Cash management company CMS Info Systems made a tepid market debut today. Shares of CMS Info Systems listed at a premium of 1.94% at Rs 220.20 on NSE compared to the issue price of Rs 216. The company offered its shares in a price band of Rs 205-216.
Market cap of the firm stood at Rs 3,258 crore.
Total 19.02 lakh shares of the firm changed hands amounting to a turnover of Rs 41.89 crore on NSE.
On BSE, the stock listed at Rs 218.50, 1.16% higher to the IPO price.
Market cap of the firm rose to Rs 3,233 crore. Total 1.34 lakh shares of the firm changed hands amounting to a turnover of Rs 2.92 crore on the BSE.
Santosh Meena, Head of Research, Swastika Investmart said,"With the government's focus on digital payments, we believe that the availability and use of cash could further decline, which could adversely affect the business activities of the company. The IPO got listed at Rs 220.20 against the issue price of Rs 216 with a premium of 1.94%. The investors who got the allotment can keep a strict stop loss of Rs 200 while we recommend investors to invest in other businesses with high growth potential."
The IPO was held from December 21 to December 23. The share sale was subscribed 1.95 times on the final day of bidding.
The portion allocated for retail investors was subscribed 2.15 times and that of non-institutional investors saw 1.45 times subscription. Qualified institutional buyers (QIBs) applied for 1.98 times the portion set aside for them.
CMS Info Systems Limited is engaged in installing, maintaining, and managing assets and technology solutions on an end-to-end outsourced basis for banks, financial institutions, organized retail and e-commerce companies in India.