Latest News | CMS Info Systems Sets IPO Price Band at Rs 205-216/ Share

New Delhi, Dec 16 (PTI) Cash management company CMS Info Systems has fixed a price band of Rs 205-216 a share for its Rs 1,100-crore initial public offering (IPO).

The initial share-sale will be open for public subscription during December 21-23.The bidding for anchor investors will open on December 20, according to the company.

Also Read | Apple Reportedly Delays Return-to-Office Date; Announces $1,000 to Each Employee.

The company has cut its IPO size to Rs 1,100 crore from Rs 2,000 crore earlier.

The public issue is a pure offer for sale by promoter Sion Investment Holdings Pte Limited, an affiliate of Baring Private Equity Asia.

Also Read | Flipkart Big Saving Days Sale 2021: Live Deals on Apple iPhone 12, Realme 8s, Poco M3 Pro & More.

Sion Investment, which acquired CMS in 2015, holds 100 per cent stake in the company at present.

Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and 15 per cent for non-institutional investors.

Investors can bid for a minimum of 69 equity shares and in multiples thereof.

CMS provides cash management services, which include ATM services, and cash delivery and pick-up.

The company's integrated business platform is supported by customised technology and process controls, which enables it to offer customers a wide range of tailored cash management and managed services solutions.

It caters to broad set of outsourcing requirements for banks, financial institutions, organised retail and e-commerce companies in India. It operates business in three segments -- cash management services, managed services and others.

This will be the company's second attempt to go public. Earlier in 2017, it had filed draft papers with Sebi and had obtained the regulator's clearance to launch the IPO. However, the company did not launch the public issue.

Axis Capital, DAM Capital Advisors, Jefferies India, and JM Financial are the book running lead managers to the issue.

The equity shares of the company will be listed on BSE and NSE.

The other cash management and allied technology companies that have filed for IPO are -- AGS Transact Technologies, India1 Payments and Radiant Cash Management Services.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)