Payment solutions firm Seshaasai Technologies received a strong response from anchor investors, mobilising ₹243.3 crore on September 22, a day before its maiden public issue opens for public subscription.
The company’s ₹813.07 crore IPO will be open from September 23 to 25, with allotment finalisation scheduled for September 26. Seshaasai shares are set to debut on the BSE and NSE from September 30.
According to its stock exchange filing, the firm allocated 57,52,296 equity shares to anchor investors at ₹423 per share. Among the largest institutional investors were Nippon Life India and ICICI Prudential Mutual Fund, each subscribing to 5.91 lakh shares worth nearly ₹25 crore. Other participants included Valuequest India, Tata AIA General Insurance, UTI Mutual Fund, Motilal Oswal AMC, Sundaram Mutual Fund, HSBC MF, DSP MF, Franklin India, and Axis Max Life Insurance.
IPO Structure and Utilisation of Funds
Seshaasai plans to raise ₹480 crore via fresh issue, while promoters Pragnyat Pravin Lalwani and Gautam Sampatraj Jain will sell 78.74 lakh shares worth ₹333.07 crore through an offer-for-sale.
The company, valued at ₹6,844 crore, intends to use ₹197.9 crore of fresh issue proceeds for expansion of existing manufacturing units and ₹300 crore for debt repayment. The remaining funds will be allocated for general corporate purposes.
Company Profile
Mumbai-based Seshaasai Technologies is one of the top two payments card manufacturers in India, holding a 31.9% market share in credit and debit card issuance for FY25. It is also among the country’s largest cheque leaf manufacturers.
Lead Managers
The IPO is being managed by IIFL Capital Services, ICICI Securities, and SBI Capital Markets.
