Seshaasai Technologies IPO

1.00x

subscribed

Seshaasai Technologies IPO

IT - Networking
open
₹14,070Min. investment
  1. Pre-apply
    19 Sep
  2. Bid start
    23 Sep
  3. Bid end
    25 Sep
  4. Allotment
    26 Sep
  5. Release of funds
    29 Sep
  6. Demat transfer
    29 Sep
  7. Listing
    30 Sep

About Seshaasai Technologies Limited

SectorIT - Networking
Price range₹402 – ₹423
IPO type
Regular
Lot size35 shares
Issue size₹813Cr
Red Herring Prospectus
Read
Market Cap
₹6,844.1CrHigher than sector avg
RevenueApr 2024 - Mar 2025
₹1,463.15CrHigher than sector avg
Growth rate3Y CAGR
12.98%

Seshaasai Technologies Limited IPO Overview

Seshaasai Technologies Limited IPO date

Seshaasai Technologies Limited IPO will open for subscription on September 23, 2025, and the closing date for the IPO is September 25, 2025. After this, investors are expected to be updated about the allotment status on September 26, 2025. Investors who have been allotted shares can expect them to be credited to their demat account on September 29, 2025. The shares will be listed on the NSE and the BSE on Tuesday, September 30, 2025.

Seshaasai Technologies Limited IPO price band

The IPO includes a fresh issue and an offer for sale. The IPO price band has been set between ₹402 to ₹423 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹480 crore and an offer for sale of ₹333.07 crore only.

Seshaasai Technologies Limited's IPO listing price will be determined on September 30, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

Seshaasai Technologies Limited IPO lot size

Seshaasai Technologies Limited IPO details have been declared. The minimum lot size for an application is 35 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹813.07 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹1,463.15Cr
This sector
₹387.32Cr
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PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹222.32Cr
This sector
₹28.43Cr
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Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹6,844.1Cr
This sector
₹664.16Cr
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P/E ratio
Lower ratio usually means stock is undervalued
This IPO
28.09
This sector
12.69
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D/E ratio
Lower ratio usually means fewer liabilities
This IPO
0.37
This sector
0.15
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Objectives

Repayment of loans
47.80%
Capital expenditure
41.23%
General corporate purposes
11.00%

Strength and Weakness

Established player

The company is one of the top 2 payment card manufacturers in India, with a market share of about 31.9% in FY25 for credit and debit card issuance in India. It provided services to 10 of the 12 PSU banks, 9 out of 11 small finance banks and 15 of the 21 private banks in India. It has also been recognised as the Best Tech Brand in the BFSI sector by Economic Times consistently for the past four consecutive years from 2021 to 2024.

Long-standing customer relationships

The company’s relationship with its customers for more than five years contributed 75.54% of the revenue in FY25 and 97.14% of the revenue from its existing customers. The average length of its relationship with 7 of its top 10 customers was over 10 years, as of March 31, 2025.

Diversified portfolio

The company offers a comprehensive portfolio of solutions that are customisable and built for scale. It delivered the inaugural RuPay qSPARC NCMC card for ICICI Bank and was one of the first to introduce different form factors for payments under the RuPay brand, marking the introduction of a whole new category, i.e., RuPay On-the-Go wearables.

Efficient technology

Its technology stack comprises platforms that use advanced technologies such as AI, robotic automation, API frameworks, IoT, and various communication systems and protocols integrated in its products, including RUBIC, eTaTrak, IOMS and izeIOT.

Pan-India advanced manufacturing capabilities

The company is one of the few vendors in India to have approved units for the manufacturing of plastic cards, metal cards, sustainable cards, biometric cards, wearables, and payment stickers. As of March 31, 2025, it operates 24 manufacturing units across 7 locations in India.

