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CAMS collects over Rs 666 crore from key investors ahead of IPO

 


CAMS, backed by Warburg Pincus, raised just over Rs 666 crore from key investors ahead of its initial stock sale which will open for public subscription on Monday.

The company has finalized the allotment of 54.19230 shares at Rs 1,230 each to 35 benchmark investors, CAMS, which acts as registrar and transfer agent (RTA) for mutual funds, said in a deposit at the stock exchanges.

At that price, the company has raised Rs 666.56 crore.

Of the 35 benchmark investors, 17 foreign portfolio investors, 13 mutual funds across 30 plans, three insurance companies and two alternative investment funds have subscribed for shares.

Some of the main investors are SmallCap World Fund, HSBC, Abu Dhabi Investment Authority, Caisse de Depot et Placement First State Investments, Eastspring Investments, Fidelity Investment Trust, Goldman Sachs, Government of Singapore, Nomura Funds Ireland Public Ltd.

The offer will see the sale of 1,826,600 equity shares, or 37.4% of the capital, by NSE Investments, a subsidiary of the National Stock Exchange (NSE).

The full amount of shares sold to investors is owned by NSE and there will be no new issue of shares that could see money flow into the company.

The issue will open on September 21 and close on September 23.

The price range has been set at Rs 1,229 to 1,230 per share and the company will increase Rs 2,242 crore at the higher end of the range.

Computer Age Management Services (CAMS) is a technology-driven financial infrastructure and services for mutual funds and other financial institutions.

Based in Chennai, CAMS is co-owned by NSE Investments, Warburg Pincus, Faering Capital ACSYS Investments and HDFC Group.

The company claims to be the largest mutual fund registrar and transfer agent in India with almost 70% market share, based on average mutual fund assets under management (AAUM), as of November 2019 .

The issue is managed by Kotak Mahindra Capital Co Ltd, HDFC Bank Ltd, ICICI Securities Ltd and Nomura Financial Advisory and Securities (India) Pvt Ltd.

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