AGS Transact Tech Cuts IPO Size to Rs 680 Crore and Also to Open on 19th Jan

Payments solutions provider AGS Transact Technologies has cut its initial public offering (IPO) size to Rs 680 crore from Rs 800 planned earlier. The company reduces its size due to the rising uncertainty in the market.

The first IPO issue of the year will open on January 19 and close on January 21. The issue will entirely be an offer for sale wherein promoter Ravi B Goyal will sell shares worth up to Rs 677.58 crore. Expected IPO to be priced in the range of Rs 175-200 per share. AGS Transact, an active counter in the unlisted space, has been in hibernation ever since it corrected sharply from its peak of Rs 550. ICICI Securities, HDFC Bank, and JM Financial are appointed as the book running lead managers to the issue.

AGS Transact Technologies provides customized products and services comprising ATM and CRM outsourcing, cash management, and digital payment solutions including merchant solutions, transaction processing services, and mobile wallets. It has a network of 207,335 merchant POS, 16,700 petroleum outlets, 72,000 ATMs and CRMs offering cash management services, 46000 cash billing terminals, and installed 85,700 colour dispensing machines at the end of FY21. The business serves customers in 2200 cities and towns through 420,000 machines or customer touchpoints. It reported a net profit of Rs 54.79 crore and revenue of Rs 1,797.15 crore from the fiscal year ended on March 31, 2021.