Seshaasai Applied sciences IPO: Mumbai-based Sheshasai Applied sciences has deliberate to lift funds by means of a public difficulty. For this, the corporate filed draft papers with the capital market regulator SEBI on 27 December. Florentry Nextec, owned by former Blackstone India government Mathew Cyriac, has additionally invested within the firm. In line with the Draft Purple Herring Prospectus (DRHP), the IPO will see issuance of recent shares value Rs 600 crore. Moreover, there may even be a suggestion on the market of 78,74,015 fairness shares by promoters Pragyanyat Praveen Lalwani and Gautam Sampatraj Jain.
The corporate primarily gives cost, communication and achievement, and IoT (Web of Issues) options to the banking, monetary providers and insurance coverage (BFSI) trade. It could additionally increase Rs 120 crore earlier than the IPO launch. If such pre-IPO placement takes place, the dimensions of the problem of recent shares within the IPO will probably be diminished.
Promoters maintain 95 % shares in Seshaasai Applied sciences
Promoters Pragyanyat Praveen Lalwani and Gautam Sampatraj Jain maintain 47.5-47.5 % stake in Sheshasai Applied sciences. The remaining 5 % stake is held by Florintree Nextech LLP. On December 20 this 12 months, promoters had allotted 5 per cent stake or 73.8 lakh shares to Florintree Nextech LLP at a value of Rs 339 per share. The overall worth of the deal was Rs 250.21 crore.
In FY 2023-24, Sheshasai Applied sciences had a market share of 34.5 % in credit score and debit card issuances in India. It’s among the many largest producers of verify leaves within the nation. Within the monetary 12 months 2021-22 it was 23.7 %. The corporate at present has no listed rivals.
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How will the IPO cash be used?
Of the cash raised by issuing new shares within the IPO, Rs 195.3 crore will probably be spent on the growth of current manufacturing items. Other than this, Rs 300 crore will probably be used to repay the mortgage. The remaining cash will stay for common company functions. The overall excellent borrowings of Sheshasai Applied sciences as of November 15, 2024 stood at Rs 327.2 crore.
Revenue elevated by 56% in FY24
The corporate’s monetary efficiency has been sturdy through the years. Its internet revenue elevated by 56.6 % to Rs 169.3 crore within the monetary 12 months 2023-24. Within the earlier monetary 12 months it was Rs 108 crore. Income elevated by 36 % to Rs 1,558.3 crore in FY24. Within the April-June 2024 quarter, Sheshasai Applied sciences’ income was Rs 360.5 crore and revenue was Rs 40.5 crore.
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