(Reuters) – India’s AGS Transact Technologies, partly owned by U.S. private equity firm TPG Capital, is set to file an application for an initial public offering to raise up to $200 million, three sources with direct knowledge of the matter told Reuters.
AGS has mandated Citigroup and domestic investment banks Kotak Mahindra Capital, ICICI Securities, and Axis Capital to manage the issue, said the sources who declined to be named as they were not authorised to speak to the media.
The company, which supplies and maintains ATM machines, is expected to benefit from India’s push to expand banking services to more people and small businesses, such as by issuing new banking licenses to companies.
“We would like to capitalise on the surge in capital markets. We will be filing for the IPO very soon,” said one of the sources.
The Securities and Exchange Board of India (SEBI) gives approval for IPOs in India.
AGS and Kotak did not reply to emails seeking comments.
TPG, Citigroup, Axis and ICICI declined to comment.
TPG currently owns about 20 percent in AGS Transact, said one of the sources, and has held a stake in the company since 2011. AGS filed for an IPO in 2010 but did not end up pursuing a listing.