Seshaasai Technologies IPO Nears Full Subscription on Debut
Seshaasai Technologies Ltd's IPO was almost fully subscribed on its first day, achieving 99% subscription. The total issue size is Rs 813 crore, comprising fresh shares and an Offer For Sale. Proceeds will bolster manufacturing expansion and debt repayment. The IPO will close on September 25.
- Country:
- India
The initial public offering of payments solutions provider Seshaasai Technologies Ltd saw a robust start on Tuesday, achieving a 99% subscription on its first day. According to data from the National Stock Exchange, the IPO received bids for 1,36,26,445 shares against the 1,37,67,095 shares offered.
Non-institutional investors showed significant interest with their portion oversubscribed at 1.86 times, while the Retail Individual Investors' category was subscribed 1.15 times. Qualified Institutional Buyers saw a minimal 1% subscription. The company had previously raised over Rs 243 crore from anchor investors, a strategic boost ahead of the offering.
The IPO, valued at Rs 813 crore, combines a fresh issue of shares worth Rs 480 crore and an Offer For Sale at Rs 333 crore. The allocated funds will be used for manufacturing expansion, debt payments, and general corporate purposes. The book-running lead managers for the issue are ICICI Securities, SBI Capital Markets, and IIFL Capital Services.
(With inputs from agencies.)
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