Seshaasai Tech IPO gets 99 pc subscription on first day of offer

New Delhi, Sep 23 (PTI) The initial public offer of payments solutions provider Seshaasai Technologies Ltd got subscribed 99 per cent on the first day of share sale on Tuesday.

The IPO received bids for 1,36,26,445 shares against 1,37,67,095 shares on offer, as per NSE data.

The category for non-institutional investors fetched 1.86 times subscription, while the quota for Retail Individual Investors (RIIs) received 1.15 times subscription. Qualified Institutional Buyers (QIBs) portion received 1 per cent subscription.

Seshaasai Technologies on Monday announced raising over Rs 243 crore from anchor investors.

The IPO is a combination of a fresh issue of shares worth Rs 480 crore and an Offer For Sale (OFS) component of 78.74 lakh shares valued at Rs 333 crore at the upper end. This takes the total issue size to Rs 813 crore.

The issue, with a price band of Rs 402-423 per share, will conclude on September 25.

Proceeds from the fresh issue to the tune of Rs 198 crore will be allocated for the expansion of existing manufacturing units, Rs 300 crore for payment of debt and the rest for general corporate purposes.

Seshaasai Technologies is a technology-driven multi-location solutions provider offering payment solutions and communications, and fulfilment solutions. It designs and develops instruments such as debit cards, credit cards, prepaid cards, mass transit cards, and cheques, and securely embeds customer data onto them, sending them to end customers.

ICICI Securities, SBI Capital Markets and IIFL Capital Services are the book-running lead managers of the issue. PTI SUM SUM SHW