Mumbai-headquartered Seshaasai Technologies Limited, formerly known as Seshaasai Business Forms Limited, has secured a final approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO).
The issue will comprise a fresh equity issue of up to Rs 600 crore and an offer for sale (OFS) of up to 7.87 million shares by promoters Pragnyat Pravin Lalwani and Gautam Sampatraj Jain, who will each offload 3,937,000 shares.
The equity shares carry a face value of Rs 10. While the offer price, price band, and bid lot are yet to be finalized, these details will be disclosed at least two working days before the opening of the issue. The company has also kept the option open for a pre-IPO placement of up to Rs 120 crore, which, if undertaken, will reduce the size of the fresh issue accordingly.
The shares are proposed to be listed on both the BSE and NSE. The IPO is being managed by IIFL Capital Services, ICICI Securities, and SBI Capital Markets, with Link Intime India acting as the registrar.
According to the DRHP, the company’s promoters acquired their shares at a weighted average cost of Rs 7.72. The proceeds from the fresh issue will be used for expanding manufacturing facilities, increasing production capacity, repaying or prepaying debt, and meeting general corporate requirements. The OFS proceeds will go to the selling shareholders.
In the financial year 2023–24, Seshaasai Technologies reported a revenue of Rs 1,558.26 crore, marking a 35.9% increase from Rs 1,146.30 crore in FY23. Gross profit grew to Rs 570.35 crore, up 42.2% year-on-year from Rs 400.91 crore.
The company offers integrated solutions in payments, communication, and fulfillment, primarily for the banking, financial services, and insurance (BFSI) sector. It also delivers Internet of Things (IoT) solutions across sectors such as government, retail, supply chain and manufacturing, healthcare and pharmaceuticals, and renewable energy.
Seshaasai is among India’s top two payment card manufacturers, with a 34.5% market share in credit and debit card issuance in FY24—up from 23.7% in FY22. Its core software platforms include RUBIC, eTaTrak, IOMS, and izeIoT, which integrate hardware, regulatory compliance, and industry-specific workflows.
These platforms are developed in-house and tailored for the Indian business landscape, with capabilities spanning consulting, design, and systems engineering. It operates from multiple locations in India.
