The IPO comprised an absolute offer for sale of nearly ₹2,000 crore by Sion Investment Holdings Pte, a subordinate of Baring Private Equity Asia. Currently, Sion Investment Holdings possesses a 100% stake in the firm.
For around 10 years, CMS was owned by private equity investors, initially by Blackstone and later by Baring, which bought major stakes in the company. CMS deals in ATM and cash management, ATM installation, maintenance services and card personalization services.
Counting on the initial as a precedent, this will be the second attempt of Baring to takeover CMS public. In 2017, it had filed draft papers with the markets regulator but faced a setback of its 12-month approval period lapse without launching the IPO.
For FY21, its overall income resulted at ₹1,321.92 crore compared to the ₹1,388.29 crore the previous year. Net profit for the period stood ₹168.52 crore against the ₹134.71 crore past year. The firm offered services to its customers through a pan-India fleet of around 3,911 cash vans, 224 branches and offices imparting services for over 133,458 business points.
