Radiant Cash Management Services‘ initial public offering was only 53% subscribed on Tuesday, the last day of subscriptions.

According to NSE data, the Rs 388 crore initial share offering received bids for 1,45,98,150 shares against 2,74,29,925 shares offered for sale.

The qualified Institutional Buyers (QIBs) category was fully subscribed, while the non-institutional investor segment was 66% subscribed and Retail Individual Investors (RII) 20%.

The initial public offering (IPO) saw a new issue of up to Rs 60 crore of new shares and an offer to sell up to 33,125,000 shares. The price range for the offer is Rs 94-99 per share.

IIFL Securities, Motilal Oswal Investment Advisors and YES Securities are the administrators of the offer.