Cash Carrier SIS Files For IPO

The fastest-growing cash logistics firm in the country, with revenue increasing at a CAGR of 27.06% between Fiscal 2022 and Fiscal 2024.
MUMBAI, Mar 29 (The CONNECT) – SIS Cash Service Limited, India’s second largest cash logistics player, has filed its Draft Red Herring Prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).
The IPO with a face value of Rs 10 per equity share is a mix of fresh issue of up to Rs 100 crore and an offer for sale of up to 3,715,150 by promoter selling shareholders.
The offer for sale consists of 1,795,346 equity shares by SIS Limited and 1,919,804 equity shares by SMC Integrated Facility Management Solutions Limited.
The Offer is being made through the book-building process, wherein not less than 75% of the offer shall be available for allocation on a proportionate basis to qualified institutional buyers, and 15% shall be available for allocation to non-institutional bidders. Ten per cent of the offer shall be available for allocation to retail individual investors.
The proceeds from the fresh issue to the extent of Rs37.59 crore will be used for the purchase of cash vehicles and fabrication of the secured vehicle; Rs 29.81 crore for repayments of loans and the remaining for general corporate purposes.
SIS Cash Services Limited has been a key provider of cash logistics solutions in India for 13 years. As the second-largest player in the industry by revenue for Fiscal 2024, the company holds an estimated market share of 17-18%, according to a CRISIL Report.
It is also the fastest-growing cash logistics firm in the country, with revenue increasing at a CAGR of 27.06% and profit after tax surging at a CAGR of 224.89% between Fiscal 2022 and Fiscal 2024.
The company operates the largest fleet of secured vehicles for cash-in-transit services as of March 31, 2024. In Fiscal 2024 alone, SIS Cash Services Limited processed cash worth ₹2,23,063.55 Crore across all its business lines.
The company operates under the trademark SIS Prosegur, while its wholly-owned material subsidiary, SIS Prosegur Holdings Private Limited, 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, collectively referred to as “Traditional Cash Logistics Services.” Additionally, it offers value-added and synergetic solutions for various valuables, including cash. Through its integrated services, the company has shifted its business mix towards offering more comprehensive and end-to-end solutions for its clients.
Sis Cash Services Limited’s revenue from operations has increased by 16.72% from ₹ 543.03 crore in Fiscal 2023 to ₹ 633.83 crore in Fiscal 2024. Profit after tax grew by 166.04%, from ₹ 18.85 crore in Fiscal 2023 to ₹ 50.16 crore in Fiscal 2024.
For the nine months ended December 31, 2024, revenue from operations stood at ₹ 529.86 crore and Profit after tax stood at ₹ 38.74 crore
DAM Capital Advisors Limited is the book-running lead manager to the issue and MUFG Intime India Private Limited is the registrar to the offer.