The initial public offering of Warburg Pincus-backed Computer Age Management Services Ltd (CAMS) got fully subscribed on the second day on Tuesday, while the maiden share sale of Chemcon Speciality Chemicals Ltd continued its strong show on day two with demand coming up across all investor categories.
The IPO of CAMS, a back-end processor for mutual funds, comprising 12.827 million shares excluding the anchor allotment was subscribed 1.93 times after receiving bids for 24.78 million shares, stock-exchange data showed.
Retail investors’ quota was subscribed 2.9 times while the portion set aside for non-institutional investors such as corporate houses and high-net-worth individuals (HNIs) was covered 1.22 times.
Institutional investors placed bids for 83.3% of the shares reserved for them, stock-exchange data showed.
The IPO, which will close on Wednesday, had received 82% demand for its shares offer on the first day on Monday.
Last 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.
Vadodara-based Chemcon, which makes speciality chemicals for the pharmaceutical and oilfield industries, received bids for 82.8 million shares in response to its public offering of 6.559 million shares – excluding the anchor allotment. The IPO was subscribed around 12.6 times at the end of day two, stock-exchange data showed.
Retail investors bid for nearly 10 times their quota while the portion set aside for non-institutional investors was covered 1.23 times.
Institutional investors’ category was subscribed 1.37 times.
On the grey market, shares of Chemcon were quoting at a premium of Rs 250-260 apiece over its price band of Rs 338-340, a grey market dealer 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.