AGS Transact Tech files draft papers with Sebi to raise Rs 800-cr via IPO

Payment solutions provider AGS Transact Technologies has filed preliminary papers with capital markets regulator Sebi to mop-up Rs 800 crore through an initial share-sale.

The initial public offering (IPO) is purely an offer-for-sale of equity shares by promoter and other selling shareholders, according to the draft red herring prospectus (DRHP).

Promoter Ravi B Goyal will sell shares worth up to Rs 792 crore through the offer-for-sale and other selling shareholders will offload shares to the tune of Rs 8 crore.

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 corporate.

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.

As of March 2021, the company had deployed 2,07,335 payment terminals.

ICICI Securities, HDFC Bank and JM Financial are the lead managers to the issue. The equity shares of the company will be listed on BSE and NSE.

Prior to this, the company had made several attempts to go public. Earlier in 2018, AGS Transact Tech had filed draft papers with Sebi to raise Rs 1,000 crore through an IPO. It had secured the regulator's nod but did not go ahead with the plan.

Before that, the company had filed draft papers with the regulator in 2015, to raise up to Rs 1,350 crore through an initial share-sale and prior to that, the firm had filed preliminary papers with Sebi in 2010 to float an IPO.