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2h ago

Seshaasai Technologies IPO Draws Over 3x Bids on Day Two

Brokerages issue subscribe calls as funds are earmarked for solar capacity, capex, debt repayment.

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Overview

  • Bids reached 3.09 times the shares on offer by Day 2, with NII at 5.99x, retail at 2.92x and QIB at 1.13x, ahead of the Sept. 25 close.
  • The Rs 813.07 crore offer comprises a Rs 480 crore fresh issue and a Rs 333.07 crore offer for sale, priced at Rs 402–423 per share.
  • Unofficial grey-market quotes around Rs 75 on Sept. 24 implied an estimated listing price near Rs 498, which is only an informal indicator.
  • Proceeds include about Rs 420 crore for a 1.2 GW TopCon solar cell and module plant via subsidiary Kartik Solarworld, plus Rs 197.91 crore for capex and roughly Rs 300 crore for debt repayment.
  • Motilal Oswal and Geojit recommended subscribing, while filings and research highlight heavy BFSI exposure and dependence on a single large client as principal risks.