Seshaasai Technologies Limited is a technology-driven, multi-location solutions provider specializing in payment solutions, communication and fulfilment services, and IoT-based offerings, with a primary focus on the banking, financial services, and insurance (BFSI) industry.
The company delivers scalable, recurring solutions through proprietary platforms, enabling seamless operations for BFSI players in India, while also extending its IoT solutions to customers across retail, logistics, and manufacturing industries.
Seshaasai Technologies Limited is among the top two payment card manufacturers in India, with a 34.5% market share in credit and debit card issuance in Fiscal 2024. It is also one of the largest cheque leaf manufacturers, catering to major banks and financial institutions.
Seshaasai Technologies Limited operates 24 manufacturing units across seven locations in India, equipped with modern machinery and a skilled workforce. The facilities are certified by global payment schemes, NPCI, PCI, and IBA, ensuring secure and compliant operations.
Business Segments:
- Payment Solutions: Debit, credit, prepaid, and transit cards; wearables; merchant QR solutions; cheques; secured transaction stationery for banks, fintechs, and issuers.
- Communication & Fulfilment Solutions: Omni-channel services through RUBIC platform; print and digital fulfilment for account statements, compliance notices, and customer requests; clients include banks, insurance companies, AMCs, and depositories.
- IoT Solutions: RFID and NFC-powered tags, readers, and smart labels; solutions for supply chain optimization, product authentication, and real-time tracking across logistics, retail, and manufacturing.
Proprietary Technology Platforms:
- RUBIC: A secure data processing and personalization platform supporting print, digital, and IoT-based communication.
- eTaTrak: An AI-powered logistics solution providing real-time delivery tracking, accurate billing, and enhanced service transparency.
- IOMS: A web-based order and inventory management platform that streamlines order processes and reduces transaction costs.
As of November 30, 2024, the company employed 817 permanent employees, supporting its technology, manufacturing, and service operations across India.
Seshaasai Technologies IPO – Details
| IPO Opening Date | 23 September 2025 |
| IPO Closing Date | 25 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 1,92,21,603 Shares Worth ₹813.07 Crore Fresh Issue: 1,13,47,588 Shares Worth ₹480.00 Crore Offer For Sale: 78,74,015 Shares Worth ₹333.07 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹402 – ₹423 per share |
| Market Lot | 35 Shares |
| Min Order | 35 Shares [ 1 Lot ] |
| Employee Discount | ₹40 |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Pvt.Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Seshaasai Technologies IPO – Date Schedule
| IPO Open Date | 23 September 2025 |
| IPO Close Date | 25 September 2025 |
| Basis of Allotment | 26 September 2025 |
| Initiation of Refund | 29 September 2025 |
| Credit of Shares to Demat Account | 29 September 2025 |
| IPO Listing Date | 30 September 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 25, 2025 |
Seshaasai Technologies IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 35 | ₹14,805 |
| Retail (Max) | 13 | 455 | ₹1,92,465 |
| S-HNI (Min) | 14 | 490 | ₹2,07,270 |
| S-HNI (Max) | 67 | 2,345 | ₹9,91,935 |
| B-HNI (Min) | 68 | 2,380 | ₹10,06,740 |
Competitive Strength
- Established Leadership Position in the Large and Regulated Payment Solutions Industry with High Barriers to Entry.
- Long Standing Relationships with a Large Customer Base.
- Comprehensive Portfolio of Customizable and Scalable Solutions.
- Proprietary Technology Stack Enabling Bespoke Solutions.
- Pan-India Advanced Manufacturing Capabilities.
- Track Record of Healthy Financial Performance.
- Experienced Promoters and Senior Management Team backed by Committed Employee Base.
Company Promoters
- Pragnyat Pravin Lalwani
- Gautam Sampatraj Jain
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹1,153.84Cr | ₹1,010.70 Cr | ₹108.10 Cr | ₹311.99 Cr |
| 31 March 2024 | ₹1,569.67 Cr | ₹1,336.67 Cr | ₹169.64 Cr | ₹350.24 Cr |
| 31 March 2025 | ₹1,473.62 Cr | ₹1,178.71 Cr | ₹222.32 Cr | ₹378.68 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 34.84% |
| ROCE | 31.87% |
| Debt/Equity | 0.37 |
| RoNW | 33.20% |
| PAT Margin | 15.09% |
| EBITDA Margin | 25.13% |
| Price to Book Value | 13.41 |
| Pre IPO | Post IPO | |
| EPS (₹) | 14.78 | 13.74 |
| P/E (x) | 28.63 | 30.79 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Funding capital expenditure for the expansion of existing manufacturing units. | ₹197.91 |
| Repayment and / or prepayment, in part or in full, of certain outstanding borrowings of the Company. | ₹300.00 |
| General corporate purposes. |
Seshaasai Technologies IPO Peer Comparison
- Not applicable, since the Company does not have any listed peers.
✅Strengths
- Top 2 payment card manufacturer with 34.5% market share; also a leading cheque producer.
- Diversified solutions in payments, communication & fulfilment, and IoT.
- 24 certified manufacturing units across 7 locations with strong security compliance.
- Long-term BFSI client base with recurring, scalable revenue.
⚠️Risks
- Expansion challenges may affect future growth.
- Operational & technology risks from system errors or cyber threats.
- Heavy dependence on BFSI sector and regulatory compliance.
- Faces intense competition from domestic and global players.
Seshaasai Technologies IPO Promoter Holding
| Pre Issue Share Holding | 93.21% |
| Post Issue Share Holding | 81.81% |
Seshaasai Technologies IPO Prospectus
Company Contact Information
| Seshaasai Technologies Ltd. 9, Lalwani Industrial Estate, 14, Katrak Road, Wadala (West), Mumbai, Maharashtra, 400031 Phone: +91 22 6627 0927 Email: companysecretary@seshaasai.com Website: http://www.seshaasai.com/ |
Seshaasai Technologies IPO Registrar
| MUFG Intime India Pvt.Ltd. Phone: +91-22-4918 6270 Email: seshaasaibusiness.ipo@linkintime.co.in Website: https://linkintime.co.in/Initial_Offer/public-issues.html |
Seshaasai Technologies IPO Lead Manager(s)
| 1. ICICI Securities Limited 2. IIFL Capital Services Limited 3. SBI Capital Markets Limited |
Seshaasai Technologies IPO FAQs
| What is Seshaasai Technologies IPO? Seshaasai Technologies IPO is a main-board IPO. The issue is priced at ₹402 to ₹423 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will Seshaasai Technologies IPO open? The IPO is to open on 23 September 2025 for QIB, NII, and Retail Investors. |
| What is Seshaasai Technologies IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is Seshaasai Technologies IPO Size? Seshaasai Technologies IPO size is ₹813.07 Crore. |
| What is the Seshaasai Technologies IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 35 Shares with ₹14,805, while the maximum bid is 455 Shares with ₹1,92,465. |
| What is the Seshaasai Technologies IPO Allotment Date? Seshaasai Technologies IPO allotment date is 26 September 2025. |
| What is the Seshaasai Technologies IPO Listing Date? Seshaasai Technologies IPO listing date is 30 September 2025. The IPO is to be listed on BSE and NSE. |
