India’s IPO market in 2025 continues to attract investors with high-growth companies tapping the capital markets. Among them, Seshaasai Technologies Limited stands out as a technology-driven company offering solutions in the BFSI (Banking, Financial Services, and Insurance) industry. The IPO opens on September 23, 2025, giving investors an opportunity to participate in the growth of a firm with strong recurring revenue, proprietary technology, and pan-India operations.
About Seshaasai Technologies Ltd.
Incorporated in 1993, Seshaasai Technologies Limited provides payment solutions, communications, and fulfilment services primarily for the BFSI sector. It also delivers IoT solutions across sectors such as retail, manufacturing, and logistics. The company operates 24 self-sustaining units across seven locations in India, with advanced machinery and a skilled workforce ensuring high-quality output.
Business Operations:
- Payment Solutions: Debit, credit, prepaid, transit cards, wearables, merchant QRs, cheques, and secured stationery for banks, fintechs, and other issuers.
- Communication & Fulfilment Solutions: Print and digital solutions via the RUBIC platform for account statements, compliance communication, and customer requests.
- IoT Solutions: RFID and NFC solutions for supply chain management and real-time data tracking.
Technology Platforms:
- RUBIC: Data processing and secure communication platform
- eTaTrak: AI-powered logistics tracking solution
- IOMS: Web-based order and inventory management platform
As of June 30, 2025, the company has 862 permanent employees.
Competitive Strengths:
- Leading position in the regulated payment solutions industry
- Long-standing customer relationships
- Scalable, customizable technology stack
- Pan-India advanced manufacturing capabilities
- Experienced promoters and senior management
- Strong track record of financial performance
Seshaasai Technologies IPO Details
Seshaasai Technologies IPO is a book-building issue of ₹813.07 crore, comprising 1.13 crore fresh shares (₹480 Cr) and 0.79 crore offer-for-sale shares (₹333.07 Cr). The IPO will be listed on BSE and NSE.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 23, 2025 |
| IPO Close Date | Sep 25, 2025 |
| Tentative Allotment | Sep 26, 2025 |
| Initiation of Refunds | Sep 29, 2025 |
| Credit of Shares to Demat | Sep 29, 2025 |
| Tentative Listing Date | Sep 30, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Sep 25, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹402 – ₹423 per share |
| Lot Size | 35 shares |
| Total Issue Size | 1.92 crore shares (₹813.07 Cr) |
| Fresh Issue | 1.13 crore shares (₹480 Cr) |
| Offer for Sale | 0.79 crore shares (₹333.07 Cr) |
| Employee Discount | ₹40 per share |
| Issue Type | Bookbuilding IPO |
| Shareholding Pre-Issue | 15.05 crore shares |
| Shareholding Post-Issue | 16.18 crore shares |
Investor Category Reservation:
- QIB: Not more than 50% of net offer
- Retail: Not less than 35% of net offer
- NII: Not more than 15% of net offer
Lot Size & Investment:
| 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 |
Promoter Holding:
Promoters include Pragnyat Pravin Lalwani and Gautam Sampatraj Jain.
- Pre-IPO: 93.21%
- Post-IPO: NA
Book Running Lead Manager: IIFL Capital Services Ltd.
Registrar: MUFG Intime India Pvt. Ltd.
Seshaasai Technologies Ltd.: Financials
Financial Highlights (₹ Crore):
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 1,160.39 | 958.41 | 782.54 |
| Total Income | 1,473.62 | 1,569.67 | 1,153.84 |
| Profit After Tax | 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 Borrowing | 378.68 | 350.24 | 311.99 |
Key Performance Indicators (FY2025):
| KPI | Value |
| Market Cap | ₹6,844.18 Cr |
| 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 |
| EPS (Pre IPO) (₹) | 14.78 |
| EPS (Post IPO) (₹) | 13.74 |
| P/E (Pre IPO) (x) | 28.63 |
| P/E (Post IPO) (x) | 30.79 |
Objects of the Issue
| Object | Amount (₹ Crore) |
| Funding capital expenditure for the expansion of existing units | 197.91 |
| Repayment/prepayment of certain borrowings | 300.00 |
| General Corporate Purposes | Balance |
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Conclusion
Seshaasai Technologies Ltd. presents a unique investment opportunity in a regulated, technology-driven sector with strong recurring revenues from BFSI and IoT solutions. The company’s established client base, proprietary platforms, and pan-India operations make it an attractive proposition. However, investors should consider risks like dependence on BFSI clients, regulatory changes, and technology adoption challenges.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
