Seshaasai Tech Announces ₹813 Crore IPO, Subscription Opens September 23
Seshaasai Tech, a Mumbai-based technology solutions provider, is launching its IPO from September 23-25, 2023, with a price band of ₹402-423 per share. The ₹813 crore issue includes a fresh issue of ₹480 crore and an offer for sale of ₹333 crore. The company, founded in 1993, offers payment solutions, inventory management systems, and secure communications solutions to various sectors including banking, insurance, and government. Seshaasai Tech serves over 60 banking customers, including major banks like SBI and ICICI Bank, and has expanded to serve fintech startups. Prior to the IPO, the company raised ₹120 crore through a pre-IPO placement.
*this image is generated using AI for illustrative purposes only.
Seshaasai Tech, a Mumbai-based technology solutions provider, is set to launch its Initial Public Offering (IPO) on September 23, 2023. The company has announced a price band of ₹402-423 per share for its upcoming public issue, which aims to raise a total of ₹813 crore.
IPO Details
| Parameter | Details |
|---|---|
| Subscription Period | September 23 - September 25, 2023 |
| Price Band | ₹402 - ₹423 per share |
| Minimum Lot Size | 36 shares |
| Issue Size | ₹813.00 crore |
| Fresh Issue | ₹480.00 crore |
| Offer for Sale | ₹333.00 crore (78.7 lakh shares) |
| Tentative Listing Date | September 30, 2023 |
| Expected Allotment Date | September 26, 2023 |
| Listing Venues | BSE and NSE |
Pre-IPO Placement
Prior to the IPO announcement, Seshaasai Tech successfully raised ₹120.00 crore through a pre-IPO placement. The company issued 2.84 million equity shares at ₹423 each to several prominent investors, including:
- Tata AIG General Insurance
- VQ FasterCap Fund II
- Valuequest India G.I.F.T Fund
Company Overview
Founded in 1993, Seshaasai Tech has established itself as a provider of comprehensive technology solutions across various sectors. The company's offerings include:
- Payments solutions
- Inventory management systems
- Secure communications solutions
Seshaasai Tech caters to a diverse range of industries, including:
- Banking and Financial Services
- Insurance
- Government
- Retail
- Supply Chain
- Manufacturing
- Healthcare and Pharmaceuticals
- Renewable Energy
Client Base
The company boasts a robust client portfolio, serving over 60 banking customers. Some of its notable clients include:
- State Bank of India
- Axis Bank
- ICICI Bank
- Canara Bank
Additionally, Seshaasai Tech has expanded its reach to serve emerging fintech startups such as Jupiter, Niyo, and Fi.
The IPO presents an opportunity for investors to participate in the growth of a well-established technology solutions provider with a strong presence in the banking and financial services sector. As always, potential investors are advised to carefully review the company's prospectus and consult with financial advisors before making investment decisions.
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