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IPO screener: AGS Transact issue subscribed 0.88 times on Day 1

Badrinarayanan K S | Updated on: Jan 20, 2022

Closeup of VAT text written on wooden blocks with stacked coins | Photo Credit: AndreyPopov

Retail investors, NII portion subscribed fully

The ₹680 crore initial public offering of AGS Transact Technologies Ltd was subscribed 0.88 times of issue opening on Wednesday. The issue will close for subscription on Friday.

The price band for the issue has been fixed as ₹166-175 a piece and the lot size is 85 shares. While retail investors portion was subscribed 1.32 times, the quota for non-institutional investors received 1.02 times. However, qualified institutional buyers (QIBs) are yet to bid for the issue.

The issue is purely an offer-for-sale (OFS) of equity shares by the promoter and other selling shareholders. As a part of the OFS, promoter Ravi B Goyal will sell shares worth up to ₹677.58 crore.

Anchor investors

Ahead of the issue, the company on Tuesday raised ₹203.99 crore from anchor investors by allotting 1.16 crore shares at ₹175 a share.

The anchor investors included HDFC Balanced Advantage Fund, Nippon Life India Small Cap Fund, BNP Paribas Arbitrage, Ashoka India Equity Investment, Kuber India Fund, Saint Capital Fund, IIFL Special Opportunities, Abakkus Growth Fund, Quantum MF, Tara Emerging Asia Liquid Fund, Cohesion MK Best Ideas, Authum Investment and Resonance Opportunities Fund.

While half of the issue size has been reserved for QIBs, 35 per cent is for the retail investors and the remaining 15 per cent is for the non-institutional investors.

AGS Transact Technologies is one of the largest integrated omnichannel payment solutions providers in India in terms of providing digital and cashbased solutions to banks and corporate clients, as of March 31, 2021. It provides customised products and services comprising ATM and CRM outsourcing, cash management and digital payment solutions including merchant solutions, transaction processing services and mobile wallets.

Besides Indian market, the company has also expanded internationally in other Asian countries such as Sri Lanka, Cambodia, Singapore, Indonesia, and the Philippines. The firm primarily operates in three business segments.

Published on January 20, 2022
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