IPO · AI & Deep Tech

Sedemac's IPO sees big returns for early investors

By Startup Enthusiast · 10 March 2026

What they do

Sedemac is a deep tech company incubated at IIT Bombay's SINE nearly two decades ago

Its IPO is an offer for sale of 80.43 lakh shares worth ₹1,087 crore at a price band of ₹1,287–1,352 per share

Early investors like A91 Partners and NRJN Family Trust made 3.6X and 14.2X returns respectively

Sedemac launched its IPO (initial public offering, when a company sells shares to the public for the first time) through an offer for sale (OFS, where existing shareholders sell their shares; no new money goes to the company).
The OFS consists of 80.43 lakh shares worth ₹1,087 crore.
The price band is set at ₹1,287 to ₹1,352 per share.
At the upper end, the company is valued at ₹5,970 crore ($657 million).
A91 Partners sold 24.1 lakh shares for ₹325 crore, making a 3.6X return.
NRJN Family Trust (Nandan Nilekani's family office) sold 10.5 lakh shares for ₹141 crore, making a 14.2X return.
Xponentia Capital Partners sold 14.6 lakh shares for ₹198 crore, making a 3.8X gain.
Mace Group (London) sold 7.65 lakh shares for ₹103 crore, making a 3.8X gain.
360 ONE sold 11.5 lakh shares for ₹155 crore, making a 3.5X gain.
IIT Bombay's SINE sold its entire holding of 4 lakh shares for ₹55 crore.

The IPO marks a major liquidity event for early backers of a deep tech startup incubated at IIT Bombay.
A91 Partners remains the biggest selling investor, holding 56.2 lakh shares worth ₹760 crore post-IPO.
NRJN Family Trust's 14.2X return is the highest among selling shareholders.
Cofounder Shashkianth Suryanarayan becomes the largest shareholder post-IPO with 71.5 lakh shares (16.6% stake) worth ₹966 crore.

A91 Partners (selling shareholder) — Sold 24.1 lakh shares for ₹325 crore, 3.6X return. Post-IPO holds 56.2 lakh shares worth ₹760 crore.
NRJN Family Trust (selling shareholder) — Nandan Nilekani's family office. Sold 10.5 lakh shares for ₹141 crore, 14.2X return. Post-IPO holds 8.8 lakh shares worth ₹119 crore.
Xponentia Capital Partners (selling shareholder) — Sold 14.6 lakh shares for ₹198 crore via two entities, 3.8X gain. Post-IPO holds 34.2 lakh shares worth ₹463 crore.
Mace Group (selling shareholder) — London-based. Sold 7.65 lakh shares for ₹103 crore, 3.8X gain.
360 ONE (selling shareholder) — Sold 11.5 lakh shares for ₹155 crore, 3.5X gain.
IIT Bombay's SINE (selling shareholder) — Incubator. Sold entire 4 lakh shares for ₹55 crore.