Radiant Cash Management Services IPO
Radiant Cash Management Services Limited (RADIANTCMS) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 04 January 2023.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain -1.8% (likely range -24% to +4%), day's high 0.0%, chance of a gain 33%. Actual: +9.6% at the open, +24.3% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 78,37,121 | 79,34,550 | 1.01x | |
| NII (HNI) total | 58,77,841 | 38,77,200 | 0.66x | |
| Big NII (above ₹10 lakh) | 39,18,560 | 36,98,850 | 0.94x | |
| Small NII (₹2-10 lakh) | 19,59,281 | 1,78,350 | 0.09x | |
| Retail | 1,37,14,963 | 28,15,950 | 0.21x | |
| Total | 2,74,29,925 | 1,46,27,700 | 0.53x |
Bids on NSE and BSE together, as published by NSE, as of 27 Dec 2022, 09:00 PM. Shares offered exclude the anchor portion. 16% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Radiant Cash Management Services's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Antony Waste Handling CellDec 2020 | 0.89x | 0.26x | 0.38x | 0.50x | ₹217 Cr | +38.4% | +55.5% |
| Garden Reach Shipbuilders & EngineersOct 2018 | 1.81x | 0.31x | 0.24x | 1.02x | ₹598 Cr | -13.1% | -7.6% |
| ETHOSMay 2022 | 1.06x | 1.48x | 0.84x | 1.04x | ₹505 Cr | -6.0% | -4.3% |
| Star Health and Allied Insurance CompanyDec 2021 | 1.03x | 0.19x | 1.10x | 0.79x | — | -6.1% | +4.4% |
| Prudent Corporate Advisory ServicesMay 2022 | 1.26x | 0.99x | 1.29x | 1.22x | ₹539 Cr | +3.2% | +3.2% |
| Mishra Dhatu NigamMar 2018 | 1.96x | 0.12x | 0.72x | 1.21x | ₹755 Cr | -3.3% | +1.1% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| IIFL Securities | 94 | +19.3% | 71% |
| Motilal Oswal Investment Advisors | 47 | +15.0% | 72% |
| YES Securities (India) | 6 | +28.6% | 83% |
Offer documents (NSE)
Frequently asked
What is the Radiant Cash Management Services IPO price band and lot size? ₹94.0–99.0 per share, with a lot of 150 shares, so the smallest retail bid is ₹14,850.
How many times has it been subscribed? 0.53x overall: QIB 1.01x, NII 0.66x, retail 0.21x.
How did it list? It opened at ₹103, +9.6% against the issue price of ₹94.0, and closed its first day +11.6%.
