The initial public offering of Warburg Pincus-backed Computer Age Management Services Ltd (CAMS) began on a strong note on Monday while the maiden share sale of Chemcon Speciality Chemicals Ltd easily crossed the finish line.
The IPO of CAMS, a back-end processor for mutual funds, was covered 82% at the end of the first day after receiving bids for 8.67 million shares against the 12.827 million shares – excluding the anchor allotment – on sale.
Retail investors’ quota was subscribed 1.4 times while the portion set aside for non-institutional investors such as corporate houses and high-net-worth individuals (HNIs) was covered 30%.
Institutional investors placed bids for 25% of the shares reserved for them, stock-exchange data showed.
The IPO will close on Wednesday.
On Friday, the company raised Rs 666.5 crore ($90.5 million) from anchor investors including Singapore sovereign wealth fund GIC.
CAMS allotted a little more than 5.4 million shares to 35 anchor investors at Rs 1,230 apiece. US-based asset manager Capital Group bought shares worth Rs 60 crore. Sovereign wealth funds GIC and Abu Dhabi Investment Authority, and Canadian pension fund CDPQ each purchased shares worth about Rs 30 crore.
Chemcon IPO
Vadodara-based Chemcon, which makes speciality chemicals for the pharmaceutical and oilfield industries, received bids for nearly 34.03 million shares in response to its public offering of 6.559 million shares – excluding the anchor allotment. The IPO was subscribed around 5.2 times at the end of the first day, stock-exchange data showed.
Retail investors bid for 10 times their quota while the portion set aside for non-institutional investors was covered 1.23 times. Institutional investors placed bids for a handful of shares.
On the grey market, shares of Chemcon were quoting at a premium of Rs 255-265 apiece over its price band of Rs 338-340 per share, two grey market dealers told VCCircle.
Chemcon’s IPO will also close on Wednesday. The company raised Rs 95.4 crore last Friday by allotting 2.805 million shares to 16 anchor investors comprising hedge funds, asset management firms and an insurance company.
