Seshaasai Technologies makes a subdued debut on the exchanges. It listed at Rs 432 on the National Stock Exchange, a premium of 2.13% to the issue price. The listing on BSE was at Rs 436, up 3% from the issue price.
Seshaasai Technologies IPO: Key dates
Seshaasai Technologies IPO bidding opened on September 23-25. The allotment was finalised on September 26. The IPO was a book build issue of Rs 813.07 crore. The company mopped up funds through a combination of fresh shares and an offer for sale. Seshaasai Technologies’ IPO price band was set at Rs 402 to Rs 423 per equity share.
Seshaasai Technologies IPO: Lot size
A retail applicant could bid for at least 35 shares in a lot, which summed up to Rs 14,805. The lot size investment for a small NII was 14 lots of 490 shares, which amounted to Rs 2 lakh, and for a big NII, it was 68 lots of 2,380 shares, aggregating Rs 10 lakh.
Also, the issue included a reservation of up to 52,219 shares for employees offered at a discount of Rs 40 to the issue price.
Seshaasai Technologies IPO: Lead manager and registrar
IIFL Capital Services was the lead book runner, and MUFG Intime India Pvt. Ltd. was the registrar of the issue.
Seshaasai Technologies IPO: About Seshaasai Technologies
Seshaasai Technologies is one of the top two payment card manufacturers in India, with a market share of 31.9% in FY25 (up from 25% in FY23) for credit and debit card issuances. It is also one of the largest manufacturers of cheque leaves in India. The company serves a wide customer base, including leading banks, insurance companies, depositories, and fintech firms. The company offers a customised portfolio of services through 24 self-sustaining manufacturing units across seven locations in India, equipped with advanced machinery, raw materials, and a skilled workforce to meet local requirements.
Seshaasai Technologies IPO: Expert’s take
“Seshaasai Technologies has a leadership position in the regulated payment solutions industry with advanced pan-India manufacturing capabilities and an elite client base. With high industry growth potential, strong financial performance and fair valuation at 30.8x FY25 P/E, offering a PEG ratio of 0.82, we recommend investors to ‘Subscribe’ to the issue,” said Motilal Oswal Financial Services in an IPO note ahead of IPO bidding.