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Early investors of deeptech company SEDEMAC, which is set to list on the exchanges on Wednesday (March 11), have raked in hefty returns via the IPO.
SEDEMAC’s IPO consisted solely of an offer for sale (OFS) component of 80.43 Lakh shares worth ₹1,087 Cr. The company set a price band of ₹1,287 to ₹1,352 per share for the IPO, valuing it at ₹5,970 Cr ($657 Mn) at the upper end.
Mumbai-based venture capital (VC) firm A91 Partners emerged as the biggest gainer from the public listing. The firm raked in ₹325 Cr by selling 24.1 Lakh shares, translating to a 3.6X return on its initial investment. Post offloading the shares, A91 Partners will still hold 56.2 Lakh shares worth ₹760 Cr, making it the biggest shareholder out of selling investors.
However, Infosys cofounder Nandan Nilekani’s family office NRJN Family Trust raked in the highest return multiple on its initial investment. The family office offloaded 10.5 Lakh shares worth ₹141 Cr, translating to a 14.2X return on its initial investment. The family office will still hold on to 8.8 Lakh shares worth ₹119 Cr.
Meanwhile, Xponentia Capital Partners also offloaded 14.6 Lakh shares worth ₹198 Cr via its two holding entities, translating to a 3.8X gain. The VC firm continues to hold 34.2 Lakh shares of SEDEMAC worth ₹463 Cr.
London-based Mace Group also recorded a 3.8X gain on its initial investment by offloading 7.65 Lakh shares for ₹103 Cr. Besides, asset management firm 360 ONE sold 11.5 Lakh shares worth ₹155 Cr, raking in 3.5X gains on its investment.
Many early investors also offloaded their entire stakes in SEDEMAC through the IPO, including IIT Bombay’s Society for Innovation & Entrepreneurship (SINE), where the company was incubated almost two decades back. SINE gained ₹55 Cr via the IPO by offloading its entire holding of 4 Lakh shares.
SEDEMAC Cofounders Retain Significant Stakes
Out of SEDEMAC’s four cofounders — Shashkianth Suryanarayan and his former students Amit Arun Dixit, Pushkaraj Panse and Manish Sharma, only Sharma offloaded part of his stake through the OFS.
Sharma sold 45,000 shares in the IPO for ₹6.08 Cr. He still holds 8.19 Lakh shares worth ₹110 Cr.
Post the IPO, Suryanarayan has emerged as the biggest shareholder of SEDEMAC. He holds 71.5 Lakh shares or 16.6% stake in the company worth ₹966 Cr.
Dixit also held on to his entire stake of 12.4 Lakh shares worth ₹168 Cr. On the other hand, Panse, who had left the company in 2018, has retained 8.7 Lakh shares worth ₹118 Cr after transferring significant holdings before his exit.
The post SEDEMAC IPO: A91 Partners Nets ₹325 Cr, Most Investors Post Over 3X Gains appeared first on Inc42 Media.
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