Radiant Cash Management shares debut with 10% premium over issue price

Shares of Radiant Cash Management Services made its market debut with nearly 10 per cent premium against the issue price of Rs 94.

The stock listed at Rs 99.30, registering a gain of 5.63 per cent against the issue price on the BSE. It further jumped 15.37 per cent to Rs 108.45.

At the NSE, shares of the company made its debut at Rs 103, higher by 9.57 per cent.

The company commanded a market valuation of Rs 1,090.02 crore on the BSE in initial trade.

The initial public offer of Radiant Cash Management Services was subscribed just 53 per cent last month.

The Rs 388-crore initial share-sale had a price range of Rs 94-99 a share.

In the broader market, the BSE benchmark was trading 409.93 points or 0.67 per cent lower at 60,884.27.

Radiant Cash Management Services (RCMS) was founded in March 2005.

The company's clients include foreign, private, and public sector banks, and the end-user of its services include some of the largest e-commerce companies, retail chains, NBFCs, insurance firms, according to information available on the firm's Website.