On March 29, Leading cash logistics solutions provider, SIS Cash Service Limited, submitted its Draft red herring prospectus to SEBI with the intention to raise funds by going public.
The IPO comprises of fresh issue of ₹100 crores of equity shares and an Offer-for-sale of up to 37.15 lakh shares by its shareholders. SIS and SMC Integrated Facility Management Solutions are the promoters of the company and will be selling 17.95 lakhs and 19.19 lakh shares in the company.
SIS owns 39.31% of the company, while SMC holds 9.69%. Singpai Pte has the largest share at 49%, and Gujarat Fusion Glass LLP, the only public shareholder, owns 2%.
AGS Transact Technologies, CMS Info Systems, and Radiant Cash Management Services are the peer companies of the SIS Cash Service Limited.
The reason behind raising funds via a fresh issue is to utilize the funds of ₹37.6 crore in the investment of the cash vehicles and fabrication of the secured vehicle. The amount of ₹29.8 crore for the repayment and pre-payment of the old existing debt. Lastly, the remaining debt will be used for the company’s general corporate purposes.
Incorporated on 27 September 2011, SIS Cash Service Limited has been in the market for 13 years, being one of the growing cash logistics solutions providers in India. The company’s portfolio consists of a diverse range of products, including retail cash management (doorstep banking) services, ATM cash replenishment and first-level maintenance services, cash assistant-cash peon services, and value-added and synergetic solutions.
The book-running lead manager of the issue is DAM Capital Advisors Limited, whereas the registrar of the offer is MUFG Intime India Private Limited.
In FY24, the company generated a revenue of ₹633.83 crore from operations, whereas the profit after Tax grew by ₹50.15 crore, respectively.
The Equity Shares of the public issue are set to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
SIS Cash Service IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
SIS Cash Service Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2022 | ₹396.14 | ₹393.41 | ₹4.75 |
| 2023 | ₹550.46 | ₹534.44 | ₹18.85 |
| 2024 | ₹645.53 | ₹583.22 | ₹50.16 |
| December 2024 | ₹535.78 | ₹483.08 | ₹38.74 |
SIS Cash Service IPO Valuation – FY2024
SIS Cash Service IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹25.32 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 38.71% |
| Net Asset Value (NAV): | ₹77.99 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| AGS Transact Technologies Ltd | (6.64) | (1.82) | (16.07) | 38.15 | 1,470.63 Cr. |
| CMS Info Systems Ltd | 22.22 | 20.33 | 19.78 | 119.61 | 2,264.68 Cr. |
| Radiant Cash Management Services Ltd | 4.17 | 12.63 | 18.41 | 23.71 | 386.32 Cr. |
Objects of the Issue
- Funding of capital expenditure requirements for the purchase of cash vehicles and fabrication of the secured vehicle;
- Pre-payment or scheduled re-payment of a portion of certain outstanding borrowings availed by our Company; and
- General corporate purposes.
IPO Lead Managers aka Merchant Bankers
- DAM Capital Advisors Limited
