Seshaasai Technologies
Book Building issueMainboardBSE₹813 Cr issue
+3.07%
Listing gain over issue price
Issue size
₹813 Cr
1 lot at cut-off
₹14,805
Lot size
35shares
Open
23 Sep 2025
Close
25 Sep 2025
Allotment
26 Sep 2025
Listing
30 Sep 2025
Listing performance
Issue price
₹423
Listed at
₹436
Listing-day close
₹411.50
Latest price
₹347.75
Close on 12 Oct 2026
Listing gain
+3.07%
Return since issue
-17.79%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 23 Sep 2025 – 25 Sep 2025
- Listing date
- 30 Sep 2025
- Face value
- ₹1 per share
- Issue price
- ₹423 per share
- Lot size
- 35 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹813 Cr
- Market cap at offer price
- ₹6,844 Cr
- Promoter holding
- 93.21% → 81.80% pre-issue → post-issue
- ISIN
- INE04VU01023
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- IIFL Capital Services Ltd.
- Registered office
- 9, Lalwani Industrial Estate, 14, Katrak Road, Wadala (West), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 57,52,296 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 35 shares per lot, in multiples, at ₹423
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 35 | ₹14,805 |
| Retail (max) | 13 | 455 | ₹1,92,465 |
| S-HNI (min) | 14 | 490 | ₹2,07,270 |
| S-HNI (max) | 67 | 2,345 | ₹9,91,935 |
| B-HNI (min) | 68 | 2,380 | ₹10,06,740 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
57,52,296
Anchor portion
₹243 Cr
at ₹423 per share
Valuation and performance
Valuation at offer price
₹423 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 14.78 | 13.74 |
| P/E (×) | 28.62 | 30.79 |
| Price to book (×) | 13.41 | — |
| Market cap | — | ₹6,844 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 33.20%
- ROCE
- 31.87%
- Debt / equity
- 0.37
- PAT margin
- 15.09%
- EBITDA margin
- 25.13%
- NAV per share
- ₹45.37
- Price to book
- 13.41
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Seshaasai Technologies
Seshaasai Technologies Limited (formerly Seshaasai Business Forms Limited) was originally incorporated as a private limited company on September 17, 1993. The company was converted to a public limited company pursuant to a Scheme of Arrangement approved by the National Company Law Tribunal on February 8, 2024, and was renamed to reflect its principal business. The company operates as a technology-driven multi-location solutions provider, offering payment solutions (including debit cards, credit cards, pre-paid cards, and mass transit cards), communications and fulfillment solutions (secured omni-channel communication solutions including print and digital formats), and IoT solutions (radio frequency identification-enabled offerings and IoT ecosystem services). In Fiscal 2025, the company generated revenues from operations of ₹14,631.51 million, with 97.14% from existing customers across various sectors including banking (65.12%), fintech (11.92%), insurance (6.68%), and others.
Company Analysis
from RHPSeshaasai Technologies Limited is a technology-driven, multi-location solutions provider offering payment solutions, communications and fulfillment solutions, and IoT solutions across banking, financial services, insurance, and other sectors.
Seshaasai Technologies Limited (formerly Seshaasai Business Forms Limited) was originally incorporated as a private limited company on September 17, 1993. The company was converted to a public limited company pursuant to a Scheme of Arrangement approved by the National Company Law Tribunal on February 8, 2024, and was renamed to reflect its principal business. The company operates as a technology-driven multi-location solutions provider, offering payment solutions (including debit cards, credit cards, pre-paid cards, and mass transit cards), communications and fulfillment solutions (secured omni-channel communication solutions including print and digital formats), and IoT solutions (radio frequency identification-enabled offerings and IoT ecosystem services). In Fiscal 2025, the company generated revenues from operations of ₹14,631.51 million, with 97.14% from existing customers across various sectors including banking (65.12%), fintech (11.92%), insurance (6.68%), and others.
