An integrated player in cash logistics Radiant Cash Management Services files IPO documents

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

Radiant Cash Management Services, which is backed by private equity firm Ascent Capital, has filed preliminary documents with Sebi to tap into the main fund market. The IPO of the integrated cash logistics player will consist of a new issue of shares worth Rs 60 crore and an offer to sell (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, Colonel 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 proceeds of the IPO to finance its working capital needs and purchase specially manufactured armored vans.

Founded in 2005 in Chennai by Colonel David Devasahayam, Radiant Cash Management Services is an integrated player in cash logistics and one of the largest in the retail cash management (RCM) segment in India. It operates in five verticals viz. cash pickup and delivery, network currency management, cash handling, 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 points of retail petroleum distribution.

IIFL Securities, Motilal Oswal and Yes Securities are the main managers of the issue.

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