Digital payments firm AGS Transact Technologies to raise ₹800 crore via IPO

• AGS Transact Technologies is an omni-channel payment solutions firm, which provides digital and cash-based solutions to banks and corporate clients.
• The company is looking to raise ₹800 crore through the IPO.
• The IPO is a complete offer for sale of ₹792 crore by promoter Ravi B Goyal and the rest by other shareholders.

AGS Transact Technologies, a payments firm, is looking to raise ₹800 crore through its initial public offering (IPO).

The IPO is a complete offer for sale (OFS) by existing shareholders wherein ₹792 crore will be sold by promoter Ravi B Goyal and rest ₹8 crore by several other shareholders.

Prior to this, the company had made several attempts to go public. In 2015, it filed draft papers to raise ₹1,350 crore and then in 2018, it filed to raise ₹1,000 crore through an IPO. Reports say it had received the regulator’s nod, but did not go ahead with the plan.

The company offers cash and digital payment solutions and automation technology. It provides customised products and services comprising ATM outsourcing and cash management, as well as online payment systems including payment provider for merchants, transaction processing services and mobile wallets.

According to the DRHP, as of March 2021, it is the second largest company in India in terms of revenue from ATM managed services under the outsourcing model, and revenue from cash management and number of ATMs replenished. During the same period, it deployed more than 2.07 lakh payment terminals and was one of the largest deployers of POS (point of sale) terminals at petroleum outlets in India, having rolled out integrated payment solutions (IPS) at more than 16,000 petroleum outlets with 28,986 terminals in India.

It serves industries such as banking, retail, petroleum, toll and transit, cash management and fintech in India and other select countries in Asia.

But in the last three years the company’s revenue has been on a decline.


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