Radiant Cash Management Services has set a price range of Rs 94-99 per share for its IPO. The issue will be open for subscription from December 23-27.

The public offering included a fresh issue of shares worth Rs 60 crore and an offer for sale of 3.31 crore shares by promoters and investors. Investors can bid as little as 150 shares in multiples after that.

Promoter David Devasahayam will sell 1.01 crore shares through a tender offer, while investor Ascent Capital Advisors India will sell 2.3 crore shares.

The company reserves 50% for qualified institutional buyers (QIB), 15% for non-institutional investors (NII) and 35% for retail investors.

Radiant meets various outsourcing requirements for cash management services for Indian banks, financial institutions, and organised retail and e-commerce companies.

Some of its major clients are Axis Bank, Citibank, Deutsche Bank, HDFC Bank Ltd, ICICI Bank and Kotak Mahindra Bank.

The company reported an 18% rise in profit to Rs 38.2 crore for the financial year ending March 2022 compared to the previous year. During the same period, revenue rose 29% to Rs 286 crore.

According to RHP, the company will use proceeds from the new offering to fund working capital needs, purchase specialised armoured vehicles and general corporate purposes.