IPO Details
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IPO Size
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Schedule of SIS Cash Services IPO
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End date
Allotment of bids
Refund Initiation
Listing on exchange
About SIS Cash Services IPO
SIS Cash Services Limited is launching an IPO comprising of a fresh issue and an offer for sale. The fresh issue consists of equity shares with a face value of ₹10 each, aggregating up to ₹100 crores. The offer for sale includes 3,715,150 equity shares of face value of ₹10 each, aggregating up to an undisclosed amount. The IPO lot size is TBA. The price range is TBA. The listing dates are yet to be announced. The opening dates and closing dates are TBA. The allotment date and the initiation of refunds will take place on TBA.
Objectives of SIS Cash Services IPO
- To fund capital expenditure requirements for the purchase of cash vehicles and fabrication of the secured vehicle
- To prepay or repay a portion of certain outstanding borrowings availed by the company
- General corporate purposes
SIS Cash Services IPO Valuation
| Detail | Information |
|---|---|
Upper price band | TBA |
Fresh issue | ₹100 crores |
Offer for sale | Up to 3,715,150 equity shares |
EPS (in ₹) for FY 24 | 25.32 |
Share Offer and Subscription Details
| Investor Category | Shares Offered |
|---|---|
QIBs | Not less than 75% of the net offer |
Non-Institutional Investors (NIIs) | Not more than 15% of the net offer |
Retail Individual Investors (RIIs) | Not more than 10% of the net offer |
Industry Outlook
India continues to be a cash-driven economy, with the volume of currency in circulation steadily increasing. Basis the CRISIL Report, from Fiscal 2001 to Fiscal 2024, cash in circulation has increased from ₹2.2 trillion to ₹35.1 trillion, growing at a CAGR of around 12.3%. The traditional cash logistics market was valued at approximately ₹33 billion in Fiscal 2024 and is now estimated to nearly double to ₹68 billion by Fiscal 2029, growing at a CAGR of about 16%. The industry is also evolving, with many companies introducing innovative services beyond conventional offerings, which are rapidly gaining popularity. Banks are also increasingly outsourcing these services, further accelerating the industry's expansion.
Company Information
SIS Cash Services Limited is a fast-growing cash logistics company in India in terms of revenue from operations and in terms of PAT between Fiscal 2022 and Fiscal 2024. For the past 13 years, it has been offering cash logistics services across the country. Its core offerings include: (1) transporting cash (cash-in-transit), (2) doorstep banking through retail cash management, (3) ATM cash replenishment and basic maintenance and (4) providing cash assistants or peon services.
In addition to these core services, the firm also offers a range of value-added and complementary solutions, collectively termed as “New Solutions”. These are designed to work seamlessly with its traditional services and existing infrastructure, delivering greater value to its clients through integrated service bundles.
Strengths of SIS Cash Services IPO
Largest cash-in-transit player
The firm is the largest cash-in-transit (CIT) service provider in India by number of secured vehicles as of March 31, 2024, and among the top players in retail cash management (doorstep banking), with over 25,000 retail touchpoints as of September 30, 2024. The Indian cash logistics market has seen rapid growth. Positioned strongly in both segments, it leverages operational scale, geographical reach, and industry expertise to innovate, grow revenue, and cross-sell new services—enhancing competitiveness and long-term sustainability.
Long-standing relationships and an established name in bank outsourcing solutions
SIS Cash Services Ltd has maintained long-standing partnerships with major clients, with eight of its top ten clients being with it for over 10 years. Its relationships with top banks like HDFC Bank, Axis Bank and a major Indian international bank reflect its reputation for quality and customisation. These long-standing associations have allowed the firm to grow into a full-fledged bank outsourcing solutions provider, highlighting its ability to evolve with client needs, consistently deliver secure and cost-effective solutions, and integrate traditional and new offerings.
Fastest growing company with robust financials
From Fiscal 2022 to Fiscal 2024, the company’s revenue from operations grew at a CAGR of 27.06%, which was more than double the average growth rate of its peer group. During this period, it also led the Indian cash logistics industry in both revenue and profit after tax growth, making it the fastest-growing company in the sector.
Risks of SIS Cash Services IPO
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A significant decline in cash usage in India could adversely impact business and financial performance of the company.
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The firm’s revenues rely heavily on demand from the Indian banking sector, constituting more than 76% of the company’s revenue from operations, thus making it vulnerable to any reduction in the sector’s need for cash services.
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The company depends on a small group of key clients for a major share of its revenue – with its top five clients accounting for more than 51% of its revenue from operations; losing any of them or renewing contracts on less favourable terms could negatively affect its financial health.
