Seshaasai Tech IPO Subscribed 68.13 Times

New Delhi, Sep 25 (PTI) The initial public offering (IPO) of Seshaasai Technologies Ltd received 68.13 times subscription on the last day of bidding on Thursday.

The three-day IPO received bids for 93,79,90,515 shares against 1,37,67,095 shares on offer, according to NSE data.

Qualified institutional buyers category got subscribed a huge 189.63 times. The quota meant for non-institutional investors received 49.89 times subscription and retail individual investors category got subscribed 9.17 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 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 has a price band of Rs 402-423 per share.

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.