Seshaasai Technologies Limited is hitting the primary market with its Initial Public Offering (IPO). Investors are keen to evaluate whether this IPO is worth subscribing to. In this detailed IPO Review, we will cover Seshaasai Technologies IPO Date, IPO Price, IPO Size, financial performance, valuation analysis, Grey Market Premium (GMP), reasons to invest, key risk factors, and finally conclude whether you should invest or avoid.
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About the Company
Incorporated in 1993, Seshaasai Technologies Limited is a technology-driven solutions provider specializing in payment solutions, communication & fulfilment services, and IoT offerings. The company primarily serves the banking, financial services, and insurance (BFSI) sector but also caters to manufacturing, logistics, and retail through its IoT platforms.
The company operates 24 self-sustaining manufacturing units across seven locations in India, certified by global payment schemes, NPCI, PCI, and IBA. Its proprietary platforms such as RUBIC, eTaTrak, and IOMS enable secure communication, logistics tracking, and inventory management.
As of June 2025, the company employed 862 permanent employees.
Competitive Strengths
- Leadership in BFSI Payment Solutions with strong barriers to entry.
- Long-standing client relationships with banks, insurers, fintechs, and AMCs.
- Comprehensive and scalable solutions across payments, communications, and IoT.
- Proprietary technology stack driving efficiency and personalization.
- Pan-India advanced manufacturing facilities ensuring compliance and scalability.
- Strong financial performance with consistent profitability growth.
- Experienced promoters and management team.
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Seshaasai Technologies IPO Issue Details
- IPO Date: September 23, 2025 to September 25, 2025
- Listing Date (Tentative): September 30, 2025
- Face Value: ₹10 per share
- IPO Price Band: ₹402 to ₹423 per share
- Lot Size: 35 shares
- Minimum Investment (Retail): ₹14,805 (1 lot)
- Total Issue Size: 1.92 crore shares (₹813.07 Cr)
- Fresh Issue: 1.13 crore shares (₹480 Cr)
- Offer for Sale (OFS): 0.79 crore shares (₹333.07 Cr)
- Employee Discount: ₹40 per share
- Issue Type: Book Building IPO
- Listing At: BSE, NSE
- Book Running Lead Managers: IIFL Capital, ICICI Securities, SBI Capital Markets
- Registrar: MUFG Intime India Pvt. Ltd.
Financials of the Company
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | ₹1,160.39 Cr | ₹958.41 Cr | ₹782.54 Cr |
| Revenue | ₹1,473.62 Cr | ₹1,569.67 Cr | ₹1,153.84 Cr |
| PAT | ₹222.32 Cr | ₹169.28 Cr | ₹108.10 Cr |
| EBITDA | ₹370.37 Cr | ₹303.01 Cr | ₹207.43 Cr |
| Net Worth | ₹669.67 Cr | ₹465.58 Cr | ₹321.64 Cr |
| Borrowings | ₹378.68 Cr | ₹350.24 Cr | ₹311.99 Cr |
Key Ratios (FY25):
- ROE: 34.84%
- ROCE: 31.87%
- Debt/Equity: 0.37
- PAT Margin: 15.09%
- EBITDA Margin: 25.13%
Objects of the IPO
The company intends to utilize the net proceeds towards:
- Expansion of manufacturing units: ₹197.91 Cr
- Repayment of borrowings: ₹300 Cr
- General corporate purposes
Valuation and P/E Ratio Comparison
- EPS (Pre-issue): ₹14.78
- EPS (Post-issue): ₹13.74
- P/E (Pre-issue): 28.63x
- P/E (Post-issue): 30.79x
Peer Comparison:
- Highest P/E among peers: 42x
- Lowest P/E among peers: 22x
- Industry Average P/E: ~32x
At a post-issue P/E of 30.79x, Seshaasai Technologies is fairly valued, slightly below industry average.
Reasons to Invest in Seshaasai Technologies IPO
- Strong position in BFSI-driven payment solutions with high entry barriers.
- Scalable business model with diversified revenue streams.
- Robust profitability with high ROE (34.84%) and healthy margins.
- Proven technology platforms (RUBIC, eTaTrak, IOMS) with long-term potential.
- Use of proceeds towards expansion and debt reduction will strengthen balance sheet.
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Risk Factors in the IPO
- Dependency on BFSI clients exposes the business to cyclical and regulatory risks.
- Revenue dipped in FY25 compared to FY24, showing volatility.
- Highly competitive industry with presence of global technology players.
- Significant borrowings (₹378 Cr) still remain post-IPO.
- Any disruption in compliance (PCI, NPCI, IBA certifications) could impact operations.
- Investors should refer Seshaasai Tech IPO RHP / DHRP for complete risk factors before investing in such IPOs.
Grey Market Premium (GMP)
As per market observers, Seshaasai Technologies IPO GMP is around ₹80-100 per share. This indicates a listing gain potential of 18-22% over the upper price band.
How to Apply for Seshaasai Technologies IPO
- Investors can apply via ASBA (Application Supported by Blocked Amount) through their bank’s net banking platform.
- Alternatively, they can use UPI-based IPO applications via stock broker apps like Zerodha, Upstox, Angel One, etc.
Conclusion – Invest or Avoid?
Seshaasai Technologies IPO comes from a strong BFSI-focused business with scalable platforms, recurring revenue, and healthy profitability. While the company has shown a small revenue decline in FY25, profitability and return ratios remain strong. Valuations appear reasonable compared to peers, and GMP suggests healthy listing gains.
Conclusion: Investors with medium to long-term outlook can consider subscribing to this IPO.
FAQs on Seshaasai Technologies IPO
1. What are the Seshaasai Technologies IPO dates?
The IPO opens on September 23, 2025, and closes on September 25, 2025.
2. What is the Seshaasai Technologies IPO price band?
The price band is fixed at ₹402 – ₹423 per share.
3. What is the Seshaasai Technologies IPO lot size?
The lot size is 35 shares, requiring a minimum investment of ₹14,805.
4. How much is reserved for retail investors in this IPO?
At least 35% of the net offer is reserved for retail investors.
5. What is the Grey Market Premium (GMP) for Seshaasai Technologies IPO?
GMP is currently in the range of ₹80–₹100 per share.
6. Who are the promoters of Seshaasai Technologies?
The promoters are Pragnyat Pravin Lalwani and Gautam Sampatraj Jain.
7. Should I invest in Seshaasai Technologies IPO for listing gains?
Yes, GMP indicates listing gains, but investors should also evaluate fundamentals for long-term investment.
Disclaimer: This IPO analysis is for informational purposes only. It should not be considered as investment advice or a recommendation. Investors should read the Red Herring Prospectus (RHP), consult their financial advisor, and assess their risk appetite before investing.
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