Seshaasai Technologies, which offers technology-based BFSI (Banking, Financial Services, and Insurance) services, entered the public markets with a positive listing on Tuesday, September 30, 2025. The company was listed on the BSE and the NSE following the successful completion of its first public offering (IPO), and the company shares had an immediate premium surpassing the issue price by ₹423 per share. The company shares launched at a price of ₹436 at the Bombay Stock Exchange (BSE). This was a starting price that corresponded to an instant premium of ₹13 per share or a 3% profit to investors compared to the ultimate issue price. On the National Stock Exchange (NSE), the initial listing was also positive, with Seshaasai Technologies beginning at ₹432 per share. This opening indicated a premium of ₹9 per share in the NSE, equivalent to a 2.12% premium over the issue price of ₹423.

Investor demand and missed grey market premium

Although official listing premiums were favorable on the two stock markets, the post-debut performance of Seshaasai Technologies’ stock was volatile. Within a brief time of trading, the share price had depreciated considerably since the time of its listing.

The share eventually dropped more than 5%  off the highest listing price, it eventually dropped by reaching an intraday low of ₹408.65. This sharp reversal was a sign of quick fixation following the initial excitement shown by the opening premiums.

The real listing performance was surprisingly lower as compared to the strong estimates as suggested by the unofficial grey market estimates. Unlisted shares of Seshaasai Technologies were known to be listed in the unofficial market at around ₹463 per share before the introduction of the D-Street in the company.

This valuation translated into a grey market premium (GMP) of ₹40 per share, or a large premium of 9.5% above the ₹423 issue price, as per various sources of such grey market practices. The actual 3% gain made in the BSE was much less than market expectations before listing.

The Seshaasai Technologies Initial Public Offering (IPO), which is scheduled to open to the public between September 23 and September 25, 2025, saw massive investor participation and demand. There were bids made to the public on a total of over 937.9 million shares, exceeding 13.76 million shares actually on offer to the public. The resulting huge demand led to the joint over-subscription of 68.13 times according to the figures as taken by the BSE.

The demand was exceptionally high in all categories of investors, as the interest in the technology-driven BFSI solutions provider is extensive. Institutional funds were so convinced that the Qualified Institutional Buyers (QIBs) oversubscribed their allotted share by 189.63 times. Non-institutional investors (NIIS) were also interested, having subscribed to the allotted quota 49.9 times.

The retail investors, their section serving individual subscribers, were over-subscribed by a healthy 9.17 times their allotted quota. The shares allotment was based on Friday, September 26, 2025, and the issue price was established at the upper band of ₹423 per share.

IPO structure and the utilization of the capital

The entire form of the Seshaasai Technologies public offering consisted of two major items, namely a fresh issue of equity shares and Offer for Sale (OFS) by current shareholders. The fresh issue component contained 11.3 million equity shares and was able to raise a total of ₹480 crore for the company.

The component of the OFS, on the other hand, consisted of 7.9 million shares of equity and was valued at ₹333.07 crore. Investors were offered the IPO within a price range of ₹402 to ₹423 per share, with the required minimum lot size applied at 35 shares.

In terms of the use of funds raised, the company will not get any proceeds of the Offer of Sale, as the funds will go to the selling shareholders. The net fresh issue component is the source of the funds that will be used to serve multiple strategic purposes. Seshaasai Technologies offers to use these proceeds to expand its already existing manufacturing units to boost capacity.

Some of the money shall also be allocated towards repayment or prepayment of certain debts. Any available funds are suggested to be spent on general corporate purposes in order to meet the current operational and strategic requirements of the technology provider.

Conclusion

Seshaasai Technologies had a successful, but small, initial listing on the Indian stock markets, and opened at a 3% premium on the BSE following an unprecedented 68.13 times oversubscription among investors of all types. The successful IPO has not only given the technology-based BFSI solutions provider ₹480 crore in new capital, which will be utilized in key corporate activities, such as the expansion of production and the elimination of debts, but it has also positioned the company in the next stage of its growth.