For investors, it can be quite challenging to decide if the Seshaasai Technologies IPO is a good investment or not. If you are unsure and still thinking about whether to apply or skip this IPO, don’t worry. In this article, we bring you the top important key factors and a detailed review of the Seshaasai Technologies IPO. This will help you analyze the strengths, risks, and financial details of the Seshaasai Technologies, making your investment decision better.
About Company
Founded in 1993, Seshaasai Technologies is a technology-driven, multi-location solutions provider offering payment, communication, and fulfillment solutions mainly for the BFSI industry, with a strong focus on data security and compliance. The company is involved in providing recurring, scalable solutions that support the BFSI sector. Moreover, they also offer IoT solutions to a wide range of customers. They are a leading card maker in India and also a major producer of cheque leaves in the country.
Seshaasai Technologies is involved in providing a wide range of payment instruments like debit cards, credit cards, prepaid cards, mass transit cards, and cheques under Indian and global payment schemes. The company provides customized services through 24 self-run factories in seven locations across India. Certified by major global and Indian payment organizations like NPCI, PCI, and IBA, ensuring top standards in payment card production, data security, cheque printing, IT, cybersecurity, and physical safety.
Strengths
- The company held a prominent position in the sizable, heavily regulated payment solutions sector with high entry barriers.
- Established a long-standing relationship with a large customer base.
- A Wide Range of Scalable and Customizable Solutions
- Among many, they are one of the few companies to run 24 manufacturing units across seven locations in India.
Weaknesses
- As of FY25, the company generated most of its revenue by catering to 702 customers. Losing any of the key customers or getting less business from them can negatively affect the business, cash flow, and financial performance.
- Any failure or violation of the IT systems could negatively impact our business, operations, and financial condition.
- The company runs its business with the dependency on manufacturing units, if a slowdown or shutdown of any of its manufacturing facilities takes place, it can adversely affect the business, cash flow, and financial condition.
- Some of the company’s raw materials and machinery are imported from abroad. Any import restrictions that happen or changes in global prices could negatively affect the overall business.
Seshaasai Technologies IPO Review
| Reviewer | Recommendation |
| IPO Watch | May Apply |
| Lakshmishree Investment & Securities Ltd | Apply |
| Ajcon Global Services Ltd | Apply |
| Anand Rathi | Apply |
| Ashika Research | Not Rated |
| BP Equities (BP Wealth) | Apply |
| Canara Bank Securities Ltd | Apply |
| Capital Market | May Apply |
| Choice Equity Broking Pvt Ltd | Apply |
| Geojit Securities Ltd | Apply |
| GEPL Capital Ltd | Apply |
| ICICI Direct | Not Rated |
| Marwadi Shares and Finance Ltd | Apply |
| Motilal Oswal | Apply |
| Nirmal Bang | Apply |
| SBICAP Securities Limited | Not Rated |
| SMIFS Limited | Apply |
| Stoxbox by BP Equities Pvt Ltd | Apply |
| Ventura Securities Limited | Apply |
Seshaasai Technologies IPO Details
| IPO Open Date: | September 23, 2025 |
| IPO Close Date: | September 25, 2025 |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹402 to ₹423 Per Share |
| Issue Size: | Approx ₹813.07 Crores |
| Fresh Issue: | Approx ₹480 Crores |
| Registrar | MUFG Intime India Pvt. Ltd. |
| IPO Lead Managers | IIFL Capital Services LtdICICI Securities LtdSBI Capital Markets Ltd |
| Basis of Allotment | September 26, 2025 |
| IPO Listing Date: | September 30, 2025 |
| Listing | BSE, NSE |
Financial Performance Trend Details
| Particulars | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
| Revenue from Operations | ₹1,473.62 Cr | ₹1,569.67 Cr | ₹1,153.84 Cr |
| EBITDA | ₹370.37 Cr | ₹303.01 Cr | ₹207.43 Cr |
| EBITDA Margin (%) | 25.13% | 19.30% | 17.98% |
| Net Profit after Tax | ₹222.32 Cr | ₹169.28 Cr | ₹108.10 Cr |
| Net Profit Margin (%) | 15.09% | 10.78% | 9.37% |
| Net Worth | ₹669.67 Cr | ₹465.58 Cr | ₹321.64 Cr |
| Return on Capital Employed | 31.87% | 33.47% | 28.65% |
| Debt-Equity Ratio | 0.37 | 0.52 | 0.84 |
| Days Working Capital | 95 | 62 | 74 |
Peer Comparison with the Company
| Name of the Company | Face Value per Equity Share (₹) | P/E | EPS (Basic) (₹) | RoNW (%) | NAV per Equity Share (₹) | EPS (Diluted) (₹) |
| Seshaasai Technologies Ltd | ₹10 | [●] | ₹15.06 | 33.20% | ₹45.37 | ₹15.06 |
| NIL | NIL | NIL | NIL | NIL | NIL | NIL |
Key Indicators
| KPI | Values |
| ROCE | 31.87% |
| Debt/Equity | 0.37 |
| RoNW | 33.20% |
| PAT Margin | 15.09% |
| EBITDA Margin | 25.13% |
Promoters & Track Records, if any
- Pragnyat Pravin Lalwani, aged 54 years, is a Promoter of the Company, holds 70,117,787 equity shares in the company, representing 46.60% of paid-up Equity shares.
- Gautam Sampatraj Jain, aged 53 years, is a Promoter of the Company, holds 70,117,787 equity shares in the company, representing 46.60% of paid-up Equity Shares.
Expansion
- Some funds will be utilized for the repayment/prepayment of certain borrowings taken by the company.
- The proceeds raised from the fresh issue will be used towards the expansion of existing manufacturing units.
- Lastly, the remaining funds will be utilized for the company’s general corporate purposes.
Seshaasai Technologies IPO – Should You Apply or Not?
A robust BFSI-focused company with scalable platforms, an Established Leadership Position in the Payment Solutions Industry, a diversified customer base, customizable solutions, and solid profitability is the backbone of Seshaasai Technologies.
The company’s profitability and return ratios are still high, ignoring the fact that there was a slight drop in revenue in FY25. As of September 20, the GMP of the Seshaasai Technologies is ₹107, representing a potential listing gain of 20%- 25%.
Long-term investors who are looking for visibility into the BFSI technology solutions industry could think about subscribing. Listing gains based on GMP trends and market sentiment may be beneficial for short-term investors.
Please note:
Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
