Seshaasai Tech’s Rs 813 cr IPO opens on Sept 23

New Delhi: Payments solutions provider Seshaasai Technologies on Thursday announced a price band of Rs 402-423 per share for its upcoming Rs 813 crore Initial Public Offering (IPO).

The company’s maiden public offering is scheduled to open for subscription on September 23 and conclude on September 25.

The IPO is a combination of a fresh issue of shares worth Rs 480 crore and an Offer For Sale (OFS) component of 78.74 lakh shares valued Rs 333 crore at the upper end. This takes the total issue size to Rs 813 crore.

Proceeds from the fresh issue to the tune of Rs 198 crore will be allocated for the expansion of existing manufacturing units, Rs 300 crore for payment of debt and the rest for general corporate purposes.

In terms of issue allocation, 50 per cent of the IPO is reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors, and the remaining 15 per cent for non-institutional investors.

Investors can bid for a minimum of 35 Equity Shares and in multiples of 35 Equity Shares thereafter. Seshaasai Technologies is a technology-driven multi-location solutions provider offering payment solutions and communications, and fulfillment solutions.