Payment solutions/Card manufacturingCommunications and fulfillment solutionsIoT solutionsBanking, Financial Services and Insurance (BFSI)FintechRetailManufacturingPharmaceutical and healthcare
Objects of the Issue
- Funding capital expenditure for the expansion of existing manufacturing units ₹1,979.13 million p.26
- Repayment and/or prepayment, in part or in full, of certain outstanding loans of our Company ₹3,000.00 million p.26
- General corporate purposes p.26
- Funding capital expenditure for expansion of existing manufacturing units p.63
- Repayment and/or prepayment of certain outstanding loans p.62
- Funding capital expenditure for the expansion of existing manufacturing units ₹1,979.13 million p.102
- Repayment and / or prepayment, in part or in full, of certain outstanding borrowings of our Company ₹3,000.00 million p.106
- General corporate purposes [●] p.111
- Funding Capital Expenditure for the Expansion of Existing Manufacturing units – specifically for expanding capacity in the metal cards segment at Navi Mumbai, Maharashtra and Bengaluru, Karnataka, including personalization equipment, lamination and punching equipment (finishing equipment) p.255
- Funding Capital Expenditure for the Expansion of Existing Manufacturing units – specifically for expanding capacity at the existing unit in Kundli in Haryana for RFID enabled devices and tags to meet increased demand in the IoT space p.256
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹10 each aggregating up to ₹ [●] million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹10 each aggregating up to ₹4,800.03 million
- Offer for Sale
- Up to 7,874,015 Equity Shares of face value of ₹10 each aggregating up to ₹ [●] million
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares
- Face Value
- ₹10 each
Business Model
The company earns revenue through the provision of payment solutions (card manufacturing and services including debit cards, credit cards, pre-paid cards, mass transit cards, and cheques), communications and fulfillment solutions (secured omni-channel communication services via print, email, and text), and IoT solutions (RFID-enabled products and IoT ecosystem services). The company operates on a project-based model with customers entering into master agreements followed by specific purchase orders. Revenue is generated from 702 customers as of Fiscal 2025, with significant concentration in government/public sector contracts (41.28% of revenue) and private sector customers, primarily in the BFSI sector.
Business Segments
Offers a range of payment enabling instruments such as debit cards, credit cards, pre-paid cards, mass transit cards, and cheques
Offers secured omni-channel communication solutions such as print, interactive portable document format sent via email and text messages
Encompasses a comprehensive range of radio frequency identification-enabled offerings and IoT ecosystem services
Cheque leaf printing (base stationery), card manufacturing, and metal card manufacturing for payment instruments
Offset printing services across multiple locations
Manufacturing of RFID-based hang tags and labels for asset management and traceability
Manufacturing and supply of credit and debit cards, metal cards, personalization, lamination and punching services. The company is one of the top two payments card manufacturers in India with a market share of 31.9% in Fiscal 2025 for credit and debit cards issuance in India.
Secure communications, smart payments including manufacturing of contactless payment cards, QR kits facilitating UPI payments at the merchant, encrypted QR based cheque instruments as a fraud prevention, smart traceability involving RFID based asset management and traceability, supply chain and logistics management and smart fulfilment involving a portal driven just in time manufacturing and delivery of stationary and allied products.
Manufacturing and supply of RFID-enabled inlays, customized tags and labels using proprietary platform, ensuring they are printed, encoded, and shipped to vendors for source tagging. Produces customized RFID-enabled tags designed to meet specific end-use cases across various industries. Includes end-to-end domestic manufacturing: inlay design and production, tags manufacture, firmware and middleware software and IoT automation hardware.
Design, develop, and securely manufacture payment enabling instruments including debit cards, credit cards, pre-paid cards, mass transit cards, cheques, merchant QR codes, and payment-on-the-go wearables (wristbands, keyfobs, stickers); includes 'Made in India' metal and biometric cards approved by global payment schemes; supplies to Indian and recognized global payment schemes.
Provide secured omni-channel communication solutions (print, interactive PDF, email, SMS) including insurance policy documents, financial and portfolio statements, direct mailers, notices, custom communication documents, utility bills, loyalty communications, and gifting collaterals; also supply citizen identity cards, tax identity cards, health cards, and census forms to government agencies; meet on-demand branch print requirements across 35,800+ bank branches with over 1,780 SKUs.
Manufacture and supply RFID-enabled inlays, tags, and labels for source tagging; design and manufacture customized RFID-enabled tags for specific end-use cases; provide IoT ecosystem services including firmware and hardware customization, design and manufacture of RFID automation hardware, and deployment of IoT middleware platform integrating with customer systems; applications across retail, logistics, supply chain, renewable energy, and manufacturing for article authentication, identification, traceability, inventory management, and pilferage reduction.
