On Wednesday, Radiant Cash Management Services shares had a moral debut on Dalal Street. The stock was released at Rs 103, up 9.57% from its issue price of Rs 94 apiece on the NSE. It opened at Rs 99.30 on the BSE, up 5.6%.

The listing accomplished to buck analysts’ prospects. Amid low grey market premium, lower-than-expected comeback to its IPO and continuing market volatility, the stock was predictable to make a smooth debut. The issue was pledged just 53% on December 23-27, but the IPO cruised after the company knowingly abridged its offer-for-sale component.

The total offer size was condensed to Rs 250.76 crore, encompassing fresh share issuance worth Rs 51.27 crore and an OFS of Rs 199.5 crore. Previously, the IPO size was Rs 388 crore, comprising a new issue of Rs 60 crore with an offer-for-sale of Rs 328 crore by supporters and investors. The final issue price has been fixed at the lower end of the price band of Rs 94-99 per share. Nevertheless, its anchor book subscribed at the upper price band.

Incorporated in 2005, Radiant Cash Management Services delivers retail cash management services for banks, financial establishments, and organised retail and e-commerce Indian companies.

Its critical consumers are ICICI Bank, State Bank of India, Citibank, Kotak Mahindra Bank, HDFC Bank, Standard Chartered Bank, Yes Bank, Deutsche Bank, and The Hongkong and Shanghai Banking Corporation Limited, Axis Bank.

Head of Research at Stoxbox, Manish Chowdhury, had given the IPO an ‘avoid’ rating amid rich valuation vis-à-vis its peer group (SIS and CMS Info Systems) and competitive gain in the marketplace feel that investors who got allowance looked for good opportunities in the market.