CMS Info Systems Limited made a tepid debut on Dalal Street on Friday as the shares of the company listed flat on the stock exchanges.

On the National Stock Exchange (NSE), shares of the company listed at Rs 220.20 or a premium of approximately 2 per cent to the issue price of Rs 216. The shares of CMS Info Systems opened on the Bombay Stock Exchange (BSE) at Rs 218.5.

The company had raised Rs 1,100 crore from its IPO during December 21-23. The company had set the price band for its IPO in the range of Rs 205-216.

The IPO of CMS Info Systems received a muted response from investors. The public issue was entirely an offer for sale by promoter Sion Investment Holdings.

Many brokerages gave a subscribe rating to the public issue as the firm is one of the leading players in the cash management segment, supported by strong fundamentals and a pan-India footprint with a good relationship with leading banks.

Some brokerages also suggested that the company has a strong potential for revenue growth and improvement in operating margins.

It may be noted that CMS Info Systems is India’s largest cash management company in terms of the number of ATMs and retail pick-up points as of March 31, 2021.

The company installs, maintains and manages assets and technology solutions on an end-to-end outsources basis for banks, financial institutions and organised retail and e-commerce companies.