SIS Cash Services IPO Financials
Peer Comparison
| Name of the Company | Revenue from Operations (in ₹ crores) | EPS (Basic) | NAV per Share | P/E |
|---|---|---|---|---|
SIS Cash Services Limited | 633.82 | 25.32 | 77.99 | - |
AGS Transact Technologies Ltd | 1,470.63 | (6.64) | 38.15 | (1.82) |
CMS Info Systems Ltd | 2,264.67 | 22.22 | 119.61 | 20.33 |
Radiant Cash Management Services Ltd | 386.31 | 4.17 | 23.71 | 12.63 |
IPO Registrar and Book Running Lead Manager
IPO Registrar - MUFG Intime India Private Limited
Book Running Lead Manager - DAM Capital Advisors Limited
Business Model
With 13 years of experience, the firm is the second-largest cash logistics company in India by revenue for FY24, holding a 17–18% market share. It is also the fastest-growing player in the sector, with a revenue CAGR of 27.06% and a profit CAGR of 224.89% between FY22 and FY24. The company operates the largest fleet of cash vans in the country and processed over ₹2.23 lakh crore in cash across its service lines in FY24.
Operating under the trademarks SIS Prosegur and SISCO, the company offers a broad range of services, including traditional services like cash-in-transit, retail cash management (doorstep banking), ATM replenishment and maintenance, and cash assistant/peon services. It also provides new solutions like integrated, value-added services such as cash processing outsourcing, end-to-end retail cash management ("PEGE"), and cash deposit machine-based services with real-time tracking and risk coverage.
It also provides tailor-made, automated solutions to banks and retailers across all Indian states, optimising their internal operations and reducing cash handling costs. Additionally, the firm offers secure transport for bullion, jewellery, and other high-value assets using custom-designed vehicles and logistics solutions.
Company Growth Trajectory
Over the last few years, SIS Cash Services Ltd has shown remarkable growth in its revenue from operations – increasing from ₹392.58 crores in FY 2022 to ₹633.82 crores in FY 2024. Likewise, EBITDA has also substantially improved – from ₹54.02 crores in FY 2022 to ₹106.96 crores in FY 2024. EBITDA margin has also shown an upward growth, rising from 13.76% in FY 2022 to 16.88% in FY 2024.
SIS Cash Services Profit and Loss
| Parameter (in ₹ crores) | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Total Income | 645.53 | 550.45 | 396.14 |
Profit Before Tax | 62.31 | 16.01 | 2.72 |
Profit After Tax | 50.15 | 18.85 | 4.75 |
EPS | 25.32 | 9.52 | 2.40 |
EBITDA | 106.96 | 86.65 | 54.02 |
SIS Cash Services Balance Sheet
| Parameter (in ₹ crores) | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Profit Before Tax | 62.31 | 16.01 | 2.72 |
Net Cash from (used in) Operating Activities | 119.64 | 111.60 | 97.58 |
Net Cash from (used in) Investing Activities | 48.31 | 86.70 | 131.00 |
Net Cash from (used in) Financing Activities | 56.49 | 14.95 | 49.39 |
Net Cash and Cash Equivalents | 36.58 | 21.74 | 11.79 |
How to Check Allotment Status of SIS Cash Services IPO?
Visit the Registrar's Website
To check the IPO allotment status for SIS Cash Services Limited IPO, visit the official website of MUFG Intime India Private Limited, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the 'Submit' button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.
Check on the Bombay Stock Exchange Website
The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to www.bseindia.com and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.
On the BSE IPO page, follow these steps
- Select 'Equity' from the dropdown menu
- Choose ‘SIS Cash Services Limited’ in the next dropdown
- Enter your application number
- Enter your PAN
- Click 'Search' Your SIS Cash Services Limited IPO allotment status will be displayed.
Verify on the National Stock Exchange Website
The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check SIS Cash Services Limited IPO allotment status. Go to www.nseindia.com and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'. On the NSE IPO Bid Verification page, enter:
- Application number
- PAN Then click 'Submit'. Your SIS Cash Services Limited IPO bid and allotment details will be displayed.
How to Apply for SIS Cash Services IPO?
- Step 1: Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section.
- Step 2: Specify IPO details: Enter the number of lots and the price you wish to apply for.
- Step 3: Enter UPI ID After entering your UPI ID, click submit. This will place your bid with the exchange.
- Step 4: Mandate Notification: Your UPI app will receive a mandate notification to block funds.
- Step 5: Approve Request Your funds will be blocked once you approve the mandate request on your UPI.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
SIS Cash Services IPO FAQs
What is the SIS Cash Services IPO?
SIS Cash Services Limited is launching an IPO, with fresh issue and offer for sale components. The fresh issue size is of ₹100 crores while the offer for sale consists of up to 3,715,150 equity shares.
Is SIS Cash Services IPO coming?
Yes, SIS Cash Services Limited is expected to come up with its IPO soon.
Who is the chairman of SIS Cash Services ?
Rituraj Kishore Sinha is the chairman of SIS Cash Services Limited.
