Cash logistics player SIS Cash Service has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The IPO is a mix of fresh issue of shares worth Rs 100 crore and an offer for sale (OFS) of 37.15 lakh shares by promoters.
Proceeds from the fresh issue to the tune of Rs 37.59 crore will be used for the purchase of cash vehicles and fabrication of the secured vehicle; Rs 29.81 crore for payment of debt and a portion will be used for general corporate purposes. DAM Capital Advisors is the sole book-running lead manager to the issue.
SIS Cash Service operates under the trademark SIS Prosegur, while its wholly-owned material subsidiary, SIS Prosegur Holdings, operates under the trademark SISCO. The company provides cash-in-transit services, retail cash management (doorstep banking) services, ATM cash replenishment and first-level maintenance services, and cash assistant-cash peon services.
