Seshaasai Technologies IPO Day 2: Issue fully booked, strong demand from NIIs; check other details

Until 2:35 PM, the initial share sale received bids for 29,604,085 shares as compared to 13,767,095 shares on offer, garnering a total subscription of 2.15 times, exchange data showed.

• Qualified Institutional Buyers (QIBs): 0.12x

• Non-institutional Investors: 4.29x

• Retail Individual Investors (RIIs): 2.35x

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.

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' IPO allotment is expected to be finalised on Friday, September 26. The listing on the stock exchanges will occur on Tuesday, September 30.

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.