SIS Cash Service Ltd Sets Stage for IPO to Fuel Expansion

SIS Cash Service Ltd plans to raise funds through an IPO, comprising new shares worth Rs 100 crore and a promoter-led offer for sale. The funds will support cash vehicle purchases and debt repayment. The company's revenue ranks it as the industry's second-largest player.

SIS Cash Service Ltd, a key player in the cash logistics industry, has officially submitted draft documents to the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO).

The proposed IPO features a fresh issue valued at Rs 100 crore, alongside an offer for sale (OFS) of 37.15 lakh shares. The OFS will include shares from SIS Ltd and SMC Integrated Facility Management Solutions Ltd, according to the draft red herring prospectus filed recently.

Funds from this exercise will finance cash vehicle purchases and debt reduction initiatives. SIS Cash Service Ltd, known for its SIS Prosegur and SISCO brands, continues to expand its suite of cash management and transportation services, second largest in the market with a 17-18% share.

(With inputs from agencies.)