Baring Private Equity Asia-backed CMS Info Systems has filed a Draft Red Herring Prospectus with capital markets regulator SEBI to launch its initial public offering (IPO).
The company plans to mobilise Rs 2,000 crore through the public issue that comprises entirely an offer for sale by promoter Sion Investment Holdings Pte Limited.
Sion Investment Holdings, an affiliate of Baring Private Equity Asia, acquired the company in 2015. As of March 2021, the company is 100 percent owned by the promoter.
The senior management team of the company is led by Rajiv Kaul who serves has been the Executive Vice Chairman, Chief Executive Officer and Whole Time Director of the company since 2009. Kaul is the former general manager and managing director of Microsoft Corporation (India) and a former partner at Actis Capital LLP, London.
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India is the third-largest ATM market in the world based on the number of installed ATMs (automated teller machines). CMS Info Systems is India's largest cash management company based on the number of ATM points and the number of retail pick-up points as of March 2021, as well as one of the largest ATM cash management companies worldwide based on the number of ATM points as of December 2020.
Its business includes installing, maintaining and managing assets and technology solutions on an end-to-end outsourced basis for banks under long term contracts.
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The company caters to a broad set of outsourcing requirements for banks, financial institutions, organised retail and e-commerce companies in India.
It operates business in three segments including cash management services, and managed services which accounted for 68.61 percent and 27.88 percent of total revenue from operations. The third segment, which includes end-to-end financial cards issuance and management for banks and card personalization services, contributed 3.51 percent to revenue from operations in FY21.
Axis Capital, DAM Capital Advisors, Jefferies India, and JM Financial are appointed as the book running lead managers to the issue.Also read - Check latest grey market premium of Devyani International, Krsnaa Diagnostics ahead of market debut