Chennai-Based cash logistics Radiant Cash Management Services have got approval from the Securities and Exchange Board of India (SEBI) to launch their initial public offerings (IPOs). Radiant Cash Management had filed draft papers in October 2021 and its IPO is a fresh issue of Rs 60 crore and an offer for sale of 30.13 million shares by shareholders and promoters David Devasahayam and private equity firm Ascent Capital Advisors India. The proceeds will be used for working capital requirements and buying 220 specially fabricated armoured vans worth Rs. 23.92 crores. And also, Rs 20 crore will be used for funding working capital requirements.
Radiant Cash Management is an integrated cash logistics player with a presence in the retail cash management segment where it is one of the largest firms in terms of network locations or touchpoints served as of 31 July.