Seshaasai Technologies IPO Day 1: Live subscription status, price band, lot size, and key dates

Seshaasai Technologies IPO day 1: Payments solutions provider Seshaasai Technologies' ₹813.07 crore initial public offering opened for subscription on Tuesday, September 23. The issue, which will conclude on September 25, has set a price band of ₹402 to ₹423 per share.

The initial share sale is a combination of a fresh issuance of shares valued at ₹480 crore and an offer for sale (OFS) totalling ₹333.07 crore by promoters Gautam Sampatraj Jain and Pragnyat Pravin Lalwani.

Of the fresh issue proceeds, funds worth ₹198 crore will be allocated to expand existing manufacturing facilities, ₹300 crore for clearing certain debt and the remainder for general corporate purposes.

Seshaasai Technologies IPO day 1: Subscription status

On day 1 so far, the IPO received bids for 1,09,18,530 shares against 1,37,67,095 shares on offer, leading to 79% subscription, as per NSE data until 3:53 pm.

Before the IPO, the company raised ₹243.3 crore from anchor investors, including Nippon India Mutual Fund (MF), UTI MF, Motilal Oswal MF, Sundaram MF, ICICI Prudential MF, and Tata AIG General Insurance Company, among others.

A lot consists of 35 shares and in multiples thereafter.

In terms of issue allocation, 50% of the net offer is reserved for QIBs, 35% for retail investors, and 15% for NIIs.

Seshaasai Technologies is a technology-driven solutions provider engaged in offering payment solutions, communications and fulfilment solutions for the banking, financial services and insurance industry.

ICICI Securities, IIFL Capital Services and SBI Capital Markets are the IPO's book-running lead managers, while MUFG Intime India serves as the registrar.

Seshaasai Technologies IPO latest GMP

According to investorgain.com and media reports, unlisted shares of the Seshaasai Technologies IPO are trading at ₹511 per share, reflecting a grey market premium (GMP) of 20.80% over the upper price band of ₹423.