AGS Transact Technologies Ltd is one of the India’s leading omni-channel payment solution providers. It is the second largest company in India in terms of revenue from ATM managed services and also the largest deployer of POS terminals at petroleum outlets in India. It not just serves Indian market but also expanded internationally in other Asian countries including Sri Lanka, Cambodia, Singapre, Indonesia, and Philippines. AGS Transact operates in 3 business segments;

• Payment Solutions;
• Banking Automation Solutions; and
• Other Automation Solutions (for customers in the retail, petroleum and colour sectors).

They have expanded internationally to offer automation and payment solutions to banks and financial institutions in other Asian countries comprising Sri Lanka, Singapore, Cambodia, Philippines and Indonesia. They also provide outsourcing solutions for 1,273 ATM and kiosks in Sri Lanka, as of August 31, 2021.

For year/ period ended ( in Cr.)

• An integrated omni-channel payment and cash solutions provider.
• Diversified product portfolio, customer base, and revenue stream.
• Strong capabilities to develop customized in-house solutions.
• Long-standing relationship with global technology providers i.e. Diebold Nixdorf, ACI.
• Strong in-house infrastructure and technological capabilities.

• To carry out an offer for sale by selling shareholders.
• To realize the listing benefits of equity shares on the stock exchange.

This IPO is fairly priced in line with peers. We believe AGS provides an opportunity to invest in a cash-cum-digital play from a long-term perspective.