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By Nitin Negandhi
Seshaasai Technologies Ltd.
Seshaasai Technologies Ltd. (STL) is a technology-driven provider of payment, communications, and IoT solutions in India, operating across three verticals:
– Payment Solutions – manufacturing debit, credit, prepaid, and mass transit cards, along with cheque leaves.
– Communications & Fulfilment Solutions – enabling secure omni-channel communication through physical and digital platforms such as print, interactive PDFs, SMS, and messaging.
– IoT Solutions – offering RFID-enabled products and ecosystem services for industries including supply chain, solar, logistics and garment retail.
STL has benefited from favourable industry trends such as the growing adoption of payment cards in India, expected to rise at a CAGR of 8% between 2024–2030, and the rapid uptake of RFID and IoT solutions globally as well as domestically. With a strong presence in the BFSI sector, the company has built a multi-location footprint and is positioned among the top two players in India’s regulated payment card industry.
Objects of the Issue:
STL plans to raise funds primarily for:
– Repayment of borrowings amounting to Rs.300 crore.
– Funding expansion plans worth Rs.180 crore.
Industry and Market Position:
The company has grown its market share from around 25% in 2022 to over 32% currently. Nearly 50% of revenue is derived from its top five customers, while over 40% comes from public sector institutions. India’s regulated payment card industry is expected to grow at a 15% CAGR, reaching over Rs.6,000 crore by 2029. Notably, STL has no direct pure-play listed peers in India within its niche of payment card manufacturing and communication fulfilment, giving it a unique positioning.
| Name of the Company | Seshaasai Technologies | |
| Issue Open | 25-09-2025 | |
| Issue closes | ||
| Issue Size | ||
| Offer for Sale | Rs. in crore | 333 |
| Fresh Issue | Rs. in crore | 480 |
| Face Value per share | Rs. | 10 |
| Upper issue price band | Rs. | 423 |
Financial Performance: (Rs. in crore)
| Particulars | Mar-25 | Mar-24 | Mar-23 | CAGR (%) |
| Total Income | 1475 | 1570 | 1154 | 13.1% |
| Net Profit | 222 | 169 | 108 | 43.4% |
| EPS | 15 | 12 | 7 | |
| Borrowings | 380 | 350 | 312 |
Conclusion:
Seshaasai Technologies has already raised Rs.120 crore in a pre-IPO funding round from Tata AIG General Insurance Company, VQ FasterCap Fund II, and Valuequest India G.I.F.T Fund at Rs.423 per share, the same as the IPO price. With strong fundamentals, leading market share, and supportive industry dynamics, the IPO is expected to deliver decent listing gains of over 20% as indicated by movements in the grey market premium (GMP).
Disclaimer
The writer is not a SEBI registered analyst. He and his friends and relatives may or may not participate in the IPO. Investors should consult their financial advisor before investing. Grey market premium is just an indicator and should not be relied upon.
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