CAMS IPO: Issue subscribed 34 times on day 3; HNI bids at 91.5 times

The initial public offering (IPO) of Computer Age Management Services (CAMS) was subscribed 33.56 times so far on Wednesday, the last day of the issue. The portion reserved for retail investors was subscribed 4.72 times.

At 3:03 PM, the high networth individuals (HNI) portion of the issue was subscribed 91.5 times, while the portion of qualified institutional buyers was subscribed 42.25 times..

The firm had allotted shares worth Rs 666 crore on Saturday to 35 anchor investors. The anchor investors include Abu Dhabi Investment Authority, Fidelity Funds, Goldman Sachs India, and the Government of Singapore.

It had, on September 18, raised Rs 667 crore from several anchor investors at higher end of price band of Rs 1,229-1,230 per share, as a result the issue size has been reduced to over 1.28 crore equity shares from 1.82 crore shares earlier.

The Rs 2,244-crore IPO is priced between Rs 1,229 and Rs 1,230 apiece. The IPO is a pure offer for sale (OFS), and the company will not receive any proceeds.

CAMS is a financial infrastructure and services provider to mutual funds and other financial institutions. The firm is India's largest registrar and transfer agent of mutual funds (MFs) and enjoys a 70-per cent market share in MF services in terms of average assets under management.