Home/ Markets / Stock Markets/  AGS Transact Technologies shares surge after flat debut

Shares of AGS Transact Technologies witnessed a flat listing on Monday as the stock started trading at 176 on the NSE, up 0.9% as compared to its IPO issue price of 175 apiece. On the BSE, the stock made its debut at 176 per share and surged over 3% to 180 in minutes after listing.

“The company is one of the leading payment solution provider and a big player in ATM management space with strong clientele and good network all over India with many peers and high competition. We advise investors to hold the company for long term for good returns seeing company’s product portfolio and technological capacities we think it will be a good investment option for long term," said Mohit Nigam, Head - PMS, Hem Securities.

The leading payment solutions provider's 680-crore initial public offering (IPO) was subscribed over eight times. The retail demand stood at 3.25 times, qualified institutional buyers 2.82 times, and the non-institutional category received 27 times subscription. It had earlier raised 204 crore from anchor investors.

The issue, with a price band of 166-175 apiece, opened for public subscription on January 19 and concluded on January 21. The initial share sale was purely an offer-for-sale (OFS) of equity shares worth 680 crore by a promoter and other selling shareholders.

Through the OFS, promoter Ravi B Goyal had sold shares worth 650 crore, but the company informed exchanges that he pumped the entire money back into the company by subscribing to CCPS or compulsorily convertible preference shares on January 29.

AGS Transact is an integrated omnichannel payment solutions provider providing customised products and services comprising ATM and cash-recycling machines outsourcing, cash management and digital payment solutions including merchant solutions, transaction processing services and mobile wallets. It has over 80 banking partners and services 72,000 ATMs/ cash-recycling machines, and has over 2.2 lakh points of sale machines.

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Updated: 31 Jan 2022, 10:44 AM IST
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