The initial public offering of Computer Age Management Services Ltd.—the third this month—is off to a steady start.
The Warburg Pincus-backed mutual fund transfer agency's offering was subscribed 82% as of 5:00 p.m. on Sept. 21, the first of the three-day share sale.
According to data by Kotak Securities, the portion of shares reserved for retail investors was subscribed 1.40 times while non-institutional investors bid 0.30 times on shares earmarked for them. Institutional buyers have so far bid 0.25 times.
The Chennai-headquartered firm plans to raise Rs 2,242 crore by selling up to 1.82 crore shares within a price band of Rs 1,229-1,230 per share. The minimum bid size is 12 shares and multiples thereof.
CAMS, in its red herring prospectus, said that the proceeds will go to selling shareholder NSE Investments which will exit the firm soon after.
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