Radiant Cash Management Services IPO subscribed 11% on second day

The initial public offer of Radiant Cash Management Services was subscribed 11 per cent on the second day of subscription on Monday.

The initial share-sale received bids for 29,76,450 shares against 2,74,29,925 shares on offer, as per NSE data.

The category meant for Qualified Institutional Buyers (QIBs) was subscribed 16 per cent, while the portion for Retail Individual Investors (RIIs) received 12 per cent subscription and non-institutional investors 3 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.

The price range for the offer is at Rs 94-99 a share.

Based on the upper band of the share price, the IPO is expected to fetch Rs 388 crore.

IIFL Securities, Motilal Oswal Investment Advisors and YES Securities are the managers to the offer.