Offering payment enabling instruments including cards (debit, credit, pre-paid, mass transit), payment-on-the-go (wearables, key fobs, stickers), merchant QR codes, and negotiable instruments (cheques, demand drafts, deposit receipts, letters of credit, CMS payment cheques) to private and public sector banks, fintech and other issuers.
Offering omni-channel large-scale communication solutions processed through the RUBIC platform generating print and digital output for banks, insurance companies, asset management companies, depositories, and financial institutions. Services include account statements, compliance communications, policy documents, and order management for branch stationery via the IOMS platform.
Providing IoT powered RFID and NFC offerings including passive RFID inlays, tags and labels; RFID readers and automation hardware; and custom software solutions for supply chain visibility, asset tracking, warehouse management, retail automation, laundry services automation, electronic toll collection (FasTags), and renewable energy monitoring across retail, manufacturing, logistics, and BFSI sectors.
Manufacturing and sale of credit cards, debit cards, and prepaid payment instruments
Provision of statement mailers, transactional documents, and communication fulfillment services
Manufacturing and sale of RFID cards and connected IoT devices
Manufacturing debit cards, credit cards, metal cards and QR codes and printing cheque leaves for customers
Providing omni-channel communication services including printing policies and communications for insurance companies, email and print communication for AMCs, statement printing for depositories, and printing and supplying national identity cards
Providing RFID tags and labels to customers in retail, logistics, and other sectors for source tagging requirements
SWOT Analysis
Strengths
- • Diversified customer base with 702 customers across multiple sectors(p.35)
- • Established market presence in payments solutions with strong certifications(p.42)
- • Significant experience and proprietary platforms across multiple technologies(p.45)
- • Strong revenue growth with expanding customer acquisition(p.28)
- • Multi-location manufacturing operations with technological sophistication(p.25)
- • Established leadership in payment card manufacturing with significant market share(p.102)
- • Installed manufacturing capacity enabling high-volume production(p.102)
- • Strong financial performance with consistent profitability(p.117)
- • Diversified revenue across multiple business segments(p.117)
- • Multi-location manufacturing footprint across India(p.102)
- • Government incentives and infrastructure support for manufacturing(p.142)
- • Rapid growth in digital payments ecosystem with government backing(p.176)
- • Large-scale government welfare and identity programs driving card issuance(p.184)
- • Strong domestic payment network leadership via RuPay(p.185)
- • High-volume card manufacturing and personalization capacity(p.185)
- • Top 2 payments card manufacturer with growing market share(p.248)
- • Established leadership in highly regulated industry with high entry barriers(p.248)
- • Comprehensive end-to-end service offering across entire payments lifecycle(p.248)
- • Pan-India manufacturing network with significant installed capacity(p.247)
- • Diverse and long-standing customer relationships with major financial institutions(p.248)
- • Proprietary technology platforms driving competitive advantage(p.244)
- • Certified by global payment schemes and regulatory bodies(p.247)
- • Pioneer in innovative payment form factors and technologies(p.251)
- • Market leadership position in payment cards manufacturing(p.255)
- • Diversified proprietary technology platform ecosystem(p.252)
- • Strong manufacturing scale and infrastructure across India(p.253)
- • Comprehensive quality certifications and regulatory approvals(p.254)
- • Experienced promoters and management team with deep industry expertise(p.254)
- • Strong and consistent financial performance with healthy margins(p.254)
- • Established customer base across major financial institutions(p.258)
- • Diversified customer base across banking, financial institutions, and government agencies(p.419)
- • Long-standing customer relationships with majority from 10+ years(p.419)
- • Strong profitability and improving margins(p.422)
- • Growing EBITDA and operational efficiency(p.422)
- • Improving profitability trend(p.422)
- • Multiple manufacturing and operational locations across India(p.375)
- • Strong revenue growth and market leadership in payment card manufacturing(p.424)
- • Significant EBITDA margin expansion and profitability improvement(p.424)
- • Growing IoT Solutions business with high revenue expansion(p.424)
