Seshaasai Technologies Limited is launching its Initial Public Offering (IPO) to strengthen its capital base and support business growth, including funding capital expenditures. The IPO comprises a fresh issue of 1.13 crore shares aggregating to Rs. 480.00 crores and an offer for sale of 0.79 crore shares aggregating to Rs. 333.07 crores with a face value of Rs. 10 each.
Seshaasai Technologies IPO opens for subscription on September 23, 2025, and closes on September 25, 2025. Seshaasai Technologies IPO will list on BSE and NSE, with a tentative listing date fixed as September 30, 2025.
GMP of Seshaasai Technologies IPO
As of September 23, 2025, the shares of Seshaasai Technologies Ltd in the grey market were trading at a 20.80 percent premium. The shares in the Grey Market traded at Rs. 511. This gives it a premium of Rs. 88 per share over the cap price of Rs. 423.
Overview of Seshaasai Technologies Ltd
Seshaasai Technologies Limited, Incorporated in 1993, is a technology-driven, multi-location solutions provider specializing in payment solutions, as well as communications and fulfilment services, primarily catering to the banking, financial services, and insurance (BFSI) industry. The company delivers scalable, recurring solutions through proprietary platforms that support BFSI sector operations across India, and also extends its offerings to IoT solutions serving a wide array of industries.
Seshaasai operates 24 self-sustaining manufacturing units across seven locations in India, each equipped with advanced machinery, raw materials, and a skilled workforce to address local requirements efficiently. These units are certified by global payment schemes, NPCI, PCI, and IBA for payment card production, data security, and cheque manufacturing, ensuring full compliance with IT, cyber, and physical security standards. As per RHP, the company does not have any listed peers.
It operates in three key segments. Its Payment Solutions include cards, wearables, merchant QRs, cheques, and secure stationery for banks and fintechs. Through its Rubic platform, the company delivers Communication and Fulfilment Solutions, offering print and digital communication services to financial institutions. Its IoT Solutions provide RFID and NFC technologies to industries like retail and logistics for supply chain optimization and product authentication.
Its technology platforms include RUBIC, a data processing platform for secure and personalized communications and IoT integration; eTaTrak, an AI-powered logistics solution that enables real-time delivery tracking and accurate billing; and IOMS, a web-based order and inventory management platform that streamlines ordering processes and consolidates transactions to reduce costs. As of June 30, 2025, Seshaasai Technologies Limited employed 862 permanent staff members.
Promoters of Seshaasai Technologies Ltd
The promoters of Seshaasai Technologies, including Pragnyat Pravin Lalwani and Gautam Sampatraj Jain, bring deep domain expertise in secure data handling, smart card manufacturing, and high-volume transaction processing, critical components in the payments and BFSI technology landscape. Their strategic leadership and operational experience have been pivotal in scaling the company’s presence across India and overseas.
Offer For Sale
The Offer for Sale includes the promoter selling shareholders: Pragnyat Pravin Lalwani is offering up to 3,937,008 equity shares of face value Rs. 10 each, with a weighted average cost of acquisition of Rs. 7.72 per equity share. Gautam Sampatraj Jain is offering up to 3,937,007 equity shares of face value Rs. 10 each, with a weighted average cost of acquisition of Rs. 7.72 per equity share. The exact number of shares to be sold will be based on the final offer price.
Lead Managers of Seshaasai Technologies IPO
IIFL Capital Services Limited, ICICI Securities Limited, and SBI Capital Markets Limited are acting as the Book Running Lead Manager. MUFG Intime India Private Limited (formerly Link Intime India Private Limited) is the registrar managing investor applications and allotment.
Objectives of the IPO Offer
The proceeds from Seshaasai Technologies’ issue will be utilized for the following purposes: Rs. 197.91 crore for funding capital expenditure related to the expansion of existing manufacturing units, Rs. 300 crore for repayment and/or prepayment (in part or in full) of certain outstanding borrowings of the company, and the remaining funds for general corporate purposes.
Financial Analysis of Seshaasai Technologies Ltd
Seshaasai Technologies has demonstrated strong financial performance over the past three years. The company’s total income was Rs. 1,153.84 crore in FY23, which increased to Rs. 1,569.67 crore in FY24, and stood at Rs. 1,473.62 crore in FY25.
Profit After Tax (PAT) grew consistently from Rs. 108.10 crore in FY23 to Rs. 169.28 crore in FY24, reaching Rs. 222.32 crore in FY25. These figures highlight Seshaasai Technologies’ steady growth and improving financial health.
Seshaasai Technologies Ltd Strengths and Weaknesses
Strengths:
- The company has established a Leadership Position in the Large and Regulated Payment Solutions Industry with High Barriers to Entry
- It has a long-standing relationship with a Large Customer Base
- The company has a Comprehensive Portfolio of Customizable and Scalable Solutions
- Proprietary Technology Stack Enabling Bespoke Solutions
- It has Pan-India Advanced Manufacturing Capabilities
- The company maintains a track Record of Healthy Financial Performance
- It has Experienced Promoters and a Senior Management Team backed by a Committed Employee Base.
Weaknesses:
- Customer Concentration Risk: A significant portion of revenue is generated from a limited number of customers; 702, 476, and 355 customers were serviced in Fiscals 2025, 2024, and 2023, respectively. Any loss or reduction of business from key customers could materially impact revenue, cash flows, and overall financial performance.
- Industry Vertical Dependency: Revenue is heavily dependent on a limited number of industry verticals. A downturn or reduced demand in these sectors could adversely affect business operations, revenue generation, and profitability.
- Contractual Compliance Risk: Contracts with customers involve extensive compliance requirements. Any failure to meet these obligations could result in termination, legal action, or penalties, adversely impacting business reputation, operations, and financial health.
- Government Project Exposure: The company is exposed to risks associated with servicing government projects, institutions, and public sector enterprises.
Conclusion:
Seshaasai Technologies Ltd’s IPO offers an opportunity to invest in India’s highly regulated payment solutions and secure data processing industry. With a robust financial track record, expanding market share, and strong presence across the BFSI and IoT sectors, the company is well-positioned for sustained growth. However, investors should be mindful of the company’s customer and sector concentration risks, as well as compliance and government-related project exposures, before making investment decisions.
Written by Sridhar J
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