CMS Info Systems IPO sails through on Day 3

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CMS Info Systems IPO sails through on Day 3 NEW DELHI: The Rs 1,100 crore initial public offer by CMS Info Systems managed to sail through on the third and final day of the bidding process on Thursday. The issue saw applications for 4,41,96,501 shares against 3,75,60,975 shares on offer, translating into a subscription of 1.18 per cent as of 2.00 pm. According to the data from BSE, the portion reserved for retail bidders was subscribed 1.8 times, while the institutional quota received 1.26 times bids. That said, higher valuations, high dependence on key clients, rising cases of Omicron virus and dependence on the banking sector have been underlined as key issues. CMS Info Systems derives the majority of its revenues by providing various services to the banking sector and has a high client concentration with the top three customers accounting for 44.6 per cent of revenues for the first five months of FY2022, said Angel One. "The company’s business would be impacted in case we witness a third Covid wave in India," it added.



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