Seshaasai Tech shares settled 3 percent lower from its IPO price on the debut day at Rs 410 per share on the NSE on September 30. The stock finished the day 5 percent lower from the listing price.
The shares listed with a premium over its IPO price on the stock exchanges on September 30, following a strong subscription of 68.13 times to its Rs 813-crore issue in the primary market between September 23-25.
Shares of Seshaasai Technologies Ltd. listed at Rs 432 per share on the NSE, a premium of 2.13 percent. The issue had a price band of Rs 402-423 per share.
On the BSE, the shares were listed at Rs 436 per share, a premium of 3.07 percent. The company's market capitalization post listing of shares stood at Rs 6,731.93-crore.
Seshaasai Tech IPO share listing below than the expectations in the grey market, which had expected a 9 percent listing gain.
Earlier, the company announced raising over Rs 243 crore from anchor investors. The three-day IPO received bids for 93.79-crore shares against 1.37-crore shares on offer, according to NSE data.
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.
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