SIS Cash Services Ltd. filed its preliminary papers with the Securities and Exchange Board of India on Friday to raise funds via an initial public offering. The public offer will include a mix of fresh issue of shares worth Rs 100 crore and an offer for sale of 37.15 lakh shares by shareholders.
The equity shares are proposed to be listed on the National Stock Exchange of India Ltd and BSE Ltd.
SIS Ltd. is the promoter selling shareholder offloading 17.95 lakh shares of the company, while promoter group selling shareholder SMC Integrated Facility Management Solutions Ltd. will be offloading 19.19 lakh shares in the OFS.
DAM Capital Advisors Ltd. are the book-running lead managers for the issue and MUFG Intime India Pvt. will be the registrar of the issue.
Proceeds from the fresh issue will be utilised towards funding of capital expenditure requirements for the purchase of cash vehicles, and for fabrication of secured vehicles, as well as for repayment of borrowings and general corporate purposes.
SIS Cash Services is currently the second-largest cash logistics provider in India by revenue for fiscal 2024, with an estimated market share of 17-18%, according to a Crisil Report.
The company provides a wide range of cash logistics services. Its core offerings include cash-in-transit solutions, retail cash management (doorstep banking), ATM cash replenishment and first-level maintenance, as well as cash assistant and cash peon services. The firm also offers cash processing outsourcing services and secure logistics solutions for bullion, jewellery and other high-value assets.
For the nine months ended December 2024, SIS Cash Services reported revenue from operations of Rs 5,298.6 crore with a profit after tax of Rs 387.4 crore. The company has a debt pile of Rs 2,753.3 crore as of Dec. 31, 2024.
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