Cash management firm CMS Info Systems IPO subscribed 40% on Day 1 of offer

The initial public offering of cash management company CMS Info Systems Limited was subscribed 40 per cent on the first day of subscription on Tuesday.

The IPO received bids for 1,48,92,132 shares against 3,75,60,975 shares on offer, according to NSE data.

The category for Retail Individual Investors (RIIs) was subscribed 79 per cent while non-institutional investors category was subscribed 1 per cent.

The company's Rs 1,100-crore public issue is a pure offer for sale (OFS) by promoter Sion Investment Holdings Pte Limited, an affiliate of Baring Private Equity Asia.

The price range of the IPO is Rs 205-216 per share.

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, organized retail and e-commerce companies in India. It operates business in three segments -- cash management services, managed services and others.

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 the BSE and NSE.