Radiant Cash Services IPO – Subscribe or Not ?

By | December 22, 2022

Radiant Cash Services IPO

2005 mai incorporated, Radiant Cash Management Services Ltd (RCMSL) retail cash management services mai market leader hai jo alag alag range of services deta hai banks ko, financial institutions ko, organized retail aur ecommerce company ko. Yeh ek unique business hai jahan Radiant kaafi unique services deta hai apne clients ko jaise ki –


  • Cash/Cheques/DDs Pickup and Delivery Services,
  • Cash Processing such as sorting for good and soiled currencies, notes, coins of various denominations
  • Overnight vaulting services for bulk cash and ATM cards, Cassettes & important documents, ATM Services,
  • Handling of PIN mailers/drafts/cheque book delivery,
  • Providing strong rooms installed as per RBI guidelines.


Company ke clients hain – Axis Bank Limited, Citibank, Deutsche Bank Limited, HDFC Bank Limited, ICICI Bank Limited, Kotak Mahindra Bank, Standard Chartered Bank, State Bank of India, The Hongkong and Shanghai Banking Corporation Limited and Yes Bank Limited.


Aur competitive analysis kia jaye toh, koi bhi aisi company nahi hai jo stock market mai listed ho. Jee haan, Radiant apne business mai pehli company hai jo listed hone jaa rahi hai.


Offer document ke hisaab se, RCMSL ne  SIS Ltd. Aur CMS Info ko apna listed peers bataya hai. Jo currently 57.38 aur 18.54 P/E (as of December 20, 2022) par trade kar rahe hain.


Aaayie chaliye dekhte hai company ke financials aur profit/loss history


Company Financials

Period Ended Total Assets Total Revenue Profit After Tax Net Worth Total Borrowing
31-Mar-19 141.44 223.13 25.02 105.72 17.73
31-Mar-20 157.62 251.78 36.5 119.57 21.13
31-Mar-21 162.14 224.16 32.43 127.1 11.05
31-Mar-22 190.57 286.97 38.21 139.76 26.75
30-Jun-22 203.95 84.38 15.32 155.19 25.54
Amount in ₹ Crore


For the last three fiscals, the company has reported an average EPS of Rs. 3.55 and an average RoNW of 27.27%. The issue is priced at a P/BV of Rs. 6.46 based on its NAV of Rs. 15.33 as of June 30, 2022, and at a P/BV of 4.94 based on its post-IPO NAV of Rs. 20.05 per share.


Radiant Cash Management Services IPO Details

Iske alawa Jainam Broking Ltd ka review neutral hai.


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IPO Date        Dec 23, 2022 to Dec 27, 2022

Face Value   ₹1 per share

Price              ₹94 to ₹99 per share

Lot Size         150 Shares

Issue Size     39,185,606 shares of ₹1

(aggregating up to ₹387.94 Cr)

Fresh Issue  6,060,606 shares of ₹1

(aggregating up to ₹60.00 Cr)

Offer for Sale 33,125,000 shares of ₹1

(aggregating up to ₹327.94 Cr)



IPO Objectives


As per the RHP, the company is going to utilise fresh issue proceeds for working capital requirements, purchase of specially fabricated armoured vans, and general corporate purposes.






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