Report
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CAMS is India’s largest registrar and transfer agent (RTA) of mutual funds (MFs). As of Jun 2020, it had 70% market share based on its clients average AUM (AAUM). It services four of the five largest mutual funds, as well as nine of the 15 largest mutual funds based on AAUM.
Its revenue is linked to its clients AUM and hence, it has been able to ride on the overall growth in the industry, as it services some of the biggest Indian mutual funds. However, the fees that it charges appear to be under pressure and hence, its top-line growth has been lagging its AAUM growth. Having said that, the company has a quasi-monopoly status, as it has been increasing its already high market share. It also has long relationships with its clients and is an asset light business.
Our previous coverage of the IPO:
Computer Age Management Services Pre-IPO - Quasi monopoly status muddled by inconsistent financial performance
Computer Age Management Services IPO
Computer Age Management Services (CAMS) is looking to raise up to US$314m in its Indian IPO. The company is backed by Warburg Pincus and counts NSE, HDFC and HDFC Bank amongst its shareholders.CAMS is India’s largest registrar and transfer agent (RTA) of mutual funds (MFs). As of Jun 2020, it had 70% market share based on its clients average AUM (AAUM). It services four of the five largest mutual funds, as well as nine of the 15 largest mutual funds based on AAUM.
Its revenue is linked to its clients AUM and hence, it has been able to ride on the overall growth in the industry, as it services some of the biggest Indian mutual funds. However, the fees that it charges appear to be under pressure and hence, its top-line growth has been lagging its AAUM growth. Having said that, the company has a quasi-monopoly status, as it has been increasing its already high market share. It also has long relationships with its clients and is an asset light business.
Our previous coverage of the IPO:
Computer Age Management Services Pre-IPO - Quasi monopoly status muddled by inconsistent financial performance
Underlying
Computer Age Management Services
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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