CAMS Shares List On BSE At 23% Higher Than IPO Price

The Computer Age Management Services (CAMS), the largest registrar and transfer agent of mutual funds in India, made a strong debut on BSE on 1 October, following a successful IPO last week.

Shares of the company listed at Rs 1,518 per share on BSE, 23.4 percent higher than its issue price of Rs 1,230.

However, the listing price is lower than expected listing gains of the stock as hinted by the grey market premia of recent IPOs, which were hammered down by the nervousness in the market last week.

On Wednesday, the grey market premia of CAMS fell about 15 percent to Rs 312 from Rs 365.

The CAMS IPO opened for subscription on 21 September and closed on 23 September. Over 1.82 crore shares were offered in the public issue at a price band of Rs 1,229-1,230 per share.

The portion reserved for retail investors was subscribed 1.7 times, while the reserved category of non-institutional investors (NII) segment received 32.3 percent subscription.

CAMS raised Rs 2,244 crore via public issue, which comprised an offer for sale by NSE Investments, the subsidiary of National Stock Exchange. NSE Investment Ltd, divested its complete stake of 37.5 percent in CAMS as per SEBI's directive. In February, NSE received a letter from SEBI stating that it did not seek the market regulator's permission to acquire a stake in CAMS in 2013, a violation of Stock Exchange and Clearing Corporation Regulations. It was also directed to divest its entire stake in CAMS within a year and withdraw its directorship in CAMS.