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AGS Transact Technologies files DRHP, to raise IPO

AGS Transact Technologies, one of India‘s leading providers of end-to-end cash and digital payment solutions and automation technology, filed its DRHP with SEBI.

The company provides customised products and services comprising ATM outsourcing and cash management, as well as digital payment solutions including merchant solutions, transaction processing services, and mobile wallets.

As of March 31, 2018, it is the second largest company in India in terms of number of ATMs managed, revenue from ATM managed services and number of ATMs provided with cash management services, and the fourth largest company in India in terms of revenue from cash management (Source: India ATM Managed Services Market Outlook to 2023, Ken Research, June 2018).

The Initial Public Offering (IPO) comprises of equity shares of face value of Rs10 each aggregating up to Rs10,000mn. The fresh issue of up equity shares aggregating up to Rs4,000mn and an offer for sale aggregating up to Rs6,000mn comprising an offer for sale by Ravi Goyal  and by the other selling shareholders.

Further, the Company and the promoter selling shareholder may consider a pre-offer placement of up to 5,000,000 Equity Shares for an aggregate amount not exceeding Rs1,250mn at their discretion.

The Company proposes to utilize the net proceeds raised through the fresh issue for: (i) repayment or pre-payment of certain loans granted by certain banks and financial institutions; and (ii) general corporate purposes.

ICICI Securities Limited, Axis Capital Limited, HDFC Bank Limited, IIFL Holdings Limited, IndusInd Bank Limited and Nomura Financial Advisory and Securities (India) Private Limited are the book running lead managers.

Moreover, the equity shares will be listed on BSE and NSE.

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