Seshaasai Technologies raised Rs 120 crore in pre-IPO placement; check details

Seshaasai Technologies, formerly Seshaasai Business Forms, has successfully completed a pre-IPO placement, raising Rs 120 crore. This move involved the private placement of 2.84 million equity shares at Rs 423 per share, with a premium of Rs 413 per share. The placement attracted notable investors, including Tata AIG General Insurance, VQ FasterCap Fund II, and Valuequest India G.I.F.T Fund .

The allocation of shares saw Tata AIG General Insurance securing 1,418,400 shares amounting to Rs 60 crore. Meanwhile, VQ FasterCap Fund II and Valuequest India G.I.F.T Fund each acquired 709,200 shares, translating to Rs 30 crore each. This strategic placement is part of the company's preparation for an upcoming IPO, initially proposed to include a fresh issue worth up to Rs 600 crore .

Seshaasai Technologies had initially planned for an IPO comprising a fresh issue along with an offer for sale (OFS) by current shareholders Pragnyat Pravin Lalwani and Gautam Sampatraj Jain. However, following the pre-IPO placement, the fresh issue size is expected to reduce, reflecting the capital already raised through this process .

The company, a technology-driven solutions provider, focuses on payment solutions, communication and fulfilment solutions, primarily servicing the BFSI sector. With a strong emphasis on data security and compliance, Seshaasai Technologies offers scalable and recurring solutions critical to the operations of India's BFSI sector. It also provides Internet of Things (IoT) solutions across various industries .

IIFL Capital Services, ICICI Securities, and SBI Capital Markets are the appointed book-running lead managers for the upcoming IPO. Link Intime India Private Limited will serve as the registrar. The equity shares are anticipated to be listed on both the BSE and NSE following SEBI's approval of the draft IPO documents in April 2025 .

The company's strategic move to secure high-profile investors through the pre-IPO placement highlights its intent to strengthen its market position ahead of its public offering. This placement not only supports the company's financial objectives but also boosts its credibility in the competitive BFSI solutions market .

Seshaasai Technologies continues its journey toward public listing, with the IPO expected to bring further opportunities for growth and expansion within the BFSI and IoT sectors. Key dates related to the IPO, including opening and closing dates, allotment, and listing, will be announced in due course .