Radiant Cash Management Services IPO has received bids from investors for 11.26 lakh shares in an issue size of 2.74 crores, 4% of which were subscribed on December 23, the first day of debut.

Retail investors bought 4% of the portion reserved for them, while high-net-worth individuals (non-institutional investors) bought 11,400 shares out of their reserved quota of 58.77 lakh shares.

Qualified Institutional Buyers (QIBs) subscribed for 5% of their reserved portion. Half of the issue is reserved for QIB, 15% for HNI, and 35% for retail investors.

The retail cash management services provider had reduced the size of its offering from Rs 3.91 crore to Rs 2.74 crore after raising Rs 116.38 crore through the anchor book on December 22, a day before the IPO kicked off.

The company is targeting to raise Rs 388 crore from the initial offering at the upper end of the price range of Rs 94-99 per share.

The IPO included a new issue of shares worth Rs 60 crore and a sale offer of Rs 328 crore from promoters and investors. That means only 15% of the IPO proceeds will go to the company, with the rest going to selling shareholders.

In addition to general corporate purposes, the company will use the newly issued funds to meet working capital needs and purchase specialised armoured vehicles. The offer will close on December 27.

This is the sixth public offering this month, following Abans Holdings, Sula Vineyards, Landmark Cars, KFin Technologies and Elin Electronics.