Seshaasai Technologies IPO allotment: Check chances of getting shares, latest GMP & more

Seshaasai Technologies is scheduled to finalize the basis of allotment of its shares on Friday, September 26. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate either over the weekend or latest by Monday, September 29. The IT and technology solutions player saw a solid response from the investors

The IPO of Seshaasai Technologies ran for subscription between September 23 and September 25. It had offered its shares in the price band of Rs 402-423 per share with a lot size of 35 shares. The company raised a total of Rs 813.07 crore from its IPO, which included fresh share sale Rs 480 crore and an offer-for-sale (OFS) of up to 78,74,015 equity shares worth Rs 333.07 crore.

The issue was overall subscribed 68.13 times, fetching over 17.53 lakh applications, attracting bids worth Rs 39,680 crore. The portion for qualified-institutional bidders (QIBs) was subscribed 189.63 times. The allocation for non-institutional investors (NIIs) was booked 49.89 times. The portions for retail investors and employees were subscribed 9.17 times and 9 times, respectively.

Based on the bidding, here are the odds of allotment for IPO of Seshaasai Technologies:

• Big HNI category: 1 investors out of 11 investors will get 40 shares (Probability: 9.09 per cent)
• Small HNI category: 1 investor out of 45 investors will get 40 shares (Probability: 2.22 per cent)
• Retail category: 1 investor out of 8 investors will get 35 shares. (Probability: 12.50 per cent)
   

The grey market premium (GMP) of Seshaasai Technologies has seen a sharp correction due to strong bidding amid weak market sentiments. Last heard, the company was commanding a premium of Rs 55-60 per share in the unofficial market, suggesting a listing pop of 13-14 per cent for the investors. The GMP stood around Rs 75-80, during the bidding phase.

Incorporated in 1993, Mumbai based-Seshaasai Technologies is a technology-driven, multi-location solutions provider, specializing in payment solutions, as well as communications and fulfilment services, primarily catering to the banking, financial services, and insurance (BFSI) industry.

IIFL Capital Services, SBI Capital Markets and ICICI Securities are the book running lead managers of Seshaasai Technologies IPO and MUFG Intime India is the registrar of the issue. Initiations of refund and credit of shares is likely to be done on Monday, September 29. Shares of the company shall be listed on both BSE and NSE on Tuesday, September 30.

Investors, who had bid for the issue of Seshaasai Technologies, can check the allotment status on the Bombay Stock Exchange (BSE) website:

1) Visit https://www.bseindia.com/investors/appli_check.aspx

2) Under the issue type, click Equity

3) Under the issue name, select Seshaasai Technologies Limited in the dropbox

4) Write the application number

5) Add the PAN card ID

6) Click on 'I am not a Robot' and hit search button

Investors can also check the allotment status on the online portal of MUFG Intime India (https://in.mpms.mufg.com/Initial_Offer/public-issues.html), the registrar to the issue.

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries post issue.

1) Go to the web portal of MUFG Intime India Limited

2) Select the IPO/FPO in dropbox whose name will be populated only if the allotment is finalized

3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID

4) In application type, select between ASBA and non-ASBA

5) Enter the details of the mode you selected in Step 2

6) For security purposes, fill the captcha accurately

7) Hit submit.