Seshaasai Technologies Ltd. has set the price band for its initial public offering of shares worth up to Rs 813 crore. The IPO will open on Sept. 23 and close on Sept. 25.
Investors can place bids between Rs 402 and Rs 423, according to a public advertisement on Thursday.
The Seshaasai Technologies IPO will consist of an offer for sale of 78.7 lakh shares aggregating to Rs 333 crore and a fresh issue of shares worth Rs 480 crore.
Bids can be placed for a minimum of 35 equity shares of face value of Rs 10 each. Therefore, the minimum investment will be Rs 14,805.
Promoters Pragnyat Pravin Lalwani and Gautam Sampatraj Jain will be offloading their shares, with each of the promoters receiving the net proceeds from the OFS.
The company will invite investments from large institutions in the pre-IPO anchor round on Sept. 22. It has already raised Rs 42 crore ahead of IPO from Tata AIG General Insurance Co. and ValueQuest India.
The date of allotment of shares to IPO investors will be Sept. 26. Seshaasai Technologies will list on the stock market on Sept. 30.
The company applied for an IPO in December 2024 and received SEBI approval in April.
The net proceeds received from the fresh issue will be utilised for expanding the company's present manufacturing units, repayment or prepayment of its outstanding borrowings, and general corporate purposes.
ICICI Securities Ltd., BNP Paribas, IIFL Capital Services Ltd., and SBI Capital Markets Ltd. are the lead managers to the IPO.
Seshaasai is a technology-based company providing solutions across multiple locations, specialising in payment services, communications, and fulfillment, mainly for the banking, financial services, and insurance sectors. Their solutions prioritize data security and compliance.
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