Shares of Radiant Cash Management Services Ltd. were listed at a 5.6% premium to IPO price of Rs 94 on Wednesday.
The stock of the cash logistics company listed at Rs 99.3 apiece on the BSE Ltd., a premium of 5.6% to its IPO price. On the National Stock Exchange of India Ltd., the stock debuted at Rs 103, a 9.57% premium.
The initial stake sale, which ran from Dec. 23 through Dec. 27, was subscribed at 53% on the final day, with the bidding led by institutional investors.
It allotted shares at the lower end of the price band, at Rs 94 apiece, to investors after it failed to get full subscription.
The firm, in its revised red herring prospectus, cut its IPO size from Rs 388 crore to Rs 257 crore. Radiant Cash reduced the fresh issue to Rs 54 crore from Rs 60 crore and the offer for shares to 2.12 crore equity shares from 3.31 crore shares.
The initial stake, with an issue size of Rs 387.9 crore, consists of a fresh issue of Rs 60 crore and a Rs 327.9 crore offer for sale by promoters and other investors. The OFS of 3.31 crore shares was offered by the promoter group, selling at a price band of Rs 94–99 apiece in the IPO.
The issue comprises 30.87% of the post-issue equity share capital of the company. The promoter will continue to hold a majority stake of 53.20% post-issue.
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