision Forms within the Price Band. The Price Band and minimum Bid Lot will be decided
by our Company and the Selling Shareholders in consultation with the BRLMs, and
advertised in all editions of the English national daily newspaper Financial Express.
In accordance with the SEBI ICDR Regulations, QIBs Bidding in the Net QIB Portion and Non-
Institutional Bidders bidding in the Non-Institutional Portion are not allowed to withdraw or
lower the size of their Bid(s) (in terms of the quantity of the Equity Shares or the Bid
Amount) at any stage. Retail Individual Investors (subject to the Bid Amount being up to ₹
200,000) can revise their Bids during the Bid/ Offer Period and withdraw their Bids until the
Bid/ Offer Closing Date. Further, Anchor Investors cannot withdraw their Bids after the
Anchor Investor Bidding Date. Further, allocation to QIBs in the Net QIB Portion will be on a
proportionate basis and allocation to Anchor Investors in the Anchor Investor Portion will be
on a discretionary basis.

Exemption from complying with any provisions of securities laws, if any, granted by SEBI
Our Company has received an exemption from SEBI under Regulation 300(1)(c) of the SEBI
ICDR Regulations, from identifying and disclosing, Mr. John Devasahayam and any details
regarding or pertaining to Mr. John Devasahayam, as member of Promoter Group, and from
disclosing information and confirmations regarding him and from such entities, as required
under the SEBI ICDR Regulations. As such, this Red Herring Prospectus does not contain any
information or undertakings in relation to Mr. John Devasahayam, or an entity in which he
may have an interest.

Post IPO Performance:

Shares of Radiant Cash Management made a positive debut on the stock exchanges, listing
at a premium of nearly 10% at ₹103 as against the issue price of ₹94 per share on NSE.
Meanwhile on BSE, shares of the company opened at 5.64% premium at ₹99.30.

Radiant Cash Management is the first stock to be listed on exchanges in 2023.

The IPO did not receive much demand from investors amidst volatile market conditions, as it
was subscribed just 0.53 times. The IPO was subscribed 1.01 times by qualified institutional
buyers, 0.66 times by non-institutional investors and the portion reserved for retail
investors was subscribed 0.21 times.

Later, since the IPO was not fully subscribed the company reduced the total IPO size to ₹257
crore from ₹388 crore. Fresh issue by the company was cut down to ₹54 crore from ₹60
crore earlier. Besides, shares to be sold by promoters were also slashed from ₹328 crore to
₹203 crore. The company had also raised ₹116 crore from anchor investors ahead of the
issue.

After the revision in IPO size, shares of the company are allotted at ₹94, which is lower price
band instead of ₹99, which was the upper limit of the price band.
The market capitalisation of Radiant Cash Management currently stands at ₹1,060 crore,
according to BSE data.
Issue Structure
Offer for Sale 84.5%
Fresh Issue 15.5%
Issue Size (Amt) INR 388 cr
Issue Size (Shares) 39,185,606
QIB Share (%) ≤ 50%
Non-Inst Share ≥ 15%
(%)
Retail Share (%) ≥ 35%
Pre issue sh (nos) 1,01,253,360
Post issue sh (nos) 1,07,313,966
Post issue M Cap INR 1,062 cr