Radiant Cash Management listed at 10% premium

4 Jan 2023 , 10:15 AM

The shares of Radiant Cash Management have made a decent debut on the stock market at Rs 103, a premium of 9.6% over its issue price of Rs 94 on NSE. On the BSE, the stock was listed at ₹99.30 per share, 5.6 percent higher than the issue price.

The issue was subscribed just 53% during December 23-27, but the IPO was sailed through after the company reduced its offer-for-sale component.

The total offer size was reduced to Rs 250.76 crore, comprising fresh issuance of shares worth Rs 51.27 crore and an OFS of Rs 199.5 crore. Earlier, the IPO size was Rs 388 crore, consisting of fresh issue of Rs 60 crore and an offer-for-sale of Rs 328 crore by promoter and investor.

Also, the shares have been allocated at the lower end of price band of Rs 94-99 per share, but its anchor book was subscribed at upper price band.