Seshaasai Technologies IPO 2025: High-Potential Investment Opportunity You Shouldn’t Miss

Table of Contents

Introduction – Seshaasai Technologies IPO

The Seshaasai Technologies IPO is a ₹813.07 crore book-built issue, comprising a fresh issue and an offer-for-sale. It opens for subscription on Sep 23, 2025, and closes on Sep 25, 2025, with a tentative listing date of Sep 30, 2025.

Incorporated in 1993, Seshaasai Technologies Ltd. is a technology-driven solutions provider catering primarily to the BFSI (Banking, Financial Services, and Insurance) sector. The company specializes in scalable payment solutions, communication and fulfilment services, and IoT-powered products for diverse industries.

With 24 manufacturing units across India, strong compliance certifications, and over 860 employees, the company combines technology, quality, and innovation to serve banks, fintechs, and corporates. The Seshaasai IPO gives investors an opportunity to invest in a high-barrier-to-entry, tech-enabled BFSI solutions company with a proven track record.

Seshaasai Technologies IPO Overview

Seshaasai Technologies IPO is a book-built issue aggregating ₹813.07 crores. The issue comprises a fresh issue of 1.13 crore shares worth ₹480.00 crores and an offer for sale of 0.79 crore shares worth ₹333.07 crores. The IPO opens for subscription on Sep 23, 2025 and closes on Sep 25, 2025. The tentative listing date on BSE and NSE is Sep 30, 2025.

Seshaasai IPO Details

Parameter	Details
Issue Type	Bookbuilding IPO (Fresh + OFS)
IPO Size	₹813.07 Cr
Fresh Issue	1.13 Cr shares (₹480.00 Cr)
Offer for Sale	0.79 Cr shares (₹333.07 Cr)
Price Band	₹402 – ₹423 per share
Face Value	₹10 per share
Lot Size	35 shares
Minimum Investment (Retail)	₹14,805 (35 shares)
IPO Document	RHP File
Registrar	MUFG Intime India Pvt. Ltd.
Listing	BSE & NSE
Employee Discount	₹40 per share

Seshaasai IPO Important Dates (Tentative Schedule)

Event	Date
IPO Open	Tue, Sep 23, 2025
IPO Close	Thu, Sep 25, 2025
Tentative Allotment	Fri, Sep 26, 2025
Refunds Initiation	Mon, Sep 29, 2025
Credit to Demat	Mon, Sep 29, 2025
Tentative Listing	Tue, Sep 30, 2025
UPI Mandate Cut-off	5 PM, Thu, Sep 25, 2025

Objects of the Issue–Seshaasai Technologies IPO

Funding capital expenditure for expansion of existing manufacturing units – ₹197.91 Cr
Repayment/prepayment of certain outstanding borrowings – ₹300.00 Cr
General corporate purposes

Company Overview & Business Model – Seshaasai Technologies IPO

About the Company

Seshaasai Technologies Ltd., incorporated in 1993, is a technology-driven multi-location solutions provider that offers payment solutions, communications and fulfilment services, and IoT solutions, primarily catering to the banking, financial services, and insurance (BFSI) sector. The company provides scalable, recurring solutions through proprietary platforms, helping BFSI operations in India run efficiently while ensuring data security and compliance. Additionally, it offers IoT solutions across industries like retail, logistics, manufacturing, and renewable energy.

Market Position

Seshaasai is one of the top two payment card manufacturers in India, with a 31.9% market share in credit and debit card issuance in FY25, up from 25% in FY23. It is also among the largest cheque manufacturers in India. The company has 24 self-sustaining manufacturing units across seven locations, with advanced machinery and skilled workforce, capable of producing over 0.47 million cards and 1.67 million RFID tags daily.

Seshaasai's Production Capacity and Market Share — Seshaasai’s Production Capacity and Market Share

Business Verticals

Payment Solutions
Seshaasai manufactures and personalizes debit, credit, prepaid, transit cards, wearables, metal and biometric cards, and payment stickers, including RuPay On-the-Go solutions. The company integrates QR and NFC technologies into its products for enhanced security and convenience. In FY25, FY24, and FY23, it supplied 91.37M, 110.33M, and 76.18M payment cards, respectively, and 1,188.81M, 1,193.78M, and 1,273.80M cheque leaves, respectively. It also develops merchant QR codes to facilitate digital payments via UPI and provides non-card payment options like wearables, key fobs, and wristbands.

