Radiant Cash Management Services, backed by Ascent Capital, files IPO documents

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New Delhi: Radiant Cash Management Services, backed by Ascent Capital, has filed its draft red herring prospectus (DRHP) with capital markets regulator SEBI to launch its initial public offering (IPO).

The Chennai-based company intends to issue up to Rs 60 crore in new shares, while existing shareholders can sell up to 30.13 million shares. The OFS includes an issue of up to 10.13 million shares by Colonel David Devasahayam and up to 20 million shares by Ascent Capital Advisors India.

The proceeds of the issue valued at Rs 20 crore will be used to fund working capital requirements, Rs 24 crore to fund capital expenditure and for general corporate purposes.

In 2015, private equity firm Ascent Capital, one of the leading private equity funds, acquired a 37.2% stake in the company.

According to DRHP, India’s cash management services market revenue grew at a CAGR of over 10% during the period between FY2010 and FY2021 from around Rs 1000 crore to Rs 2770 crore during this period.

Founded in 2005 by Colonel David Devasahayam, Radiant Cash Management Services (RCMS) is an integrated cash logistics player with a leading presence in the retail cash management (RCM) segment of the service industry. cash management company in India and one of the largest players in the RCM segment in terms of network locations or contact points served as of July 2021.

It operates in five verticals, namely cash pickup and delivery; network currency management (also known as cash burial in industry jargon); cash handling; vans / cash in transit and other value added services.

The company has reputable clients which include some of the largest foreign banks, private and public, and the end users of our services include some of the largest e-commerce companies, retail chains, NBFCs, insurance companies, e-commerce logistics players, railways and retail petroleum distribution points.

As of July 31, 2021, Radiant had more than 42,420 contact points out of 12,150 PIN codes covering Level 2 and Level 3+ cities in all states and Union Territories in India (except Lakshadweep) . The company is managed by a team of highly professional ex-military senior executives with 1,761 employees and 6,056 contract treasury executives.

The main culprits are IIFL Securities, Motilal Oswal Investment Advisors and Yes Securities (India).

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