CMS Info Systems Ltd

About the Company:

CMS Info Systems Ltd is India’s largest cash management company based on number of ATM points and number of retail pick-up points as well as one of the largest ATM cash management companies worldwide based on number of ATM points as of March 31, 2021.

Company’s business includes installing, maintaining and managing assets and technology solutions on end-to-end outsourced basis for banks under long term contracts.

Company caters to broad set of outsourcing requirements for banks, financial institutions, organized retail and e-commerce companies in India.

Company has a pan-India fleet of 3,965 cash vans and network of 238 branches and offices.

Company served 141,977 business points across our ATM cash management, retail cash management and managed services businesses as of August 31, 2021.




Promoter Group Company:

Company is supported by the Promoter, Sion Investment Holdings Pte. Limited, which acquired the Company in 2015 and is an affiliate of Baring Private Equity Asia, a private equity firm that has over US$27 billion assets under management as of June 30, 2021.




Company operates business in three segments:

Cash management services: It includes 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% of revenue from operations in Fiscal 2021, and grew at a CAGR of 0.31% from Fiscal Year 2019 to Fiscal Year 2021.


Managed services: It includes 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.

It accounted for 27.88% of revenue, from operations in Fiscal 2021, and grew at a CAGR of 35.88% from Fiscal Year 2019 to Fiscal Year 2021.


Others services: It includes end-to-end financial cards issuance and management for banks and card personalization services, accounting for 3.51% of revenue, from operations in Fiscal 2021.



Revenue from operations: 


Company’s Customers in “ATM Cash Management Business”:

The customer base of company’s ATM cash management business is diversified and includes over 13 MSPs (Managed services provider), and service 45 public and private Indian banks directly and through MSPs, as well as white label ATM deployers.

The banks that company service include public sector banks and private sector banks such as Axis Bank, HDFC Bank and ICICI Bank.



Company’s Customers in “Retail Cash Management Business”:

Company’s customers in the retail cash management business are primarily banks and include Axis Bank, HDFC Bank, ICICI Bank and IDBI Bank, among others.

Company directly and indirectly serve more than 2,000 end-customers of our bank customers across various sectors, including e-commerce logistics providers, NBFC and financial services institutions, large format organized retailers, insurance companies, apparel retail chains, healthcare chains, hospitality chains and government and utilities, among others.


Company’s Largest Customer:

Company’s largest customer is a public sector bank which contributed 10.07%, 23.45%, 17.90% and 18.78% in Fiscal Years 2019, 2020, 2021 and the five months ended August 31, 2021, respectively.



Competition in the Business:

For cash management, Company’s main competitors in ATM cash management are AGS and Writer Safeguard;

For retail cash management main competitors are Brink’s, Radiant Cash Management Services Writer Safeguard; in cashin- transit services are SiS Prosegur and Checkmate.

For managed services, main competitors in Brown Label ATM and managed services are Hitachi, AGS, Euronet, FIS and FSS.

For automation product sales and solutions are NCR, Hitachi and Oki.

For software and technology are NCR and KAL.


Management Team:

  1. Mrs. Shyamala Gopinath (Designation: Chairperson and Independent Director)
  2. Mr. Rajiv Kaul (Designation: Executive Vice Chairman, Whole Time Director and CEO)





Objectives of the Issue:

Offer for Sale: (Rs. 1100 cr )

  • Each of the Selling Shareholders will be entitled to the proceeds of the Offer for Sale. Company will not receive any proceeds from the Offer for Sale.




Peer Group Comparison:

We believe none of the listed companies in India are exclusively engaged in the portfolio of business similar to CMS Info Systems Ltd, there is, however, one other listed company in India that also provides cash management services, among other services, through its joint ventures.


Positives for the Company:

Leading player in a consolidating market with strong fundamentals.

  • Company is India’s largest cash management company based on number of ATM points and number of retail pick-up points and had a market share of 24.7%, based on the total number of ATMs in India, as well as a market share of 41.1%, based on the total number of outsourced ATMs in India.


Consolidation in the Industry.