Communication & Fulfilment Solutions
The company provides secure omni-channel communication solutions, delivering documents such as insurance policies, financial statements, utility bills, tax IDs, citizen identity cards, and customized communication material. Its Inventory & Order Management System (IOMS) ensures cost-efficient, timely delivery across 35,800+ branches. In FY25, FY24, and FY23, the company supplied 27.35M, 35.82M, and 38.40M policy documents and 23.31M, 34.90M, and 40.54M communications for insurance companies, alongside millions of citizen and tax identity cards.

IoT Solutions
Seshaasai offers RFID-enabled inlays, tags, labels, and devices, integrated with IoT middleware platforms to support inventory management, product authentication, and supply chain optimization. Its IoT solutions cater to multiple industries including BFSI, retail, logistics, and manufacturing. In FY25, FY24, and FY23, it supplied 322.86M, 150.95M, and 4.88M RFID tags and labels, respectively.

Revenue Contribution by Segment:

Certifications & R&D

The company’s units are certified by global payment schemes, NPCI (RuPay), PCI, and IBA, ensuring compliance with payment, IT, and physical security standards. Seshaasai runs two dedicated R&D labs in Bengaluru and Faridabad to develop innovative and customized solutions, helping maintain its competitive edge in the payments and IoT industries.

Customer Base

Seshaasai serves a diverse set of BFSI clients, including 10 of 12 public sector banks, 9 of 11 small finance banks, 15 of 21 private banks, and multiple insurance companies in FY25. Its clients value trust, quality, and the ability to meet regulatory and operational requirements, positioning Seshaasai as a preferred partner in India’s BFSI sector.

Financials & Key Ratios – Seshaasai Technologies IPO

Financial Overview

Seshaasai Technologies Ltd.’s revenue decreased by 6%, while profit after tax (PAT) rose by 31% between FY25 and FY24. The company has maintained strong profitability and operational efficiency, with growth in net worth and reserves reflecting robust financial health.

Particulars	FY25 (₹ Cr)	FY24 (₹ Cr)	FY23 (₹ Cr)
Assets	1,160.39	958.41	782.54
Total Income	1,473.62	1,569.67	1,153.84
Profit After Tax (PAT)	222.32	169.28	108.10
EBITDA	370.37	303.01	207.43
Net Worth	669.67	465.58	321.64
Reserves & Surplus	490.52	286.43	201.29
Total Borrowings	378.68	350.24	311.99

Commentary: Despite a slight dip in revenue, the strong PAT growth highlights effective cost management and operational efficiency. The company’s net worth and reserves have grown significantly, supporting future expansion.

Key Performance Indicators (KPI)

The market capitalization of Seshaasai Technologies IPO is estimated at ₹6,844.18 Cr. The company demonstrates strong returns, low leverage, and healthy margins.

KPI	Value
ROE	34.84%
ROCE	31.87%
Debt/Equity	0.37
RoNW	33.20%
PAT Margin	15.09%
EBITDA Margin	25.13%

Seshaasai Technologies shows high return ratios and low financial leverage, indicating financial stability and efficient use of capital. Strong PAT and EBITDA margins reinforce the company’s profitability and sustainable growth potential.

Valuation & Peer Comparison – Seshaasai Technologies IPO

Seshaasai Technologies IPO is priced at ₹402–₹423 per share, reflecting a Price-to-Book Value (P/BV) of 13.41. The company’s EPS stands at ₹14.78 pre-IPO and ₹13.74 post-IPO, with a P/E ratio of 28.63 pre-IPO and 30.79 post-IPO, indicating a premium valuation based on expected growth and profitability.

Key Valuation Metrics of Seshaasai IPO

Metric	Pre-IPO	Post-IPO
EPS (₹)	14.78	13.74
P/E (x)	28.63	30.79
Price to Book Value	13.41	–

Peer Comparison of Seshaasai Technologies IPO

While Seshaasai Technologies is a leading payments and identity solutions provider in India, the company’s peers include:

Domestic peers (not listed):

Manipal Payment and Identity Solutions (MPi)
KL-Hitech

Global vendors operating in India:

Idemia
G+D

India: Credit & Debit Cards Manufacturing Competitive Landscape

Analysis:

Seshaasai Technologies holds a strong domestic market position, especially in payment card manufacturing, with 31.9% market share for debit and credit cards in FY25.
The absence of listed Indian peers means valuation comparisons are limited, and the P/E and P/BV indicate a premium based on growth potential, proprietary technology, and BFSI client base.

