Seshaasai Technologies Ltd. IPO: All You Need to Know

The Indian payments cards market, valued at ₹9,071 million in FY20, expanded to ₹30,804 million in FY24. The total number of cards in circulation, including credit cards, debit cards, and PPIs, grew from 1,083 million units in FY20 to 1,403 million units in FY24 and is projected to reach 2,225 million units by FY30, reflecting an expected CAGR of 8.0% from FY24 to FY30. The payments card manufacturing industry remains characterized by high entry barriers, driven by significant capital requirements, stringent regulatory standards, technological expertise, and the dominance of established players. Alongside this, the global RFID market, valued at approximately ₹1,338.5 billion in FY24, is projected to grow at a CAGR of 11.9% to reach ₹2,631.1 billion by FY30.

Detail	Information
IPO Open Date	Sep 23, 2025
IPO Close Date	Sep 25, 2025
Price Band	₹402– ₹423 per share
Lot Size	35 shares
Issue Size	₹8,130  million
Listing At	BSE, NSE
Tentative Listing Date	To be announced

Seshaasai Technologies is a technology-driven, multi-location solutions provider offering payment solutions, communications and fulfilment solutions, and IoT solutions. Its payment solutions include a wide range of enabling instruments such as debit cards, credit cards, prepaid cards, mass transit cards, and cheques. Under communications and fulfilment solutions, the company delivers secured omni-channel communication services including print, interactive portable document formats, email, and text messages. Its IoT solutions comprise a comprehensive range of radio frequency identification-enabled offerings and IoT ecosystem services, enabling the company to serve diverse customer requirements across multiple technology domains.

Seshaasai Technologies delivered healthy financial performance over FY23-FY25. Revenue rose from ₹11,462.99 million in FY23 to ₹14,631.51 million in FY25, reflecting strong growth momentum. EBITDA improved from ₹1,998.87 million in FY23 to ₹3,598.99 million in FY25, with margins expanding from 17.44% to 24.6%, underscoring operational efficiency gains. PAT increased from ₹1,080.98 million in FY23 to ₹2,223.20 million in FY25, with PAT margin rising from 9.43% to 15.19%. Return ratios were robust, with ROE at 34.84% in FY25 and ROCE at 31.87% against 28.65% in FY23, highlighting efficient capital deployment. The company maintained a conservative balance sheet, with debt-to-equity reducing from 0.97 in FY23 to 0.55 in FY25, reflecting financial prudence.

Objects of the Issue:

• Funding capex for the expansion of existing manufacturing units – INR 1979.13 million
• Prepayment and repayment of borrowings – INR 3000 million
• General corporate purposes

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