New Delhi: The initial public offering (IPO) of cash management company CMS Info Systems – which opened for subscription on December 21 – received a lukewarm response from retail investors on the last day of bidding. The first share sale on Thursday attracted bids for 4.67 crore shares against the IPO size of 3.75 crore shares, subscribed for 1.24 times.
At 13:02 there were 1.69 subscriptions to the private retail investor part and 0.24 to the non-institutional investor category.
The portion reserved for qualified institutional buyers was subscribed 1.22 times.
The price range for the public offer has been held at Rs 205-216 per share. Investors can bid on a minimum of 69 shares and thereafter in multiples of 69. Retail investors can invest a minimum of Rs 14,904 in one lot and a maximum of Rs 1,93,752 in 13 lots.
The Rs 1,100 crore IPO is a complete offering for sale by promoter Sion Investment Holdings – which has a 100 percent stake in the company.
CMS Info provides money management services such as ATM services, cash delivery and withdrawal. It addresses a wide range of outsourcing requirements for banks, financial institutions, organized retail and e-commerce companies in India.
Axis Capital, DAM Capital Advisors, Jefferies India and JM Financial are the leading managers on this issue.