Seshaasai Technologies Raises Rs 243 Crore From Anchor Investors

Seshaasai Technologies Ltd. raised up to Rs 243.3 crore from anchor investors on Monday ahead of its initial public offering. The company allotted 57.52 lakh shares at Rs 423 apiece to 17 anchor investors, as per an exchange notification on BSE.

The funds linked to Nippon Life India Trustee Ltd. A/C Nippon India Banking and Financial Service Fund and ICICI Prudential Banking and Financial Service fund got the highest allocations of 10.27% while funds linked to UTI small cap, UTI Banking and Financial Services, Motilal Oswal were also among the investors.

The nine domestic mutual funds applied through 11 schemes, the stockbroker said in an exchange filing on Monday. They have collectively netted 62.60% of the anchor portion.

ICICI Securities Ltd., BNP Paribas, IIFL Capital Services Ltd., and SBI Capital Markets Ltd. are the lead managers to the IPO.

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 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.

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.

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.

The company's revenue from operations stood at Rs 1,463.15 crore and profit after tax at Rs 222.32 crore during FY25.