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AGS Transact Technologies gets Sebi's go-ahead for Rs 10-billion IPO

Besides, the company plans a pre-IPO placement of up to 5 million equity shares for up to Rs 1.25 billion

Press Trust of India  |  New Delhi 

IPO

Payment solutions provider AGS Technologies has received capital regulator Sebi's go-ahead to mop up Rs 10 billion through an initial public offer.

The company, which had filed its draft papers with Sebi in August seeking its clearance to float an initial share-sale, obtained its "observations" on October 26, latest update with the watchdog showed.

Sebi's observations are necessary for any company to launch public issues such as initial public offer (IPO), follow-on public offer (FPO) and rights issues.

Going by the preliminary papers, AGS' initial share-sale comprises fresh issue of equity shares aggregating up to Rs 4 billion besides an offer for sale worth up to Rs 6 billlion by the existing shareholders.

Besides, the company plans a pre-IPO placement of up to 5 million equity shares for up to Rs 1.25 billion.

Funds raised through the issue will be used for payment of certain loans and other

This is the company's third attempt to hit the capital market.

Earlier, AGS had filed initial papers with Sebi in 2015 to raise up to Rs 13.50 billion through an IPO. It had secured the regulator's go-ahead too but did not go ahead with the plan.

Prior to that, the firm had filed draft papers with the watchdog in 2010 but did not launch the public issue.

ICICI Securities, Axis Capital, HDFC Bank, IIFL Holdings, and will manage the company's issue.

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

First Published: Tue, October 30 2018. 13:10 IST
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