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Shares of Radiant Cash Management Services ended with over 13 per cent gain in its debut trade on Wednesday against the issue price of ₹94, despite the company’s IPO being undersubscribed.
The stock listed with a gain of 5.6 per cent at ₹99.30 issue price of ₹94 on the BSE. During the day, the stock jumped 24.14 per cent to a high of ₹116.70 before closing at ₹104.70, up 11.38 per cent. On the NSE, the stock got listed at ₹103 and closed ₹106.50, a gain of 13.29 per cent.
Re-sized IPO
The IPO of Radiant CMS was subscribed just 53 per cent last month and the company was forced to cut its size from ₹327.94 crore to ₹202.09 crore to make the IPO a success.
While the fresh issue component was reduced from ₹60 crore to ₹54 crore, offer-for-sale by selling shareholders shrank to 2.12 crore shares from 3.31 crore shares. The company had fixed the IPO price at the lower end of the price band ₹94-99.
David Devasahayam, Chairman and Managing Director, Radiant CMS, said: “This is beginning of journey for us and we are committed to long-term shareholder value accretion in long run through consistent performance growth.
Radiant Cash Management Services is an integrated cash logistics player with leading presence in retail cash management segment of the cash management services industry in India.
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