Seshaasai Technologies IPO

About Seshaasai Technologies IPO

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 1,13,47,588 shares (aggregating up to ₹480.00 crore). The offer for sale portion includes 78,74,015 shares of ₹10 (aggregating up to ₹333.07 crore). The total number of shares is 1,92,21,603 shares and the aggregate amount is ₹813.07 crore.

The Seshaaasai Technologies IPO starts on Sep 23, 2025 and closes on Sep 25, 2025. The IPO allotment date is Sep 26, 2025. The tentative listing date is Sep 30, 2025. The credit of shares to the demat account will take place on Sep 29, 2025. The initiation of refunds will take place on Sep 29, 2025.

Seshaasai Technologies Limited offers a comprehensive portfolio of solutions that are customisable and built for scale. Their Payment Solutions, and Communication and Fulfilment Solutions, fulfil the requirements of their customers primarily in the BFSI industry and also customers across other industry segments. By integrating consulting, design and engineering, they have developed platforms that meet their customers’ requirements. Their technology platforms enable them to offer comprehensive services to their customers. They are able to deliver comprehensive solutions that drive digital transformation and operational excellence across a wide range of industries.

Objectives of Seshaasai Technologies IPO

• Funding capital expenditure for the expansion of existing manufacturing units
  
• Repayment and / or prepayment, in part or in full, of outstanding borrowings of the company
  
• General corporate purposes
  

Industry Outlook

In 2020, the total market for payment cards in India, which includes credit cards, debit cards, and prepaid payment instruments (PPI), was valued at ₹907.1 crore. By 2024, this market had expanded to ₹3,080.4 crore, and it is projected to reach ₹6,168.4 crore by 2030, growing at a compound annual growth rate (CAGR) of 12.3% during the FY2024-30 period. This market size highlights the potential for card manufacturers in India.

Among the various segments, credit cards are expected to experience the highest growth, with a projected CAGR of 21.6% in the FY24-30 period. Prepaid payment instruments (PPI) are expected to follow, with a CAGR of 11% in the same period of FY24-30.

Seshaasai Technologies Company Information

Seshaasai Technologies Limited is a technology driven multi-location solutions provider focused on offering payments solutions, and communications and fulfilment solutions catering primarily to the banking, financial services and insurance (“BFSI”) industry, with data security, and compliance at the core of their solutions. Solutions that they offer at scale and on a recurring basis driven by their proprietary platforms, play a crucial role in enabling the operations and deliverables of the BFSI sector in India (Source: F&S Report).

They also offer Internet of Things (“IoT”) solutions to a diverse set of customers across industries. They are one of the top two payment card manufacturers in India with a market share of 31.9% in fiscal 2025 for credit and debit cards issuance in India, improving from 25.0% in fiscal 2023 (Source: F&S Report). They are one of the largest manufacturers of cheque leaves in India (Source: F&S Report).

They cater to a diverse set of customers, including prominent banks (both private and public sector banks), insurance companies, depositories and fintech companies. BFSI customers are selective about the partners they work with and typically seek out vendors who have a well-established reputation for trust and quality and are able to meet their service requirements (Source: F&S Report). In fiscal 2025, they provided services to 10 of the 12 public sector undertaking banks, 9 out of 11 small finance banks and 15 of the 21 private banks in India. In fiscal 2025, they served 9 out of 32 general insurance and 12 out of 24 life insurance companies (Source: F&S Report).

Strengths of Seshaasai Technologies IPO

• Established leadership position in the large and regulated payment solutions industry with high barriers to entry.
  
• Long-standing relationships with a large customer base.
  
• Comprehensive portfolio of customisable and scalable solutions.
  
• Proprietary technology stack enabling bespoke solutions.
  
• Pan-India advanced manufacturing capabilities.
  
• Track record of healthy financial performance.
  
• Experienced promoters and senior management team backed by a committed employee base.
  

Risks of Seshaasai Technologies IPO

• Any decrease in demand for their services in the Banking, Insurance, Fintech, NBFCs, and other verticals.
  
• Failure of their information technology infrastructure or any breach of their information technology systems.
  
• Any slowdown or shutdown in their manufacturing operations or strikes, work stoppages or increased wage demands by their employees.
  
• Reliance on the timely supply of different raw materials for manufacturing, personalising and printing their products.
  
• The emergence of new and advanced technologies could render their existing solutions obsolete or irrelevant.
  
• Any restrictions on imports or fluctuation in global commodity prices.
  
• Reliance on external vendors for various critical aspects of their information technology infrastructure.
  
• Inability to accurately forecast demand for their products, manage their working capital balances, or their inability to collect receivables in a timely manner.
  
• Non-compliance with and adverse changes in health, safety, labour, and environmental laws and other similar regulations applicable to their operations.
  
• Defects, errors, or vulnerabilities in their website, applications, backend systems or other technology systems could impair the delivery of their platform and services, and their reputation.
  

Anchor Investor Bidding Date: Monday, 22 September 2025

*The Company, in consultation with the BRLMs, may consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investors shall Bid on the Anchor Investor Bidding Date, i.e., one Working Day prior to the Bid/Offer Opening Date.

