Summary of this article
Seshasaai Technologies IPO Listing: Shares of Seshaasai Technologies made a flat debut on D-street with a premium of nearly 3 per cent.
Seshaasai Technologies IPO: Seshaasai Technologies Ltd shares made their debut on the NSE and BSE on September 30. The payment solutions provider’s shares made their debut with over 2 per cent premium at Rs 432 apiece on the NSE. Post-listing the stock gained over 3 per cent compared to the issue price to trade at an early high of Rs 437.45 apiece. On the BSE, the stock listed at Rs 436 apiece with gains of 3.07 per cent.
Seshaasai Technologies shares changed hands on the exchanges after listing, the traded volume of the stock was around 38.19 lakh shares and its total market capitalization stood at Rs 6,748.92 crore.
Retail investors who were allotted at least one lot or 35 shares of Seshaasai Technologies would have made a profit of Rs 315 (Rs 432 - Rs 423 x 35 ) after the stock started trading on the exchange.
Seshaasai Technologies IPO: Details
Seshaasai Technologies Ltd raised Rs 813.07 crore, the payment solutions provider’s issue comprised a fresh issue of 11.3 million shares amounting to Rs 480 crore and an offer-for-sale component of 7.9 million shares worth Rs 333.07 crore. Seshaasai Technologies IPO price band was set between Rs 402 to Rs 423 per share.
The minimum lot size applicable for retail investors was fixed at 1 lot or 35 shares, which aggregated to an investment of Rs 14,805. Seshaasai Technologies IPO was oversubscribed 68.13 times during its three-day bidding window which opened on September 23 and closed on September 25. Investors across categories placed bids for over 937.99 million shares compared to the 13.76 million shares reserved for them.
Retail individual investors booked their quota in Seshaasai Technologies IPO 9.17 times. Non-Institutional Investors oversubscribed the issue 49.89 times. Qualified Institutional Buyers booked their quota 189.63 times. Employees of Seshaasai Technologies Ltd booked their quota in the public issue 9 times.
Seshaasai Technologies plans to use as much as Rs 197.91 crore raised via the public issue for expanding its existing manufacturing units. The payment solutions provider will also use the proceeds of the public issue for repayment or prepayment of outstanding borrowings of the company. The proceeds will also be used for general corporate purposes.
Seshaasai Technologies Ltd operates as a payment solutions provider. The company also provides communications and fulfillment services. Seshaasai Technologies does not have any direct peers in India. However the company competes with several other listed companies in some of its business verticals.
The company offers services which are typically provided by IT enabled service providers and competes with other non-major IT players which have a comparable scale of operations. On the other hand the company also competes with unlisted players such as Manipal Technologies Ltd and Giesecke+Devrient (G+D) India Private Ltd in its payment card-manufacturing business.
At the time of writing shares of Seshaasai Technologies shares traded at Rs 422.5 apiece down by 2.2 per cent on the NSE. Seshaasai Technologies shares traded at Rs 430.65 apiece down by 1.23 per cent on the BSE.
