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Radiant Cash Management files draft papers to raise funds via IPO

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Radiant Cash Management Services Ltd has filed a draft red herring prospectus with the Securities and Exchange Board of India (Sebi) to raise funds via an initial public offering. The IPO consists of a fresh issue of shares worth INR 60 crore and an offer for sale of up to 30.13 million shares by its existing promoters and shareholders. The OFS comprises an issue of 10.13 million shares by promoter Col David Devasahayam and 20 million shares by PE investor Ascent Capital. Currently, Devasahayam holds a 54% stake in the firm while Ascent Capital has 37% stake in the firm. About INR 20 crore from the IPO proceeds will be used for funding working capital requirements. IIFL Securities, Motilal Oswal and Yes Securities are the lead managers to the issue. The firm is an integrated cash logistics player with presence in retail cash management (RCM) segment of the cash management services industry.

From the Venture Intelligence PE-VC Deal Database: In Jan-15, Radiant Cash Management Services had raised more than INR 80 crore from Ascent Capital. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)