  • In this industry, there is a positive correlation between market share, network size and profitability.
  • The industry is consolidating due to changes in regulations designed to ensure that cash management companies meet certain operating standards with respect to the handing of cash, as well as trends in customer preference favouring larger cash management companies with more scaled and stable operations.
  • The market share of the two largest ATM cash management companies, one of which being CMS Info Systems Ltd, has increased from 60.0% in Fiscal Year 2018 to 72.0% in Fiscal Year 2021.
  • In addition, the size and wide reach of the network enables company to realize further economies of scale, allowing us to increase the productivity of the operations and profit margins.



The increasing number of ATMs in India.

  • The increasing number of ATMs in India, which has increased from approximately 223,000 in Fiscal Year 2019 to approximately 255,000 in Fiscal Year 2021,.
  • There is also increase in the number of banks, in particular public sector banks, that outsource their ATM servicing as the current base of ATM and cash management assets of banks come up for renewal.



Increasing No. of Debit cards in India.

  • Growing access to banking services in India, such as debit cards, which have increased at a CAGR of 8% from 2015 to 2021 and numbered 893.4 million cards and 913.8 million cards as of March 31, 2021 and August 31, 2021, respectively.
  • The increase in the number of debit card transactions as the number of ATMs and ATM penetration in rural areas increases; this, in turn, is expected to drive further investments by banks in their ATM networks.



Increase in ATM transaction fees.

  • Recently there has been an increase in the interchange fee per ATM transaction from Rs.15 to Rs.17 for financial transactions in India, which is expected to further support ATM infrastructure growth and deployment.



Pan-India footprint with deep penetration in growing markets.

  • Company has a pan-India fleet of 3,965 cash vans and a network of 238 branches and offices based on the numbers as of August 31, 2021.



Financials of the Company:

(in Crores) FY 19 FY 20 FY 21 31st August 2021
Revenue 1159.3 1388.2 1321.9 629.7
Net Profit 96.1 134.7 168.5 84.4



Valuation of Peer Group Companies:

Company Name Face Value EPS PE Ratio RoNW NAV
CMS Info Systems Ltd 10 11.09 19.47 17.12% 66.52
SIS Limited 5 24.85 18.83 20.06% 123.45



IPO Details:

Details Info
Issue Opens on 21st December 2021
Issue Closes on:. 23rd December 2021
Issue Price Rs.205 – 216
Face Value Rs.10
Retail Category Allocation 35%
Minimum Lot 69 Shares
Minimum Investment Rs.14,904
Issue Constitutes 34.40%
Issue Size Rs.1100 cr ($144 million)
Market Cap Rs.3196 cr ($ 426 million)
Listing at NSE & BSE
Equity Shares Offered (OFS) 5,09,25,926
Equity Shares Prior to the Issue 14,80,00,000
Equity Shares after the issue 14,80,00,000

Also Read : List of Upcoming IPO’s in India.


Important Dates:

Finalization of Basis of Allotment on or Before 28th December 2021
Initiation of Refunds on or Before 29th December 2021
Credit of Equity Shares: on or Before 30th December 2021
Listing Date: on or Before 31st December 2021



Subscription Details:

(Subscription-Category-Wise (no. of times) Till time : 06:00 PM) Shares Offered Day-1 Day-2 Day-3
QIB 1,07,31,706 0.00 0.00 2.09
NII 80,48,781 0.01 0.05 1.52
Retail 1,87,80,488 0.83 1.37 2.26
Employee ——— —-
TOTAL 3,75,60,975 0.42 0.69 2.06

Note: Retail Subscription on the basis of Applications: 1.97x


IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
11.09 19.47 17.12% 66.52



Check IPO Allotment Status:

Link InTime Website:

BSE IPO Website:


Company Contact Info:
CMS Info Systems Ltd
T-151, 5th Floor,
Sector-11, Tower No. 10,
Railway Station Complex,
CBD Belapur, Navi Mumbai,
Thane – 400614, Maharashtra;
Telephone: +91 22 4889 7400;


IPO Registrar Info:
Link Intime India Private Limited
C-101, 247 Park
L.B.S Marg, Vikhroli (West)
Mumbai 400 083, Maharashtra
Telephone: +91 22 4918 6200
Investor e-mail: