Seshaasai Technologies Files Draft Papers For IPO
The net proceeds received from fresh issue will be utilised by Seshaasai for expanding its present manufacturing units, repayment or prepayment of its outstanding borrowings.
Seshaasai Technologies Ltd. filed the draft red herring prospectus with the Securities and Exchange Board of India on Friday to raise funds through an initial public offering.
The IPO will be a mix of both an offer for sale of 78.7 lakh shares and a fresh issue of shares worth Rs 600 crore, according to the DRHP.
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 technology solutions provider will not obtain any proceeds from the offer for sale carried out by the promoters.
The net proceeds received from fresh issue will be utilised by Seshaasai for expanding its present manufacturing units, repayment or prepayment of its outstanding borrowings and general corporate purposes.
The price band and the offer price of the issue will be finalised after consulting with the book-running lead managers. The assessment will be based on the market demand for the equity shares offered through the book building process.
ICICI Securities Ltd., BNP Paribas, IIFL Capital Services Ltd., SBI Capital Markets Ltd. are the lead managers to the issue, while Link Intime India Pvt. will be registrar for the IPO.
Seshaasai is a technology-based company providing solutions across multiple locations, specializing in payment services, communications, and fulfillment, mainly for the banking, financial services, and insurance sectors. Their solutions prioritize data security and compliance.
