IPO Details
Issue Opening Date: September 23, 2025
Issue Closing Date: September 25, 2025
Issue Size: ₹ 813.07 Cr. (@ upper Price Band of ₹423)
Fresh Issue: ₹ 480 Cr.
OFS: ₹ 333.07 Cr.
Our View: Subscribe for Long Term Horizon
Price Band: ₹402 to ₹423 per Equity Share
Employee Discount: ₹40/Share
Lot Size: 35 Shares & in multiples thereafter
Minimum Application Amount: ₹14,805/- (35 Shares)
Maximum Application Amount: ₹1,92,465/- (455 Shares)
Small HNI: ₹2,07,270/- (490 Shares)
Big HNI: ₹10,06,740/- (2,380 Shares)
Company Overview
Seshaasai Technologies Ltd. is a technology-driven multi-location solutions provider focussed on payment solutions, communications and fulfilment solutions, primarily serving the BFSI industry. They also offer IoT solutions to diverse industries.
The company holds a 31.9% market share in credit and debit cards issuance (FY25), making it one of the top two payment card manufacturers in India. It is also among the largest cheque leaf manufacturers in India. Its clients include 10 of 12 PSU banks, 15 of 21 private banks, and several insurance companies.
It operates 24 manufacturing units across 7 locations in India and is one of the few vendors with approvals for manufacturing plastic, metal, sustainable, biometric cards, wearables, and payment stickers.
Key Highlights
Established leadership position in regulated payment solutions and BFSI services
Comprehensive, customizable and scalable solutions portfolio
Proprietary technology stack enabling bespoke solutions
Pan-India advanced manufacturing capabilities
Consistent financial performance and profitability
Objects of the Issue
Funding capital expenditure for expansion of existing units (₹197.91 Cr.)
Repayment/prepayment of borrowings (₹300 Cr.)
General corporate purposes
Offer for Sale of up to 7,874,015 equity shares (proceeds to selling shareholders)
Our View
Incorporated in 1993, Seshaasai Technologies Ltd. is a proven leader in payment solutions with expanding opportunities in IoT and RFID. The Indian payment cards market is expected to grow at a CAGR of 12.3% until FY30, supporting its long-term growth.
Financially, Revenue/EBITDA/PAT CAGR stood at 13%/34%/43% (FY23–FY25). The company delivered EBITDA and PAT margins of 25% and 15% in FY25, with strong return ratios (ROE 34.8%, ROCE 31.9%) and prudent leverage (D/E 0.37x).
At upper band ₹423, valuation stands at P/E of 28x and P/BV of 9.32. With no listed peers, scalability, and strong fundamentals, we recommend Subscribe for Long Term Horizon.
Brief Financials
| PARTICULARS |
₹ in Million |
| FY ’25 |
FY ‘24 |
FY ‘23 |
| Total Income |
14,736.17 |
15,696.71 |
11,538.39 |
| Total Expenditure |
11,787.06 |
13,366.74 |
10,107.02 |
| EBITDA |
3,703.65 |
3,030.10 |
2,074.27 |
| Profit before Tax |
2,949.11 |
2,329.97 |
1,431.37 |
| Profit after Tax |
2,223.20 |
1,692.78 |
1,080.98 |
| E.P.S. (Diluted) |
15.06 |
11.47 |
7.32 |
| P/E (x) (Diluted) |
28 |
- |
- |
| RONW (%) |
33.20 |
19.30 |
17.98 |
PRICE CHART (@ ₹ 423) (Retail Category)
| LOT SIZE |
| Amount |
| 35 |
14,805 |
| 70 |
29,610 |
| 105 |
44,415 |
| 140 |
59,220 |
| 175 |
74,025 |
| 210 |
88,830 |
| 245 |
103,635 |
| 280 |
118,440 |
| 315 |
133,245 |
| 350 |
148,050 |
| 385 |
162,855 |
| 420 |
177,660 |
| 455 |
192,465 |
HNI Payment Chart
| Category |
| No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
490 |
207,270 |
| Big HNI |
2,380 |
1,006,740 |
Indicative Time Table
| Tentative Events |
| Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
26/9/2025 |
| Initiation of refunds/unblocking ASBA Fund |
29/9/2025 |
| Credit of Equity Shares to demat accounts of Allottees |
29/9/2025 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
30/9/2025 |
Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
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