Tech firm CAMS' IPO subscribed 1.93 times on second day of bidding

The initial public offer of Computer Age Management Services (CAMS) was subscribed 1.93 times on the second day of bidding on Tuesday.

The IPO of Warburg Pincus-backed CAMS received bids for 2,47,77,912 shares against the offer size of 1,28,27,370 shares.

Qualified institutional buyers (QIBs) category was subscribed 83 per cent, non-institutional investors, 1.22 times, and retail individual investors 2.91 times.

The initial public offer is of up to over 1.82 crore shares and is in the price range of Rs 1,229-1,230 per share.CAMS had raised a little over Rs 666 crore from anchor investors. The company will raise Rs 2,242 crore at the upper end of the price band.

The public offer of CAMS, which acts as a registrar and transfer agent (RTA) for mutual funds, will close for subscription on Wednesday.

CAMS is a technology-driven financial infrastructure and services provider to mutual funds and other financial institutions.

Headquartered in Chennai, the company is co-owned by NSE Investments, Warburg Pincus, Faering Capital ACSYS Investments and HDFC Group.

Kotak Mahindra Capital Company, HDFC Bank, ICICI Securities, Nomura Financial Advisory and Securities are the managers to the offer.