Shares of Computer Age Management Services Ltd. gained on debut on stock exchanges after receiving a strong response in the primary market.
The registrar and transfer agent for mutual funds listed at Rs 1,522 per share, a 24% premium over the issue price of Rs 1,230. The stock later consolidated gains to close the day’s trade 14% higher.
CAMS debuted on the exchanges along with Chemcon Speciality Chemicals Ltd., which listed at 115% premium to its issue price.
CAMS' Rs 2,242-crore initial public offering was subscribed 46.93 times. The demand was led by institutional investors, with the portion reserved for qualified institutional buyers subscribing 73.18 times. Non-institutional investors bid 111.85 times on the shared earmarked for them, while the retail individual investor portion subscribed 5.44 times.
The company had raised a little over Rs 666 crore from anchor investors ahead of the IPO.
CAMS, in its red herring prospectus, had said the proceeds will not be received by it as the IPO was an offer-for-sale. NSE Investments Ltd. was selling shareholder that exited the company after offloading 1.82 crore shares. The Securities and Exchange Board of India had asked the arm of the nation’s largest bourse to divest its entire 37.4% holding in CAMS.
CAMS is a technology-driven financial infrastructure and services provider to mutual funds and other financial institutions. Headquartered in Chennai, the company is now co-owned by Warburg Pincus, Faering Capital ACSYS Investments and HDFC Group.
After the IPO, the total promoter shareholding remained intact at 43.5% and public shareholding stood at 56.5%.