About Seshaasai Technologies Limited

Incorporated in 1993, Seshaasai Technologies is a technology-driven solutions provider specialising in payments solutions, communications and fulfilment solutions for the banking, financial services, and insurance industry. The company also offers advanced Internet of Things (IoT) solutions, including RFID-enabled devices and platforms tailored for clients across industries such as retail, logistics, supply chain, renewable energy, and manufacturing.
The company manufactures payment instruments, including debit, credit, prepaid, and mass transit cards, as well as cheque leaves, merchant QR code kits, payment-on-the-go wearables, and biometric cards. Business verticals consist of payment solutions, communication and fulfilment solutions and IoT solutions.
In FY25, 62.52% of the revenue came from payment solutions, followed by communication & fulfilment solutions at 29.70%. IoT solutions and other services accounted for the rest of the revenue. The company held the second-largest market share in India for credit and debit card issuance of 31.9% in FY25, improving from 25% in FY23
It produced 118.8 crore cheque leaves in FY25 and is one of the largest suppliers nationally. Its product line includes NFC-enabled merchant QR kits, UPI chip-embedded stickers, and secure communication solutions for insurance policies, utility bills, and regulatory communication, all powered by proprietary platforms.
The company operates various tech platforms such as RUBIC, designed to understand customer data, execute business rules, and generate necessary outputs to meet the customers’ needs; eTaTrak, an artificial intelligence (“AI”)-powered deliverables and logistics management system; IOMS, an inventory and order management web-based platform; and izeIOT, its proprietary platform designed to meet the multi-dimensional needs of an IoT ecosystem for varied industries.
The company operates a pan-India physical network comprising 24 manufacturing units across seven locations in India as of March 31, 2025. Each of the 24 manufacturing units is self-sustaining with minimum dependency on other units and is equipped with advanced machinery, raw materials and manpower to handle the requirements of that location.
It also has nine godowns in the states of Karnataka, Kerala, Telangana and Maharashtra. It is one of the few vendors in India to have approved facilities for the manufacturing of plastic cards, metal cards, sustainable cards, biometric cards, wearables, and payment stickers. The company caters to a diverse set of customers, including prominent banks (both private and public sector banks), insurance companies, depositories and fintech companies.
The total market for payment cards in India is expected to grow at a CAGR of 12.3% from FY24 to FY30. The total number of payment cards in circulation in India, encompassing credit cards, debit cards, and PPIs, stood at 140.30 crore units in 2024 and is anticipated to grow to 222.50 crore units by 2030, with an expected CAGR of 8.0% from 2024 to 2030. The payment card manufacturing industry has high entry barriers due to significant capital requirements, stringent regulatory standards, technological expertise, and the dominance of established players. The global RFID market, valued at approximately ₹1,33,850 crore in 2024, is projected to grow at a 11.9% CAGR and reach ₹2,63,110 crore by 2030.
The company is well-suited to grow based on its extensive experience of over 3 decades, which has allowed it to gain an in-depth understanding of the market and its extensive manufacturing network. It is planning to continue to consolidate its leadership position in the payment cards industry with the introduction of new offerings and solutions to its existing customers, such as metal cards, sustainable cards and biometric cards. It also intends to further expand on its infrastructure for manufacturing RFID tags, devices and automation hardware, including developing device firmware and middleware applications.
Now, Seshaasai Technologies is launching its initial public offering (IPO), which consists of a fresh issue of ₹480 crore and an offer for sale of ₹333.07. The total issue size of the IPO is ₹813.07 crore. Its shares will be listed on the NSE and BSE.

IPO Analysis

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IPO Subscription Status

Date
QIB
NII
Retail
Total
23-Sep-25
0.01 times (X)
1.85 times (X)
1.17 times (X)
1.0 times (X)

Latest News on IPO

news logo
Mumbai-based Seshaasai Technologies has received SEBI approval for its IPO, aiming to raise ₹600 crore via fresh equity shares and an offer for sale. Funds will expand manufacturing and repay loans. The company, serving the BFSI sector with payment and IoT solutions, reported a 52.21% revenue CAGR from FY22 to FY24. Listing on BSE and NSE is planned.
news logo
Seshaasai Technologies IPO consists of 1.13 crore new equity shares worth ₹480 crore and an offer for sale (OFS) of ₹333.07 crore by promoters Pragnyat Pravin Lalwani and Gautam Sampatraj Jain.

2 min read

news logo
Seshaasai Technologies IPO Day 1: The initial share sale is a combination of a fresh issuance of shares valued at ₹480 crore and an offer for sale (OFS) totalling ₹333.07 crore by promoters Gautam Sampatraj Jain and Pragnyat Pravin Lalwani.

3 min read

Frequently asked questions

How to invest in the IPO?

Investors can apply for the IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Seshaasai Technologies IPO ?

The issue size of the Seshaasai Technologies IPO is 813 Cr.

What is 'pre-apply' for Seshaasai Technologies IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Seshaasai Technologies IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Bidding closes on 25 Sep 2025, 5:00 PM