Radiant Cash Management Services IPO subscribed just 53% on last day

The initial public offer of Radiant Cash Management Services was subscribed just 53 per cent on the last day of subscription on Tuesday. The Rs 388-crore initial share-sale received bids for 1,45,98,150 shares against 2,74,29,925 shares on offer, according to NSE data. The category meant for Qualified Institutional Buyers (QIBs) was fully subscribed, while non-institutional investors portion received 66 per cent subscription and Retail Individual Investors (RIIs) 20 per cent. The Initial Public Offer (IPO) has a fresh issue of up to Rs 60 crore and an offer for sale of up to 33,125,000 equity shares. Price range for the offer is at Rs 94-99 a share. IIFL Securities, Motilal Oswal Investment Advisors and YES Securities were the managers to the offer.

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