CMS Info Systems IPO subscribed 66% on Day 2 of offering

The initial public offering of cash management company CMS Info Systems Limited was subscribed 66 per cent on the second day of subscription on Wednesday.

The IPO received bids for 2,47,38,294 shares against 3,75,60,975 shares on offer, according to NSE data.

The category for Retail Individual Investors (RIIs) received 1.30 times subscription, while those for non-institutional investors was subscribed 4 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.

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.