Seshaasai Technologies IPO Subscribed 0.78 Times by Midday on Day 2, Retail Category at 0.88x

Mumbai, 24 September 2025: The ₹813 crore initial public offering (IPO) of Seshaasai Technologies has been subscribed 0.78 times so far (September 24, 2025, 1:25:01 PM) on the second day of bidding, with retail and non-institutional investors showing moderate engagement, while qualified institutional buyer (QIB) participation remains minimal. The IPO, open from 23–25 September, reflects measured demand across categories as investors evaluate the public issue.

Seshaasai Technologies, listed under the NSE and BSE, operates in the technology and electronics manufacturing sector, providing integrated solutions across domestic and international markets. The firm has positioned itself as a growth-oriented technology player with diversified operations in software-enabled hardware and industrial electronics.

Retail Investors Drive Subscription to 2.23 Times, Employees Oversubscribe at 3.29x

Retail Investors Subscribe at 0.88x, Employees Slightly Overshoot at 1.17x

Retail investors bid for 59,31,345 shares against an offer of 67,09,285 shares, resulting in a subscription of 0.88 times. Employee participation slightly exceeded allocation, with 60,935 shares bid for 52,219 shares offered, translating to 1.17 times subscription. These figures highlight selective interest from retail buyers and internal stakeholders during the early days of bidding.

Non-Institutional Investors Push Overall Demand to 1.55x, Driven by Smaller Bids

Non-institutional investors contributed 44,63,130 shares in bids against 28,75,408 shares offered, registering 1.55 times subscription. Bids below ₹10 lakh (sNII) accounted for 2.41 times, whereas larger bids above ₹10 lakh (bNII) reached 1.12 times, indicating a relatively stronger appetite among smaller non-institutional participants compared with larger HNIs.

QIB Subscriptions Minimal at 0.01x, Anchor Investors Fully Subscribed

Anchor investors maintained full allocation, subscribing to 57,52,296 shares worth ₹243.32 crore, while QIB (excluding anchor) participation remained negligible at 0.01 times, with 50,610 shares bid for 38,32,396 shares offered. Limited institutional uptake is common in the early phases of book-building, with major institutional bids often materialising closer to IPO closure.

IPO Details: ₹813 Crore Issue with ₹402-₹423 Price Band

Seshaasai Technologies IPO comprises a ₹480 crore fresh issue and a ₹333 crore offer for sale (OFS), priced between ₹402 and ₹423 per share. Each lot contains 35 shares and multiples thereof, providing structured entry points for retail and institutional participants. Lead managers managing the book-building process include ICICI Securities, SBI Capital Markets, and IIFL Capital Services.

Allocation of IPO Proceeds Focuses on Expansion and Debt Repayment

Seshaasai Technologies plans to utilise the proceeds across strategic areas: ₹198 crore for manufacturing unit expansion, ₹300 crore towards debt repayment, and the remaining for general corporate purposes. The allocation reflects the company’s intention to strengthen operational capabilities while maintaining financial prudence.

The Day 2 subscription data highlights the sustained participation of retail and non-institutional investors in public offerings, while institutional response remains limited. Observing segment-wise demand and allocation priorities offers insight into market engagement patterns and capital utilisation strategies of companies undertaking IPOs.

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