Seshaasai Technologies IPO GMP in focus ahead of listing; here's what grey market signals

Seshaasai Technologies IPO GMP: The grey market premium (GMP) hints at a healthy debut for Seshaasai Technologies shares, scheduled to list on Tuesday, September 30. The allotment for Seshaasai Technologies initial public offering (IPO) was finalised on September 26, following the subscription window that opened on September 23 and closed on September 25. The IPO was offered at a price band of ₹402 to ₹423 per share.

Seshaasai Technologies IPO GMP

Seshaasai Technologies IPO GMP today stood at ₹41. This implied potential listing gains of around 9.69 per cent, with shares expected to list at ₹464 as against the upper price band of ₹423.

Seshaasai Technologies IPO Subscription Status, Key Details

Seshaasai Technologies ₹813.07 crore IPO received a strong response from investors, with the issue subscribed 69.64 times by the close of bidding. The offering comprises a fresh issue of 1.13 crore shares aggregating to ₹480.00 crore and an offer for sale of 0.79 crore shares aggregating to ₹333.07 crore. Pragnyat Pravin Lalwani and Gautam Sampatraj Jain will offload their stakes under the OFS component.

Investors could apply for a minimum lot size of 35 shares, requiring a retail investment of ₹14,805 at the top price. The issue also includes a reservation of up to 52,219 shares for employees at a discount of ₹40.00 per share.

By the final day, the IPO attracted robust demand across categories. Qualified Institutional Buyers (QIBs) led with subscription at 189.49 times their allotted quota, followed by non-institutional investors at 51.43 times and retail investors at 9.46 times. The employee portion was subscribed 9.50 times.

Proceeds from the fresh issue, amounting to ₹195.33 crore, will fund capital expenditure for the expansion of existing manufacturing units. An additional ₹300 crore will be used for repayment or prepayment of certain outstanding loans and general corporate purposes.

IIFL Capital Services Ltd. is the book running lead manager, while MUFG Intime India Pvt. Ltd. is the registrar of the issue.

About Seshaasai Technologies

Incorporated in 1993, Seshaasai Technologies Limited is a technology-driven, multi-location solutions provider specializing in payment systems, communications, and fulfilment services, primarily serving the banking, financial services, and insurance (BFSI) sector.

The company leverages proprietary platforms to deliver scalable, recurring solutions, supporting BFSI operations across India. It also offers Internet of Things (IoT) solutions to a wide range of clients across diverse industries.

Seshaasai Technologies operates 24 fully-equipped manufacturing units across seven locations in India, each with advanced machinery, essential raw materials, and skilled personnel to efficiently meet regional business needs.

Financially, the company has demonstrated robust growth, with standalone revenue from operations rising at a CAGR of 52.21 percent from ₹672.56 crore in Fiscal 2022 to ₹1,558.26 crore in Fiscal 2024. Net profit surged from ₹37.35 crore in Fiscal 2022 to ₹169.28 crore in Fiscal 2024, reflecting a CAGR of 112.88 percent.

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