SIS Cash Services Limited, a leading cash logistics company in India, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on March 29, 2025, for an Initial Public Offering (IPO). The IPO consists of a fresh issue worth ₹100 crore and an Offer for Sale (OFS) of 3,715,150 shares by promoter shareholders.
SIS Cash Services Limited, a prominent cash logistics solutions provider in India, has officially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on March 29, 2025. The company aims to raise funds through an Initial Public Offering (IPO), comprising a fresh issue of up to ₹100 crore and an Offer for Sale (OFS) of 3,715,150 shares by promoter shareholders.
The Offer for Sale includes 1,795,346 equity shares from SIS Limited and 1,919,804 equity shares from SMC Integrated Facility Management Solutions Limited. The IPO will be conducted through the book-building process, allocating at least 75% of shares to qualified institutional buyers (QIBs), 15% to non-institutional bidders, and 10% to retail investors.
Utilization of IPO Proceeds
The company plans to use the funds raised from the fresh issue for various operational and financial purposes:
- ₹37.59 crore for capital expenditure, including acquiring and fabricating cash vehicles.
- ₹29.81 crore for prepayment or repayment of outstanding borrowings.
- The remaining funds for general corporate purposes.
DAM Capital Advisors Limited has been appointed as the book-running lead manager for the IPO, while MUFG Intime India Private Limited will serve as the registrar.
About SIS Cash Services Limited
SIS Cash Services Limited is a key player in India’s cash logistics sector, operating for over 13 years. As per a CRISIL report, it is the second-largest cash logistics company in India by revenue, holding an estimated 17-18% market share. The company has demonstrated strong financial growth, with a revenue CAGR of 27.06% and a profit CAGR of 224.89% between Fiscal 2022 and Fiscal 2024.
As of March 31, 2024, SIS Cash Services Limited has the largest fleet of secured cash-in-transit vehicles in India. In Fiscal 2024, the company processed cash transactions worth ₹2,23,063.55 crore across all business segments. It operates under the SIS Prosegur trademark, while its wholly-owned subsidiary, SIS Prosegur Holdings Private Limited, operates under the SISCO trademark.
Financial Performance
The company’s revenue increased by 16.72%, from ₹543.03 crore in Fiscal 2023 to ₹633.83 crore in Fiscal 2024. The profit after tax surged by 166.04%, from ₹18.85 crore in Fiscal 2023 to ₹50.16 crore in Fiscal 2024. For the nine months ending December 31, 2024, SIS Cash Services reported revenue of ₹529.86 crore and a profit after tax of ₹38.74 crore.
