Shares of AGS Transact Technologies, a payment solutions provider, dropped more than 8 per cent over their issue price on Monday. The company’s IPO, first for calendar 2022, had garnered 8 times subscription. Its shares ended at Rs 161.3, down Rs 14.7, or 8.4 per cent, over IPO price of Rs 176. Its stock touched a high of Rs 182 and a low of Rs 154 on the BSE. At the last close, AGS was valued at Rs 1,942 crore.

Market players blamed volatility in the secondary market for the lacklustre debut. In the past two weeks, the benchmark indices have declined around 6 per cent.

The company’s Rs 680-crore IPO was entirely a secondary share sale by existing investors. As of March 31, 2021, AGS was the second largest company in the country in terms of revenue generated from ATM managed services under the outsourcing model. The company is also one of the largest deployers of point of sale (POS) terminals at petroleum outlets in India. AGS also offers cash management solutions to the retail sector.