Security and facility management services provider SIS has said that the plan for the initial public offerings (IPO) of its cash logistics business has been ‘deferred, not abandoned’, asserting that the company will proceed with the issue once market conditions are conducive.
SIS, in the latest annual report, said “the intent (for IPO) is unchanged”, adding that it has already filed the draft red herring prospectus (DRHP) for SIS Cash Services (formerly SIS-Prosegur). The regulatory process is at an advanced stage, and the business continues to deliver strong operational performance.
“… We will proceed when market conditions support the outcome our shareholders deserve,” said its Group Managing Director, Rituraj Sinha, in an interaction.
SIS Cash Services is a joint venture with Spain-based cash management firm Prosegur, in which the group holds 49 per cent.
SIS had filed DRHP before market regulator Sebi in March, 2026. The initial share sale would be a combination of fresh issuance of equity shares worth Rs 100 crore, and an offer-for-sale of 37.15 lakh shares by existing shareholders.
“The proposed listing of our cash logistics joint venture with Prosegur remains an active part of our medium-term value creation plan. The DRHP has been filed, and the regulatory pathway has progressed,” said Sinha, adding, “What has changed is the timing, in response to external market conditions, rather than the strategic intent.” According to Sinha, a separate listing of SIS Cash Services would help unlock shareholder value by enabling independent market valuation of the cash logistics business, which it said is currently not fully reflected in SIS’ share price.
“An independent listing addresses this directly, establishes a publicly discovered, standalone market valuation for the cash business in its own right, allowing SIS shareholders to participate in value that is real and present in the portfolio but currently not separately recognised in the share price,” he said.
Earlier in April this year, the Securities and Exchange Board of India (Sebi) had extended the validity of its observation letters till September 30, 2026, considering the prevailing uncertain market conditions due to ongoing geopolitical tensions and subdued investor participation.
SIS, which reported a 21 per cent increase in revenue to Rs 16,030 crore in FY26, expects growth momentum to sustain in the current year also.
The company, as per its strategy, is betting on technology for the next phase of its growth. SIS is sharpening its focus on technology-led services, market share gains and operational efficiencies as part of its Vision 2030 roadmap.
Sinha said the company enters FY27 from a position of strength after improving cash conversion, working capital efficiency and operational discipline across businesses.
As part of Vision 2030, SIS aims to deepen its presence across key markets while increasing the contribution of technology-enabled and integrated solutions to its overall revenue mix.
The company is seeking to transform itself from a manpower-led services provider into a technology-enabled solutions company, leveraging artificial intelligence-based surveillance, integrated command centres, mechanised facility management and digital service delivery platforms.