AGS Transact Technologies, The First IPO Of 2022, Slumps On Debut

Shares of AGS Transact Technologies, a payment solutions provider, dropped more than 8 per cent over their issue price on Monday. The company’s IPO, first for calendar 2022, had garnered 8 times subscription. Its shares ended at Rs 161.3, down Rs 14.7, or 8.4 per cent, over IPO price of Rs 176. Its stock touched a high of Rs 182 and a low of Rs 154 on the BSE. At the last close, AGS was valued at Rs 1,942 crore.

Market players blamed volatility in the secondary market for the lacklustre debut. In the past two weeks, the benchmark indices have declined around 6 per cent.

The company’s Rs 680-crore IPO was entirely a secondary share sale by existing investors. As of March 31, 2021, AGS was the second largest company in the country in terms of revenue generated from ATM managed services under the outsourcing model. The company is also one of the largest deployers of point of sale (POS) terminals at petroleum outlets in India. AGS also offers cash management solutions to the retail sector.

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor