CAMS Garners Little Over Rs 666 Crore From Anchor Investors Ahead Of IPO
Warburg Pincus LLC-backed Computer Age Management Services Ltd. has raised a little over Rs 666 crore from anchor investors, ahead of its initial public offering that opens Monday.
India’s largest mutual fund registrar and transfer agent has finalised the allocation of 54,19,230 shares at Rs 1,230 apiece to 35 anchor investors, according to an exchange filing on Saturday. The 35 anchor investors include 17 foreign portfolio investors, 13 mutual funds through 30 schemes, three insurance companies and two alternative investment funds.
Some of the anchor investors are SmallCap World Fund, HSBC, Abu Dhabi Investment Authority, Caisse de Depot et Placement First State Investments, Goldman Sachs, Eastspring Investments, Fidelity Investment Trust, Government of Singapore and Nomura Funds Ireland Public Ltd.
The Sept. 21-23 CAMS IPO will see sale of 1,82,46,600 equity shares, or 37.4% stake, by NSE Investments, a subsidiary of National Stock Exchange. No new shares will be issued in the offering. The company, however, will end up raising as much as Rs 2,242 crore by selling shares in a price band of Rs 1,229-1,230 apiece.
CAMS is a technology-driven financial infrastructure and services provider to mutual funds and other financial institutions. Headquartered in Chennai, it is co-owned by NSE Investments, Warburg Pincus, Faering Capital ACSYS Investments and HDFC Group.
The company claims to be India's largest registrar and transfer agent of mutual funds with a market share of nearly 70%, based on mutual fund average assets under management, as of Nov. 2019.
The issue is being managed by Kotak Mahindra Capital Co. Ltd., HDFC Bank Ltd., ICICI Securities Ltd. and Nomura Financial Advisory and Securities (India) Pvt. Ltd.