Radiant Cash Management Services to IPO on December 23. The company has raised Rs 116.38 crore from lead investors. Its filing with the BSE said it had completed the allocation of 1.17 crore shares to anchor investors at Rs 99 each.

A total of 16 investors purchased 1.17 crore shares of the company through the anchor book, including HDFC Trustee, Aditya Birla Sun Life Trustee, Emerging Business Fund, Alchemy Emerging Leaders of Tomorrow, Citigroup Global Markets, Dovetail India Fund, Societe Generale, BNP Paribas Arbitrage, UTI Mutual Fund, and Saint Capital Fund.

The public offering will open for subscription on December 23 and end on December 27, 2022.

Radiant Cash Management Services plans to raise Rs 388 crore in an initial public offering of 3.91 crore shares. The IPO included a new issue of shares worth Rs 60 crore and a sale offer of Rs 328 crore from promoters and investors.

Promoter David Devasahayam and investor Ascent Capital Advisors India will sell 3.31 crore shares through an offer for sale (OFS). The price range for the offering is Rs 94-99 per share.

Anchor books are part of qualified institutional buyers. Half of the offer is reserved for qualified institutional buyers, 15% for high-net-worth individuals and 35% for retail investors.

Radiant Cash Management Services provides retail cash management services to banks, financial institutions, and organised retail and e-commerce companies in India.