Seshaasai Tech IPO Subscribed 3x on Day 2

New Delhi, Sep 24 (PTI) The initial share sale of payments solutions provider Seshaasai Technologies Ltd received 3.09 times subscription on the second day of offering on Wednesday.

The three-day IPO got bids for 4,25,23,390 shares against 1,37,67,095 shares on offer, as per NSE data.

The quota for non-institutional investors received 5.99 times subscription, while the category for Retail Individual Investors (RIIs) attracted 2.92 times subscription and Qualified Institutional Buyers (QIBs) got subscribed 1.13 times.

Seshaasai Technologies on Monday announced raising over Rs 243 crore from anchor investors.

The IPO is a combination of a fresh issue of shares worth Rs 480 crore and an Offer For Sale (OFS) component of 78.74 lakh shares valued at Rs 333 crore at the upper end. This takes the total issue size to Rs 813 crore.

The issue, with a price band of Rs 402-423 per share, will conclude on Thursday.

Proceeds from the fresh issue to the tune of Rs 198 crore will be allocated for the expansion of existing manufacturing units, Rs 300 crore for payment of debt and the rest for general corporate purposes.

Seshaasai Technologies is a technology-driven multi-location solutions provider offering payment solutions and communications, and fulfilment solutions. It designs and develops instruments such as debit cards, credit cards, prepaid cards, mass transit cards, and cheques, and securely embeds customer data onto them, sending them to end customers.

ICICI Securities, SBI Capital Markets and IIFL Capital Services are the book-running lead managers of the issue.