Registrar: MUFG Intime India Private Limited
Book Running Lead Managers:
IIFL Capital Services Limited
ICICI Securities Limited
SBI Capital Markets Limited

Seshaasai Technologies Company Business Model

Seshaasai Technologies’ business is divided into three verticals: Payment Solutions, Communication and Fulfilment Solutions, and IoT Solutions.

Payment Solutions manufactures and personalises payment instruments like debit and credit cards, cheques, QR codes, and innovative products such as NFC-enabled wearables and biometric cards.

Its Communication and Fulfilment Solutions include secure omni-channel communications like policy documents, financial statements, and identity cards for BFSI clients and government agencies, supported by an efficient inventory and order management system.

The IoT Solutions segment offers RFID-enabled tags, inlays, and end-to-end IoT ecosystem services catering to industries such as retail, logistics, and manufacturing. All these solutions are powered by proprietary platforms like RUBIC, which processes customer data securely to deliver personalised outputs that enhance customer experience and operational efficiency.

Seshaasai Technologies Company Growth Trajectory

During fiscal 2025, Seshaasai Technologies Limited further enhanced its IoT infrastructure in Bengaluru, Karnataka and Kundli, Haryana. Furthermore, they added marquee retail brands to their IoT portfolio for their end-to-end source tagging requirements; along with customers in the logistics and renewables industries, and their payment solutions vertical. In terms of their R&D initiatives, they added new metal card variants to their portfolio and received approvals from global payment schemes for global supplies.

(Consolidated Data) The total income decreased by 6.12% from ₹1,569.67 crore in fiscal 2024 to ₹1,473.62 crore in fiscal 2025. This was primarily attributable to a decrease in revenue from operations and other income.

The revenue from operations decreased by 6.10% from ₹1,558.26 crore in fiscal 2024 to ₹1,463.15 crore in fiscal 2025, primarily due to a decrease in domestic sale of products on account of a reduction in the overall number of payment cards manufactured and sold by them. Furthermore, their revenue from Communication and Fulfilment Solutions also reduced primarily on account of a reduction in the number of identity cards sold during fiscal 2025 as compared to fiscal 2024. This was partially offset by an increase in export sale of products from ₹5.42 crore in fiscal 2024 to ₹11.66 crore in fiscal 2025.

The other income decreased by 8.31% from ₹11.42 crore in fiscal 2024 to ₹10.47 crore in fiscal 2025, primarily due to a decrease in net gain on foreign currency translation from ₹4.43 crore in fiscal 2024 to ₹2.34 crore in fiscal 2025 on account of lower foreign exchange variations on foreign currency payments and interest income on account of return of interest-bearing advance. These were partially offset by an increase in government subsidy in fiscal 2025 towards GST payment, electricity bill and interest subvention on account of setting-up of a new manufacturing unit and expansion of a manufacturing facility in Nagpur, Maharashtra.

The profit for the year was ₹222.32 crore in fiscal 2025, compared to ₹169.28 crore in fiscal 2024.

The EBITDA was ₹370.37 crore for fiscal 2025 compared to EBITDA of ₹303.01 crore for fiscal 2024, while EBITDA margin (EBITDA as a percentage of their total income) was 25.13% for fiscal 2025 compared to 19.30% for fiscal 2024.

Company Market Position

Seshaasai Technologies Limited is one of the top two payment card manufacturers in India with a market share of about 31.9% in fiscal 2025 for credit and debit cards issuance in India. Their estimated market share has increased from about 25.0% in fiscal 2023 to about 31.9% in fiscal 2025 for credit and debit cards issuance in India (Source: F&S Report). In fiscal 2025, they provided services to 10 of the 12 public sector undertaking banks, 9 out of 11 small finance banks and 15 of the 21 private banks in India. In fiscal 2025, they served 9 out of 32 general insurance and 12 out of 24 life insurance companies (Source: F&S Report).

They are one of the few vendors in India to have approved units for manufacturing of plastic cards, metal cards, sustainable cards, biometric cards, wearables, and payment stickers (Source: F&S Report). As of 31 March 2025, they operate 24 manufacturing units across seven locations in India.

As on 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹1473.617 crores, ₹222.320 crores, and ₹370.365 crores, respectively.

How to Check Allotment Status of Seshaasai Technologies IPO?

1. Visit the Registrar's Website

To check the IPO allotment status for Seshaasai Technologies IPO, visit the official website of Link Intime India Private Limited, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the 'Submit' button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.

2. Check on the Bombay Stock Exchange Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to www.bseindia.com and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.

On the BSE IPO page, follow these steps:

• Select 'Equity' from the dropdown menu
  
• Choose 'Seshaasai Technologies Limited' in the next dropdown
  
• Enter your application number
  
• Enter your PAN
  
• Click 'Search'
  

Your Seshaasai Technologies IPO allotment status will be displayed.

1. Verify on the National Stock Exchange Website
   The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check Seshaasai Technologies IPO allotment status.

Go to www.nseindia.com and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the NSE IPO Bid Verification page, enter:

• Application number
  
• PAN
  

Then click 'Submit'. Your Seshaasai Technologies IPO bid and allotment details will be displayed.

How to Apply for Seshaasai Technologies Limited IPO?

• Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.