AGS Transact Technologies makes a weak listing, stock lists at Rs 176

AGS Transact Technologies makes a weak listing, stock lists at Rs 176

Shares of Payment solutions provider AGS Transact Technologies made a tepid listing on the National Stock Exchange (NSE) and BSE. The stock got listed at ₹176, 0.57% higher on the issue price band of ₹166-175 apiece.

Poor listing gains might not have been a complete shock for investors as the weak grey market premium and business nature of the company indicated tepid listing gains. Cash management being a core business of the company in the growing digital world, its financial performance has been on a declining trend in the last three years.

Post-listing, the market capitalisation of the company stood at ₹2,118 crore, according to BSE data.

The grey market premium of the company’s shares show a little premium of ₹5 from the higher end of the price band.

Also Read : AGS Technologies IPO : Dates, Issue Price, GMP, Subscription, Share Analysis and Allotment

The initial public offering (IPO) was open for subscription from January 19 to January 21 and received good response from investors. It was subscribed 8.22 times on the last day of the bidding.

The company is going through a rough phase because of COVID-19. Our business is largely linked to cash management and due to the pandemic some transactions were impacted, says Ravi B Goyal, chairman & managing director at AGS Transact Technologies to Business Insider in an interview.

The company 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.

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