Radiant Cash Management closes at 12% premium on debut day

4 Jan 2023 , 03:52 PM

First stock of 2023 to list on BSE and NSE, Radiant Cash management Services has made a positive debut. The stock was listed at Rs 103 on NSE and Rs 99.30 on BSE. The stock closed at 11.60% premium over the issue price of Rs 94 at Rs 104.90 on January 04.

Amidst volatile market conditions, the IPO did not receive much demand from investors. The IPO was subscribed 1.01 times by qualified institutional buyers, 0.66 times by non-institutional investors and the portion reserved for retail investors was subscribed 0.21 times.

As the IPO was subscribed only 0.53 times, the company the total issue size to Rs 257 crore from Rs 388 crore. Fresh issue by the company was cut down to Rs 54 crore from Rs 60 crore. Besides, shares to be sold by promoters were also reduced from Rs 328 crore to Rs 203 crore. The company had also raised Rs 116 crore from anchor investors ahead of the issue.