Seshaasai Tech shares end nearly 3 pc lower in muted debut trade

New Delhi, Sep 30 (PTI) Shares of payments solution provider Seshaasai Technologies Ltd on Tuesday ended nearly 3 per cent lower in its market debut trade over the issue price of Rs 423.

The stock listed at Rs 436, up 3.07 per cent from the issue price on the BSE. However, later, the stock pared early gains and ended at Rs 411.50 apiece, down 2.71 per cent.

On the NSE, it started trading at Rs 432, up 2.12 per cent. The stock, however, lost momentum later and ended at Rs 411.45 each, down 2.73 per cent.

The company's market valuation stood at Rs 6,658.31 crore.

The Rs 813-crore Initial Public Offering (IPO) of Seshaasai Technologies Ltd received 68.13 times subscription on the last day of bidding on Thursday.

The IPO was a combination of a fresh issue of shares worth Rs 480 crore and an offer for sale component of 78.74 lakh shares valued at Rs 333 crore at the upper end.

The issue had a price band of Rs 402-423 per share.

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. PTI SUM SUM SHW