Seshaasai Tech IPO subscribed 68 times on final day of bidding - Check GMP

Seshaasai Tech sees strong subscription on Day 3 of IPO.

Seshaasai Tech continues saw robust subscription on the final day of bidding on September 25.

The initial share sale of payments solutions provider Seshaasai Technologies Ltd received nearly 68 times subscription on the final day of offering on Thursday. The three-day IPO got bids for 93.74-crore shares against 1.37-crore shares on offer, as per NSE data.

The quota for non-institutional investors received 49.87 times subscription, while the category for Retail Individual Investors (RIIs) attracted 9.09 times subscription and Qualified Institutional Buyers (QIBs) got subscribed 189.63 times. Earlier, the company announced raising over Rs 243 crore from anchor investors.

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According to platforms tracking the grey market activities, the shares of the company are commanding a GMP of around 11 percent in the unregulated market. Investorgain quoted a GMP of Rs 45 for the shares of the company, indicating a listing gain of 10.64 percent.

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The issue, with a price band of Rs 402-423 per share, will conclude on September 25.

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.

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.

Seshaasai Tech IPO share allotment is expected by September 26, while the listing is scheduled on September 30.

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