Seshaasai Technologies IPO Shares to List on BSE and NSE with Expected 9.69% Premium
Seshaasai Technologies, a Mumbai-based payment solutions provider, is scheduled to list on BSE and NSE on September 30. The IPO was oversubscribed 68.13 times, raising Rs 813.07 crore. The grey market premium indicates a potential 9.69% upside on listing, with shares expected to debut around Rs 464 against the upper price band of Rs 423. The company plans to use the funds for capital expenditure, debt repayment, and general corporate purposes.
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Seshaasai Technologies, a Mumbai-based payment solutions provider, is set to make its stock market debut on September 30, with shares listing on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The initial public offering (IPO) has generated significant interest among investors, with the grey market premium indicating a potential upside on listing day.
Strong Investor Response
The mainboard IPO of Seshaasai Technologies witnessed robust demand, being oversubscribed 68.13 times. The offering received bids for 93.79 crore shares against the 1.38 crore shares on offer, reflecting strong investor appetite for the company's shares.
IPO Details
The Rs 813.07 crore IPO comprised a fresh issue of Rs 480.00 crore and an offer-for-sale component of Rs 333.07 crore. The price band for the IPO was set between Rs 402.00 and Rs 423.00 per share.
Expected Listing Premium
According to grey market indications, Seshaasai Technologies' shares are commanding a premium of Rs 41.00. This suggests a potential listing price of around Rs 464.00 per share, representing a 9.69% premium over the upper end of the IPO price band.
Company Profile
Founded in 1993, Seshaasai Technologies has established itself as a specialist in payment solutions, communications, and fulfillment services. The company primarily caters to the Banking, Financial Services, and Insurance (BFSI) sector.
Utilization of IPO Proceeds
The funds raised through the IPO will be allocated as follows:
| Purpose | Amount (in Rs crore) |
|---|---|
| Capital Expenditure | 197.91 |
| Debt Repayment | 300.00 |
| General Corporate Purposes | Remaining |
The significant allocation towards debt repayment is expected to strengthen the company's balance sheet, while the capital expenditure funds may support future growth initiatives.
Investors and market participants will be closely watching Seshaasai Technologies' stock market debut on September 30, given the strong oversubscription and positive grey market premium.
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