Radiant Cash Management Services is expected to make a flat debut on bourses today. The grey market premium (GMP) for the IPO, too, stayed nil.
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The Rs 250-crore public issue was subscribed 0.53 times, with the retail category booked 0.21 times, qualified institutional buyers (QIB) 1.01 times, and non-institutional investors 0.66 times. The price band for the issue was Rs 94-99 per share.
At the upper price band, the company's P/E ratio is 27.83x. "The valuations of the company looks expensive on the basis of price to book and price to earnings ratios," said Jainam Broking which had a 'neutral' rating on the issue. Anand Rathi Research had an 'avoid' tag, citing rich valuations.
Founded in 2005 by Col David Devasahayam, Radiant Cash Management Services (RCMS) provides services across 13,044 PIN codes in India covering all districts.
It operates its business across five verticals namely, cash pick-up and delivery, network currency management, cash processing, cash vans /cash in transit and other value added services.
Its marquee clients include some of the largest foreign, private and public sector banks, including Axis Bank, Citibank, Deutsche Bank, HDFC Bank, ICICI Bank and more.
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