Seshaasai Technologies IPO closes on September 25; Price Band ₹402–₹423 per Share
₹813 Crore Seshaasai Technologies IPO: BFSI-Focused Solutions Provider Eyes Expansion
Seshaasai Tech IPO to Fund Growth, Debt Repayment; GMP Hints at 18–22% Listing Gains
Bilkul Bazaar
Ahmedabad: Seshaasai Technologies Limited (formerly known as Seshaasai Business Forms Limited) is set to launch its maiden Initial Public Offering (IPO) on Tuesday, September 23, 2025. The issue will close on Thursday, September 25, 2025, with a price band fixed at ₹402–₹423 per equity share of face value ₹10.
The IPO, aggregating up to ₹813.07 crore, comprises a fresh issue worth ₹480 crore and an offer for sale of 7,874,015 equity shares, amounting to ₹333.07 crore. The lot size has been set at 35 equity shares, requiring a minimum investment of ₹14,805 for retail investors. Shares are proposed to be listed on both BSE and NSE with a tentative listing date of September 30, 2025.
Speaking in Ahmedabad, Pragnyat Lalwani, Chairman & Managing Director, said, “Our IPO marks a significant milestone in our journey. With a strong base in payment solutions and IoT-enabled services, we are investing in capacity expansion and strengthening our innovation-led platforms to continue supporting the BFSI ecosystem and beyond.”
Gautam Jain, Whole-Time Director, emphasized the company’s positioning, adding, “We are one of the few vendors in India with approved facilities for plastic, metal, biometric, sustainable cards, wearables, and payment stickers. Our 24 advanced manufacturing units ensure scale, self-sufficiency, and quality assurance for our customers.”
Pavan Kumar, Chief Financial Officer, highlighted the financial strength: “Our revenue grew to ₹14,631.51 million in FY25 from ₹11,462.99 million in FY23, while PAT more than doubled to ₹2,223.20 million in FY25. With PAT margins at 15.09% and ROE of 34.84%, we are entering the capital markets from a position of strength.”
Adding a customer-centric note, Venkat Sandhi, Head – Sales, Payment Solutions, said, “We work closely with leading banks, insurance companies, fintechs, and depositories. In FY25 alone, we served 10 out of 12 PSU banks, 9 out of 11 small finance banks, and 15 of the 21 private banks. This trust drives us to keep innovating and delivering.”
IPO Structure & Use of Proceeds
Fresh Issue: ₹480 crore
Offer for Sale: ₹333.07 crore
Utilisation of Proceeds: ₹197.91 crore for manufacturing expansion, ₹300 crore for prepayment/repayment of borrowings, and the balance for general corporate purposes.
Business & Operations
The company is a technology-driven, multi-location solutions provider serving primarily the BFSI sector with payment, communication, and fulfilment solutions. It also offers IoT-based solutions to a diverse customer base. As of March 31, 2025, it operated 24 manufacturing units across seven locations in India, supported by two R&D labs in Bengaluru and Faridabad.
Seshaasai Technologies is a market leader in India’s payment card manufacturing space with a 31.9% share and has an installed daily capacity of over 0.47 million cards and 1.67 million RFID tags. Its team includes 68 R&D professionals and holds two granted patents.
Financial Performance & Valuation
The company reported a three-year revenue CAGR of ~51% (FY22–FY24). Net profit increased sixfold in the same period, with margins expanding from 5.6% in FY22 to 15.2% in FY25. The debt-to-equity ratio stood at a comfortable 0.37x in FY25. The post-issue P/E ratio works out to 30.79x, slightly below the industry average of ~32x, suggesting fair valuation.
According to market sources, the Grey Market Premium (GMP) is in the range of ₹80–₹100, indicating a potential listing gain of 18–22%.
Risk Factors
The company’s strong dependence on the BFSI sector makes it vulnerable to sector-specific slowdowns, while the growing adoption of UPI and digital wallets could impact long-term demand for physical payment cards. Competition from global players such as Idemia and Giesecke+Devrient also remains a challenge.
Lead Managers & Allocation
ICICI Securities Limited, SBI Capital Markets Limited, and IIFL Capital Services Limited are the book-running lead managers to the issue, and MUFG Intime India Private Limited is the registrar. Allocation of shares will follow the standard book-building process, with not more than 50% reserved for Qualified Institutional Buyers (QIBs), not more than 15% for Non-Institutional Investors (NIIs), and at least 35% for Retail Individual Investors (RIIs).
Investors’ Takeaway
Strong Growth & Margins: Revenue grew at ~51% CAGR (FY22–FY24), while PAT surged sixfold, with margins expanding to 15.2% in FY25. High ROE of 34.84% reflects efficient capital usage.
Sector Leadership: Leading player in payment card manufacturing with 31.9% market share, plus strong R&D focus with IoT and fulfilment solutions.
Diversified Client Base: Trusted by major PSU, private, and small finance banks, along with insurers, fintechs, and depositories.
Reasonable Valuation: Post-issue P/E of 30.79x, slightly below industry average (~32x), signals fair pricing.
Listing Gains Likely: Grey Market Premium (GMP) of ₹80–₹100 indicates possible 18–22% upside on listing.
Risks: High reliance on BFSI sector; long-term threat from UPI/digital wallets reducing card demand; competition from global players.
Verdict: For investors seeking exposure to India’s BFSI solutions and payment infrastructure growth story, the IPO presents a mix of strong fundamentals and reasonable valuation, with potential short-term listing gains. However, long-term investors should weigh digital adoption risks and sector concentration before subscribing.
Disclaimer: This news is for informational purposes only. Please refer to official offer documents and consult a financial advisor before investing.
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