Risks & Strengths – Seshaasai Technologies IPO

Strengths	Risks
Leading position in India’s payment card manufacturing with 31.9% market share	Exposure to BFSI sector concentration, may impact revenue if banking clients reduce orders
Diversified solutions: Payment, Communication & Fulfilment, and IoT solutions	Regulatory changes in payment and data security norms could impact operations
Proprietary platforms (RUBIC, eTaTrak, IOMS) enabling scalable and recurring solutions	Global competition from Idemia, G+D, and potential domestic competitors
Pan-India advanced manufacturing facilities with certifications from NPCI, PCI, IBA	Technology obsolescence risk due to rapid innovation in payments and IoT
Long-standing relationships with large BFSI customers and government agencies	Dependence on key personnel and management expertise for operations
Focus on R&D with two dedicated labs for customized solutions	Forex and macroeconomic fluctuations could impact costs for imported materials
Healthy financial performance: ROE 34.84%, PAT margin 15.09%	IPO market risks: listing performance may vary based on market sentiment
Diversified customer base including public & private banks, insurance companies, and fintechs	Competition for talent in tech and manufacturing can impact growth and execution

Seshaasai Technologies IPO GMP & Listing Analysis

GMP Date	IPO Price (₹)	GMP (₹)	Sub2 Sauda Rate	Estimated Listing Price (₹)	Estimated Profit (₹)*
19-09-2025	423.00	107 (Up)	2800/39200	530	3745

GMP Analysis:

The GMP of ₹107 indicates strong investor demand in the grey market, showing enthusiasm for the Seshaasai IPO even before listing.
The estimated listing price of ₹530 reflects a potential upside of 25.3% over the issue price, suggesting healthy short-term listing gains for retail investors.
Sub2 Sauda activity shows active secondary market participation, signaling confidence from early investors and high subscription interest.
Overall, the positive movement in GMP indicates that the market expects strong post-listing performance for Seshaasai Technologies IPO.

Conclusion – View on Seshaasai Technologies IPO

Seshaasai Technologies IPO presents a compelling opportunity in the payments and BFSI solutions space, backed by a strong market position, proprietary technology platforms, and diversified operations across payment solutions, communication & fulfilment, and IoT solutions. With consistent PAT growth, robust ROE, and healthy operating margins, the company is well-positioned to benefit from the growing demand for secure payment instruments and digital solutions in India. The positive GMP and strong subscription trends indicate healthy short-term listing potential.

Short-Term Strategy

Investors seeking listing gains may consider applying at the cut-off price, as the GMP suggests 25% potential upside.
Retail investors should evaluate their investment capacity and apply within permissible lot limits.

Long-Term Strategy

Seshaasai’s strong market share, scalable proprietary platforms, and diversified solutions make it a promising long-term investment.
Focus on the company’s expansion into IoT solutions and recurring revenue streams for sustainable growth.

Allotment Strategy

Maximum permissible lots should be applied to optimize allocation under retail category.
Using multiple demat accounts can increase allotment chances for retail investors.

Seshaasai Technologies IPO blends strong fundamentals with promising growth potential – a rare mix for both listing gains and long-term wealth creation.

Seshaasai Technologies IPO – FAQs

1. What is Seshaasai Technologies IPO?
Seshaasai Technologies IPO is a Book Building IPO of ₹813.07 Cr, comprising a fresh issue of ₹480 Cr and an Offer for Sale of ₹333.07 Cr.

2. What is the IPO price band?
The price band is ₹402 – ₹423 per share.

3. What is the lot size and minimum investment?
Each lot consists of 35 shares, and the minimum retail investment is ₹14,805 (based on upper price band).

4. When does the IPO open and close?

Open: September 23, 2025
Close: September 25, 2025

5. When is the tentative allotment and listing date?

Allotment: September 26, 2025
Listing: September 30, 2025 (BSE & NSE)

6. Who are the promoters of Seshaasai Technologies?
Promoters are Pragnyat Pravin Lalwani and Gautam Sampatraj Jain.

7. What are the objectives of the IPO?

Fund capital expenditure for expansion
Repay/prepay borrowings
General corporate purposes

8. How much can I invest as a retail individual investor?

Minimum: 1 lot (₹14,805)
Maximum: 13 lots (₹1,92,465)

9. What is the GMP and listing potential?
As of September 19, 2025, the GMP is ₹107, indicating a potential listing price of ₹530 (~25% upside).

10. Who are the peers of Seshaasai Technologies?
Top Indian peers include Manipal Payment & Identity Solutions (MPi) and KL-Hitech. Global competitors like Idemia and G+D also operate in India.

📌 Disclaimer:
All information and data presented in this blog about Anand Rathi Share & Stock Brokers IPO has been sourced from the company’s Red Herring Prospectus (RHP), stock exchange filings, and publicly available resources. This blog is for educational and informational purposes only and should not be considered as investment advice. Investors are advised to read the RHP carefully and consult their financial advisor before making any investment decisions.