Upcoming IPOs: Seshaasai Technologies, Aegis Vopak Terminals get SEBI’s nod; what we know so far

Upcoming IPOs: The market regulator, the Securities and Exchange Board of India (SEBI), has given its approval to Seshaasai Technologies and Aegis Vopak Terminals to raise funds via initial public offerings (IPOs).

The two companies, which filed their draft IPO papers in November and December 2024, are expected to raise over ₹4,000 crore.

The firms obtained observations from SEBI from April 7 to 11. In SEBI's language, receiving an observation means a green light to float an IPO.

Aegis Vopak Terminals IPO

Aegis Vopak Terminals' initial public offering is exclusively a fresh issuance of equity shares worth ₹3,500 crore, according to the draft red herring prospectus (DRHP).

The company intends to utilise the fresh issue proceeds for debt repayment and corporate general purposes. A part will also be used to fund capital expenditure to acquire a cryogenic LPG terminal at Mangalore.

ICICI Securities, IIFL Capital, BNP Paribas, HDFC Bank and Jefferies are the issue's book-running lead managers, while MUFG Intime India is the registrar.

Aegis Vopak Terminals is the largest Indian third-party owner of tank storage terminals for LPG and liquid products in terms of storage capacity.

Seshaasai Technologies IPO

The initial share sale of Seshaasai Technologies is a combination of a fresh issue of shares aggregating to ₹600 crore and an offer for sale (OFS) of up to 78.7 lakh shares.

The money generated will be used for the expansion of present manufacturing facilities, debt repayment, and general corporate purposes.

The book-running lead managers of the IPO are IIFL Capital, ICICI Securities, and SBI Capital Markets, while the registrar is MUFG Intime India.

Seshaasai Technologies offers payment solutions and communications and fulfilment solutions, serving the banking, financial services and insurance (BFSI) industry. It designs and develops instruments such as debit cards, prepaid cards, credit cards, mass transit cards, and cheques.