Seshaasai Technologies share price: Stock makes tepid debut on NSE, BSE; here's how much investors made per lot

The stock listed at ₹432 apiece on the National Stock Exchange (NSE). This reflects a premium of 2.13% over the IPO issue price of ₹423 per share.

On the BSE, it started trading at ₹436, up 3.07% from the issue price.

Seshaasai Technologies share price: Here's how much investors made per lot

A lot consisted of 35 shares. Investors who received the Seshaasai Technologies IPO allotment made ₹15,120 per lot.

The ₹813.07 crore IPO consisted of new equity shares aggregating to ₹480 crore and an offer for sale (OFS) component of ₹333.07 crore by promoters Pragnyat Pravin Lalwani and Gautam Sampatraj Jain.

The price range was set at ₹402 to ₹423 per share.

The fresh issue proceeds will be used to repay borrowings, expand existing manufacturing facilities and for general corporate purposes.

The initial public offering got bids for 93,79,90,515 shares, which translates to 68.13 times subscription as against 1,37,67,095 shares on offer.

Prior to the IPO, the company had 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. It allotted 57.52 lakh shares to 17 funds at ₹423 per share.

Technology-driven multi-location solutions provider Seshaasai Technologies provides payment and communications and fulfilment solutions. It designs and develops instruments like credit cards, debit cards, prepaid cards, and mass transit cards.