Shares of cash management company CMS Info Systems Ltd on Friday listed with nearly 2 per cent premium against its issue price of Rs 216.
The stock listed at Rs 218.50, a gain of 1.15 per cent on the BSE. It further jumped 12.84 per cent to Rs 243.75.
At the NSE, it made its debut at Rs 220.20, a premium of 1.94 per cent.
The company commanded a market valuation of Rs 3,505.38 crore.
Santosh Meena, Head of Research, Swastika Investmart Ltd. said, "With the government's focus on digital payments, we believe that the availability and use of cash could further decline, which could adversely affect the business activities of the company. The IPO got listed at Rs 220.20 against the issue price of Rs 216 with a premium of 1.94 percent. The investors who got the allotment can keep a strict Stop Loss of Rs 200 while we recommend investors to invest in the other business with high growth potential."
CMS Info Systems Limited's initial public offering (IPO) was subscribed 1.95 times. The price range of the IPO was at Rs 205-216 per share.
CMS provides cash management services, which include ATM services, and cash delivery and pick-up.
The company's integrated business platform is supported by customised technology and process controls, which enables it to offer customers a wide range of tailored cash management and managed services solutions.
It caters to a broad set of outsourcing requirements for banks, financial institutions, organized retail and e-commerce companies in India.
(With inputs from PTI)
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