Seshaasai Technologies IPO: Rs 243 Cr from Anchor Investors

New Delhi, Sep 22 (PTI) Payments solutions provider Seshaasai Technologies on Monday announced raising over Rs 243 crore from anchor investors, a day before its initial public offering (IPO) opening for subscription.

Nippon India Mutual Fund (MF), ICICI Prudential MF, UTI MF, Motilal Oswal MF, Sundaram MF and Tata AIG General Insurance Company featured among the anchor investors, according to a circular uploaded on the BSE website.

The brokerage firm has allotted 57.52 lakh equity shares to 17 funds at Rs 423 per share, aggregating to Rs 243.3 crore, it added.

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 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 be available for public subscription from September 23 to 25.

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.

In terms of issue allocation, 50 per cent of the IPO is reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors, and the remaining 15 per cent for non-institutional investors.

Investors can bid for a minimum of 35 equity shares and in multiples of 35 shares thereafter.

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.

The company's revenue from operations stood at Rs 1,463.15 crore and profit after tax at Rs 222.32 crore during fiscal 2025.

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