Seshaasai Technologies IPO Subscribed 1.02x on Day 1, Retail and HNI Segments Drive Demand

New Delhi, September 23, 2025 – The initial public offering (IPO) of Seshaasai Technologies witnessed a tepid response from institutional investors but consistent demand from retail and non-institutional segments on the first day of bidding.

As per exchange data, the issue has been subscribed to 1.02 times in total, with good participation in the retail and NII segments, while QIB interest was still negligible on Day 1.

Subscription Status (up to 5:05 PM, September 23)

Seshasai Technologies’ Initial Public Offering (IPO) received 1.02 times subscription at the end of the first day of bidding, September 23, 2025, at 5:05 PM. The trend in subscriptions indicated an overwhelming response from retail investors and non-institutional investors, although Qualified Institutional Buyers (QIBs) displayed weak demand.

Anchor Investors subscribed to their reserved portion of 57.52 lakh shares in full, raising about ₹243.32 crore. The QIB (excluding anchors) segment saw nil participation at 0.01 times, with bids submitted for just 35,280 shares against 38.32 lakh shares available, raising a mere ₹1.49 crore.

The Non-Institutional Investor (NII) segment also evidenced good interest, subscribing 1.91 times with bids for 55.05 lakh shares against the available 28.75 lakh shares. Under this segment, the bNII (applications in excess of ₹10 lakh) subscribed 1.44 times, while sNII (applications less than ₹10 lakh) witnessed greater demand at 2.87 times.

Retail Investors helped sustain strong momentum, subscribing 1.20 times the quota allotted to them, with bids for 80.26 lakh shares against the offer size of 67.09 lakh shares. This meant a combined amount of ₹339.52 crore. The Employees’ category too witnessed good demand, with a subscription of 2.39 times, bidding for 1.24 lakh shares against the offer size of 52,219 shares.

Total, against the issue size of 1.34 crore shares, bids were received for 1.36 crore shares, worth ₹579.20 crore. The IPO saw robust 2,02,225 applications on Day 1, indicating healthy participation by retail and HNI investors amid subdued QIB response.

Price Band and Issue Size

The IPO is being offered in the range of ₹402 to ₹423 per share, with a quantity of 35 shares and multiples thereof. The issue size of ₹813 crore includes a fresh issue size of ₹480 crore and an offer for sale (OFS) size of ₹333 crore. The IPO can be subscribed to during the subscription period from September 23 to September 25, 2025.

Use of Proceeds & Lead Managers

Proceeds raised will be used for the expansion of manufacturing facilities (₹198 crore), repayment of debts (₹300 crore), and general corporate purposes. The IPO has been handled by ICICI Securities, SBI Capital Markets, and IIFL Capital Services.

Company Overview

Seshaasai Technologies is a payment solutions and settlement services provider, providing products like debit/credit cards, prepaid cards, mass transit cards, and cheques, with secure data embedding. The company has reported FY25 revenue of ₹1,463.15 crore and net profit of ₹222.32 crore.

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