AGS Transact Technologies
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 19 Jan 2022 – 21 Jan 2022
- Listing date
- 31 Jan 2022
- Face value
- ₹10 per share
- Issue price
- ₹175 per share
- Lot size
- 85 shares
- Total issue size
- ₹680 Cr
- Market cap at offer price
- ₹2,107 Cr
- Promoter holding
- 98.23% → 66.07% pre-issue → post-issue
- ISIN
- INE583L01014
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- HDFC Bank Ltd.
- Registered office
- 601-602 Trade World, B Wing, Kamala Mill Compound, Senapati Bapat Marg, Lower Parel, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 1,16,57,141 | — | — |
Application size
Minimum 85 shares per lot, in multiples, at ₹175
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 85 | ₹14,875 |
| Retail (max) | 13 | 1,105 | ₹1,93,375 |
| S-HNI (min) | 14 | 1,190 | ₹2,08,250 |
| S-HNI (max) | 67 | 5,695 | ₹9,96,625 |
| B-HNI (min) | 68 | 5,780 | ₹10,11,500 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.62 | — |
| P/E (×) | 37.88 | — |
| Market cap | — | ₹2,107 Cr |
Key performance indicators
- Return on net worth
- 10.29%
- EBITDA margin
- 26.50%
- NAV per share
- ₹47.11
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About AGS Transact Technologies
AGS Transact Technologies Limited was incorporated in Mumbai, Maharashtra on December 11, 2002. The company is one of the largest integrated omni-channel payment solutions providers in India. It provides customized products and services comprising ATM and CRM outsourcing, cash management and digital payment solutions including merchant solutions, transaction processing services and mobile wallets to banks and corporate clients. As of March 31, 2021, the company was 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. The company operates through a diversified business model across Banking Automation Solutions, Payment Solutions segments in the banking sector, and Payment Solutions in other sectors including petroleum and quick commerce.
Company Analysis
from RHPAGS Transact Technologies Limited is an integrated omni-channel payment solutions provider offering ATM and CRM outsourcing, cash management, digital payment solutions, merchant solutions, transaction processing services, and mobile wallets across India and Southeast Asia.
AGS Transact Technologies Limited was incorporated in Mumbai, Maharashtra on December 11, 2002. The company is one of the largest integrated omni-channel payment solutions providers in India. It provides customized products and services comprising ATM and CRM outsourcing, cash management and digital payment solutions including merchant solutions, transaction processing services and mobile wallets to banks and corporate clients. As of March 31, 2021, the company was 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. The company operates through a diversified business model across Banking Automation Solutions, Payment Solutions segments in the banking sector, and Payment Solutions in other sectors including petroleum and quick commerce.
Objects of the Issue
- Carry out offer for sale by the Selling Shareholders p.104
- Realise benefits of listing and enhancement of brand name p.104
- Redemption of Listed NCDs through proceeds from sale of VEPL CCPS ₹5,500 million (approximate) p.104
Issue Structure
- Total Issue
- ₹6,800.00 million
- Offer for Sale
- 38,857,141 Equity Shares aggregating to ₹6,800.00 million
- Price Band
- ₹166 to ₹175 per Equity Share
- Lot Size
- 85 Equity Shares
- Face Value
- ₹10 each
Business Model
The company earns revenue through three main channels: (1) ATM and CRM outsourcing and managed services including ATM site management, cash management services, maintenance, and monitoring; (2) Digital payment solutions including POS terminals, merchant discount rates, transaction processing, and mobile wallets; (3) Transaction processing fees and service charges on a per-transaction or fixed-fee basis. Most customer arrangements involve either per-transaction fees or fixed monthly service fees.
Business Segments
SWOT Analysis
- • Integrated omni-channel payment solutions leadership(p.13)
- • Second largest in ATM managed services by revenue(p.131)
- • Cash management market leadership(p.131)
- • Diversified service portfolio(p.13)
- • Established infrastructure(p.33)
- • MHA Guidelines compliance(p.133)
- • Customized in-house solutions(p.108)
- • Long-standing partnerships(p.108)
- • Substantial debt burden(p.43)
- • High dependence on few customers(p.28)
- • Declining profitability in recent period(p.65)
- • Outstanding receivables burden(p.41)
- • Payment delays and cash flow stress(p.36)
- • White label ATM authorization revoked(p.30)
- • Regulatory non-compliance penalties(p.35)
- • GST registration suspension(p.37)
- • Growth in DBT schemes(p.117)
- • ATM market expansion(p.13)
- • Growth in cash recycling machines(p.132)
- • Cassette swap implementation revenue(p.133)
- • Interchange fee increase(p.133)
- • Digital payments acceleration(p.13)
- • MHA guidelines revenue opportunity(p.134)
- • Strategic pivot to payments-as-a-convenience(p.160)
- • COVID-19 pandemic impact on ATM transactions(p.28)
- • Revenue decline from COVID lockdowns(p.25)
- • Shift to digital payments reducing cash demand(p.28)
- • Customer concentration risk(p.28)
- • Intense market competition(p.42)
- • Regulatory changes and compliance risks(p.30)
- • Diebold partnership dependence(p.33)
- • Outstanding litigation exposure(p.31)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Ravi B. Goyal | Promoter | 55.20% | 55.20% |
| Vineha Enterprises Private Limited | Corporate Promoter | 42.41% | 42.41% |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.