Seshaasai Technologies IPO opens for subscription tomorrow
Seshaasai Technologies, a major player in payment solutions and digital communications, is opening its IPO for subscription from September 23-25, 2024.
The company plans to raise ₹813cr—₹480cr through new shares and ₹333cr via an offer-for-sale by promoters.
Anchor investors have already picked up shares worth ₹243cr
Big-name anchor investors have already picked up shares worth ₹243cr at ₹423 each on September 22.
Share allotment wraps up on September 26, with trading set to begin on BSE and NSE by September 30.
Seshaasai's valuation stands at ₹6,844cr.
Company powers payment cards for banks and insurers
Founded in 1993 (and rebranded in 2024), Seshaasai powers payment cards for banks and insurers—holding nearly a third of India's credit/debit card issuance market in FY25.
Besides making cards with embedded customer data, they handle secure delivery of things like policy documents and statements via print, email, or SMS.
Plans to use ₹198cr from the fresh issue
The company plans to use about ₹198cr from the fresh issue to expand its manufacturing operations and another ₹300cr to pay off debt. The rest will support general corporate needs.
Notable backers include Nippon Life India and ICICI Prudential Mutual Fund.