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CMS Info Systems files for $270 mn IPO; Baring Private Equity Asia to sell shares
Photo Credit: VCCircle

CMS Info Systems Ltd has filed draft papers with the capital markets regulator for a Rs 2,000 crore (about $270 million) initial public offering (IPO) that will see Baring Private Equity Asia sell shares.

CMS Info Systems is into ATM and cash management, ATM installation, maintenance services and card personalisation services.

The IPO is an offer for sale. Currently, Baring Private Equity Asia holds 100% stake in CMS Info Systems.

CMS Info Systems has been owned by private equity investors for more than a decade, first by Blackstone which took a controlling stake in 2008, and later by Baring Private Equity Asia which bought the company in 2015 for about Rs 2,000 crore. 

This will be the second attempt by Baring Private Equity Asia to take the firm public. The last IPO bid was made in 2017.

Axis Capital, Dam Capital Advisors, Jefferies India and JM Financial are the book running lead managers for the IPO.

On average CMS Info Systems manages Rs 5,000 crore of cash a day in India.

For fiscal year 2021, its total income stood at Rs 1,322 crore against Rs 1,388 crore a year ago. Net profit for the period was Rs 168 crore versus Rs 134.7 crore last year. The firm provides services to customers through a pan-India fleet of over 3,911 cash vans.

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