/Ahead of IPO, CAMS raises Rs 666.57 crore through anchor investments

Ahead of IPO, CAMS raises Rs 666.57 crore through anchor investments

Mumbai: Computer Age Management Services (CAMS) raised Rs 666.57 crore from a total of 35 investors ahead of the opening of its initial public offer on Monday.

The anchor allotment was done at Rs 1,230 per share. Smallcap World Fund is the biggest investor as it is allocated 9 per cent of the anchor investment portion. Other investors include the Government of Singapore and Abu Dhabi Investment Authority, who were allocated 4.5 per cent each of such portion.

Also, 13 domestic mutual funds through a total of 30 schemes were allocated 36.46 per cent of the total anchor investment portion.

The Rs 2,242 crore CAMS IPO, the biggest issue of FY21 so far, is set to open for subscription on Monday. The company is expected to announce the anchor allotment details later in the day.

The price band for the issue has been fixed at Rs 1,229-1,230 and prospective retail investors need to bid for a minimum of one lot of 12 shares or in multiples thereof. Retail investors can bid for a maximum of 13 lots.

On the block are 1,82,46,600 shares held by NSE Investments, which will offload 37.4 per cent stake, following a February 4 Sebi directive to exit the company completely.

Incorporated in 1988, the company is India’s largest registrar and transfer agent of mutual funds today, with an aggregate market share of 70 per cent based on mutual fund average assets under management (AAUM). The company’s MF clients include four of the five largest mutual funds and nine of the 15 largest mutual funds based on AAUM during July 2020.

Kotak Mahindra Capital, HDFC Bank, ICICI Securities, and Nomura Financial Advisory and Securities are the leading book managers to the issue.

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