Shares of Seshaasai Technologies will be listed on the BSE and NSE on September 30. The allotment of shares was completed on September 26, while the subscription window was open from September 23 to September 25.
The mainboard issue was oversubscribed 68.13 times. It received bids for 93,79,90,515 shares against 1,37,67,095 offered.
Amid the buzz, the unlisted shares of Seshaasai Technologies have been trading at a premium in the grey market (GMP), suggesting potential listing gains for investors who were allotted shares of the Mumbai-based payment solutions provider. Here's all the latest news surrounding the listing of Seshaasai Technologies IPO.
Seshaasai Technologies IPO GMP Today
The GMP for the Seshaasai Technologies IPO was Rs 40 as of 8:00 a.m. on September 30. This indicates a listing price of Rs 463 per share at a premium of 9.46% on the upper limit of the price band.
This means the unlisted shares of the company were trading at Rs 463 in the private market ahead of listing on Tuesday. Investors can expect a potential gain of up to 10% when shares debut on the BSE and NSE today.
Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.
Seshaasai Technologies IPO: Key Details
The Seshaasai Technologies IPO is a book-built issue of Rs 813.07 crore. It includes a fresh issue of 1.13 crore shares totalling Rs 480 crore and an offer-for-sale of 79 lakh shares amounting to Rs 333.07 crore.
The price band for the IPO was set at Rs 402 to Rs 423 per share.
The IPO, which was fully subscribed on the first day, was booked over 3 times on the second day of bidding.
The lot size for an application was 35. The minimum amount of investment required by a retail investor was Rs 14,805.
IIFL Capital Services Ltd. is the book running lead manager and MUFG Intime India Pvt. Ltd. is the IPO's registrar.
Seshaasai Technologies Ltd., founded in 1993, is a technology-driven solutions provider. The company specialises in payment solutions, communications, and fulfilment services, mainly for the banking, financial services and insurance (BFSI) sector. The company also provides IoT solutions to customers across various industries.
Use Of Proceeds
The IPO proceeds will be used for multiple purposes, including allocation of Rs 197.91 crore toward funding capital expenditure. Around Rs 300 crore will be used for repayment or prepayment of certain outstanding borrowings. The remaining funds will be used for general corporate purposes.
About Seshaasai Technologies
Seshaasai Technologies Ltd., founded in 1993, is a technology-driven solutions provider. The company specialises in payment solutions, communications, and fulfilment services, mainly for the banking, financial services and insurance (BFSI) sector. The company also provides IoT solutions to customers across various industries.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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