AGS Transact Tech IPO: GMP, price band, key details as issue to open for subscription next week
Payment solutions provider AGS Transact Technologies is the the first company to be launching its initial public offering (IPO) in the new year 2022. The company's public issue will open for subscription next week on Wednesday, January 19. The bidding for anchor investors will open on January 18 and the issue will conclude on January 21.
The price band of the three day initial share-sale has been fixed at ₹166-175 a share. As per market observers, AGS Transact Tech shares have been available at a premium (GMP) of ₹23 in the grey market.
The public issue is purely an offer-for-sale (OFS) of equity shares by a promoter and other selling shareholders. The company has cut the size of its public issue to ₹680 crore, from ₹800 crore as planned earlier. As a part of the OFS, promoter Ravi B Goyal will now sell shares worth up to ₹677.58 crore. Earlier, he was looking to offload shares to the tune of ₹792 crore.
Half of the issue size has been reserved for qualified institutional buyers, 35% for retail investors and the remaining 15% for non-institutional investors (NIIs). ICICI Securities, HDFC Bank and JM Financial are the lead managers to the issue. The equity shares of the company will be listed on leading stock exchanges 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.
It provides customised products and services comprising ATM and Cash Recycler Machines (CRM) outsourcing, cash management and digital payment solutions including merchant solutions, transaction processing services and mobile wallets.