 "First listing of 2022: AGS Transact lists steady, falls 5% later")
Shares of AGS Transact Technologies witnessed a muted debut on the exchanges as it listed almost flat at its issue price.
Notably, this is the first exchange listing in 2022, with several others lined up including the big-ticket LIC.
The company is an integrated omni-channel payment solutions provider in terms of providing digital and cash-based solutions to banks and corporate clients.
On Monday, the shares listed at Rs 175, which was also its issue price.
Weak valuations as well as intense competition from peers also weighed on the investors' sentiment, analysts said.
"The company is one of India's leading Omni-channel payment solution providers with a strong network. However, the government's focus on digital payments will further decrease the use and availability of cash can have an adverse effect on business activities," said Santosh Meena, Head of Research at Swastika Investmart.
Meena said the brokerage had an "avoid" rating to the company's IPO as the government is now focusing on digitalisation.
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"The investors who got the allotment are advised to book the profit and look for other investment opportunities," Meena added.
Later in the session, the shares declined below its issue price and fell nearly 5 per cent to Rs 167.
--IANS
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