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The initial public offer of payment solutions provider AGS Transact Technologies received 88 per cent subscription on the first day on Wednesday.

The IPO received bids for 2,51,98,420 shares against 2,86,74,696 shares on offer, according to data available with the BSE.

The Retail Individual Investors (RIIs) category received 1.32 times subscription, while non institutional investors garnered 1.02 times subscription.

This is the first IPO of 2022.

AGS Transact Technologies on Tuesday raised 204 crore from anchor investors.

The initial public offering (IPO) is purely an offer-for-sale (OFS) of equity shares worth 680 crore by promoter and other selling shareholders.

Price range for the three-day offer is at 166-175 per share.

ICICI Securities, HDFC Bank and JM Financial are the managers to the offer.

The equity shares of the company will be listed on BSE and NSE.

AGS Transact Tech is an integrated omni-channel payment solutions provider in India in terms of providing digital and cash-based solutions to banks and corporates.

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