All you need to know about

CMS INFO SYSTEMS LIMITED

Issue Details
Issue Amount : Upto ₹1,100 Cr
Post Issue Implied Market Cap: Upto ₹3,197 Cr at Upper band
Total shares on offer : Upto 50,925,925 Equity Shares
Face Value : ₹10 per share
Price Band : ₹205 to ₹216
Lot Size : 69 shares
Registrar : Link Intime India Pvt. Ltd.

Source : BRLM

Offer Breakup
Category Allocation Issue size Issue size
No. of shares (₹ in Cr)
Lower Band Upper Band

QIB 50% 26,009,484 25,462,961 550.0

NIB 15% 8,048,781 7,638,889 165.0

Retail 35% 18,780,488 17,824,075 385.0

Total 100% 53,838,753 50,925,925 1,100.0

Source : BRLM.
IPO timeline `
IPO Open: `

21
Tuesday, December 21, 2021

IPO Close:
Thursday, December 23, 2021 DECEMBER

28 Dec. Finalization of 29 Dec. Refunds/Unblocking

2021 basis of allotment 2021 ASBA fund

30 Dec. Credit of equity 31 Dec. Trading

2021 shares to DP account 2021 commences

Source : BRLM. Dates are tentative

The objective of the offer

To carry out the Offer for Sale of Equity Shares by the promoter selling
shareholder aggregating up to ₹1,100 crore
Achieve the benefits of listing the Equity Shares on the stock exchanges

Further, our company expects that listing of the Equity Shares will enhance our
visibility and brand image and provide liquidity to our shareholders and will also
provide a public market for the Equity Shares in India.

Source : RHP
About the company
India is the third largest ATM market in the world based on the number of installed ATMs,
and the company is India’s largest cash management company based on the number of
ATM points and the number of retail pick-up points as of March 31, 2021. (Source: Frost &
Sullivan) For Fiscal Year 2021, its total currency throughput, or the total value of the
currency passing through all of its ATM and retail cash management businesses,
amounted to ₹9,158.86 billion. The company’s business includes installing, maintaining,
and managing assets and providing technology solutions on an end-to-end outsourced
basis for banks under long-term contracts.

The company operates its business in three segments:

1) Cash management services - which include end-to-end ATM replenishment services;

cash pick-up and delivery; network cash management and verification services ; and
cash-in-transit services for banks, accounting for 68.61% and 66.74% of its revenue,
respectively from operations in Fiscal 2021 and the five months ended August 31, 2021,
and grew at a CAGR of 0.31% from Fiscal Year 2019 to Fiscal Year 2021

2) Managed services - which include banking automation product sales, deployment and
associated annual maintenance; end-to-end Brown Label deployment and managed
services for banks; common control systems and software solutions, including
multi-vendor software solutions and other security and automation software solutions; as
well as remote monitoring for ATMs, accounting for 27.88% and 30.64% of its revenue,
respectively, from operations in Fiscal 2021 and the five months ended August 31, 2021,
and grew at a CAGR of 35.88% from Fiscal Year 2019 to Fiscal Year 2021

3) Others - which include end-to-end financial cards issuance and management for banks
and card personalization services, accounting for 3.51% and 2.62% of its revenue,
respectively, from operations in Fiscal 2021 and the five months ended August 31, 2021

Its cash management business is largely route-based in nature with 78.11% and 78.70% of
revenue, respectively, in Fiscal 2021 and the five months ended August 31, 2021 being
generated from activities where route density drives profitability and enables operating
leverage. The company managed services business on the other hand is largely recurring
in nature with 52.45% and 65.80% of revenue from its managed services business,
respectively, in Fiscal 2021 and the five months ended August 31, 2021 being generated
from long-term contracts, which provides high revenue visibility for its managed services
business.
Source : RHP
Strengths

1
3 2

Leading player in PAN-India footprint with Integrated business

consolidating market with deep penetration in platform offering a broad
strong fundamentals growing markets range of services and
products

Systems and processes Track record of strong Experienced and

to manage and scale an productivity and highly qualified
operationally complex operational excellence management team
business

Source - RHP

Risks

` `

Decrease in the Adverse developments Uncertainty in relation to

availability or use with Indian banks that the continuing effects of
of cash as thepredominant affect the utilisation of & the COVID-19 pandemic
mode of payment in demand for cash impact on its business and
India management services operations

Any changes in Banks ceasing to Materialisation of

prudential norms and engage MSPs to the security risks
regulations that may whom the company faced by the
have an adverse effect provides its services business
on its business

Source - RHP
Important Financial Data
For the year/period ended (₹ in Crore)

As at As at As at As at
Particulars March 31,
August 31, March 31, March 31,
(in ₹ crore) 2019
2021 2021 2020
Particulars
(in ₹ crore)
Total Assets 1,578.09 1,611.81 1,332.74 1,092.70

Revenue from 626.29 1,306.09 1,383.24 1,146.16

Operations

Revenue NA -5.58 20.68 NA

Growth (%)

EBITDA 153.09 309.44 258.96 211.09

Net Profit 84.47 168.52 134.71 96.41

for the period

Net Profit as 13.49 12.90 9.74 8.41

% to Revenue

Basic EPS
(₹)
5.71 11.39 9.10 6.50

RONW 7.97 17.12 15.84 12.89

(%)

Source : RHP. Revenue growth for FY 19 and August 31, 2021 not known as FY 18 and August 31, 2020 numbers unavailable
Peer Comparison
Name of Company Face Value Total Income EPS NAV as on P/E RoNW
(₹ Per Share) (₹ in Crores) (₹) March 31, (%)
2021
(₹ per share)
Basic Diluted

CMS Info
10 1,321.92 11.39 11.09 66.52 NA 17.12
Systems Ltd.

Listed Peers

SIS
5 9,605.09 24.85 24.73 123.45 18.83 20.06
Limited

Unlisted Peers

AGS Transact
Technologies Ltd. 10 1,797.15 4.62 4.55 47.11 NA 10.29

Radiant Cash
Management 1 224.16 3.20 3.20 12.55 NA 25.52
Services Ltd.

Notes : (1) P/E Ratio has been computed based on the closing market price of equity shares on BSE on December 10,
2021, divided by the basic EPS. (2) Net Profit is the Profit for the period/year attributable to equity shareholders of the
Company (3) Return on net worth %: Profit for the period/year attributable to equity shareholders of the Company
divided by net worth as attributable to equity shareholders of the Company at the end of the year (4) Net worth
has been computed as sum of paid-up share capital and other equity. (5) NAV is computed as the closing net worth
divided by the closing outstanding number of equity shares.
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Source : BRLM & Moneycontrol. Anchor portion excluded for subscription details.

For more details refer offer documents on sebi www.sebi.gov.in

The securities quoted are exemplary and are not recommendatory. Such representations are not indicative of future results.
Source of statistical information, charts, graphs etc – RHP, DRHP, addendum and Moneycontrol.

Investment in securities market are subject to market risks, read all the related documents carefully before investing.
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