Seshaasai Tech IPO to open shortly for subscription: Price band, GMP, other key things to know

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Seshaasai Technologies IPO is set to open for public subscription in the primary market shortly at 10 a.m. A day earlier, the company mopped up close to Rs 250-crore from the anchor investors. Here are all the details you need to know ahead of the initial share sale.

Key things to know

1) Anchor investors: Payments solutions provider raised Rs 243 crore from anchor investors, a day before its initial public offering (IPO) opening for subscription.

2) IPO price band: The issue has a price band of Rs 402-423 per share.

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3) IPO dates: The initial share sale will be available for public subscription from September 23 to 25.

4) IPO details: 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.

5) IPO size: The total issue size is Rs 813 crore.

6) IPO Objective: 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.

7) About the company: Seshaasai Technologies is a technology-driven multi-location solutions provider offering payment solutions and communications, and fulfilment solutions. It designs and develops instruments such as debit cards, credit cards, prepaid cards, mass transit cards, and cheques, and securely embeds customer data onto them, sending them to end customers.

8) IPO GMP: According to platforms tracking the grey market activities, the shares of Seshaasai Tech are commanding a GMP of over 20 percent in the unregulated market. Investorgain quoted a GMP of Rs 88 for the shares of the company, indicating a listing gain of 20.80 percent.

9) IPO allotment: Shares of the company are expected to be allotted by September 26.

10) Share listing: Shares of the company will be listed on both NSE and BSE on September 30.

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