- • Diversified customer base across multiple sectors(p.428)
- • Strong cash generation from operations(p.430)
Weaknesses
- • Heavy dependence on top customers for majority of revenue(p.36)
- • Reliance on limited number of suppliers for critical raw materials(p.40)
- • Missing corporate records and discrepancies in regulatory filings(p.41)
- • Significant receivables collection challenges with extended payment cycles(p.44)
- • High concentration of revenue from government and public sector customers(p.38)
- • Past instances of statutory compliance delays and defaults(p.45)
- • Inability to independently verify educational qualifications of certain senior management(p.44)
- • Revenue decline in Fiscal 2025 with negative year-over-year growth(p.117)
- • Significant outstanding debt obligations requiring repayment(p.106)
- • High dependence on customer concentration in payment solutions(p.102)
- • Capital expenditure plans not yet implemented with orders not placed(p.105)
- • Heavy dependence on imported secure chip technology(p.184)
- • Nascent domestic chip and operating system ecosystem(p.184)
- • Limited domestic capability in secure IC and OS development(p.186)
- • Technology and IP remain imported(p.187)
- • Low credit card penetration relative to global peers(p.157)
- • Revenue decline in FY2025 with 6.1% YoY decrease(p.247)
- • High customer concentration with top 10 customers representing 65.77% of revenue(p.249)
- • Increased net working capital requirements(p.247)
- • Decline in gross fixed asset turnover efficiency(p.247)
- • Ongoing net debt position despite deleveraging efforts(p.247)
- • High dependence on a limited number of customers in core business(p.259)
- • Significant reliance on single largest chip supplier(p.272)
- • Declining revenue in recent fiscal year(p.254)
- • Declining capacity utilization in card manufacturing segment(p.272)
- • High dependence on a few key customers(p.419)
- • Deteriorating trade receivables collection(p.369)
- • High leverage with significant debt obligations(p.376)
- • Pending contingent tax liabilities(p.392)
- • Disputed tax demands across multiple jurisdictions(p.411)
- • Concentration in property assets with titles in transferor company name(p.411)
- • High dependence on a limited number of customers(p.435)
- • Significant indebtedness levels(p.432)
- • Contingent tax liabilities(p.432)
- • Outstanding dues to micro and small enterprises with overdue payments(p.445)
Opportunities
- • Significant growth in payment cards market with expected 8.0% CAGR through 2030(p.25)
- • Expanding global RFID market with strong growth trajectory(p.25)
- • Expansion into IoT and emerging technology solutions(p.42)
- • Growing customer base indicating market penetration opportunity(p.36)
- • Strategic positioning in high-growth fintech segment(p.37)
- • Rapidly growing Indian metal cards market with strong projected CAGR(p.102)
- • Expansion opportunity in IoT and RFID solutions market(p.104)
- • India's emerging position as global manufacturing hub with favorable demographics(p.141)
- • Growing middle class and rising disposable incomes driving consumer demand(p.138)
- • India's large and growing working-age population adding to labor force(p.139)
- • Massive untapped credit card market with only 5% penetration(p.157)
- • Explosive growth in wearable payment devices(p.166)
- • Rapidly expanding metal cards market in premium segment(p.162)
- • Strong growth in co-branded card partnerships(p.156)
- • Large Jan Dhan account base with debit card issuance gap(p.159)
- • Projected 21.6% CAGR growth in credit card issuance(p.160)
- • Rising smartphone penetration enabling digital payment ecosystem(p.166)
- • Strong market growth in payment cards driven by regulatory mandates and digital transformation(p.248)
- • Significant market size expansion for payment cards(p.248)
- • Growing demand for RFID solutions across retail, logistics, and renewable energy(p.243)
- • Expansion of metro networks and mass transit systems creating demand for NCMC cards(p.233)
- • Cross-selling opportunities with comprehensive product portfolio(p.249)
- • India's semiconductor manufacturing growth supporting SIM/eSIM localization(p.217)
- • Government support for digital payments and financial inclusion initiatives(p.226)
- • Rapid growth in metal cards market segment(p.255)
- • Significant expansion of overall payment cards market(p.255)
- • Growing adoption of RFID technology across sectors(p.256)
- • Government 'Make in India' and Atmanirbhar Bharat initiatives in RFID and semiconductors(p.256)
- • Expansion into international markets with global certifications(p.257)
- • Cross-selling and wallet expansion with existing customer base(p.257)
- • Strategic acquisitions to expand product portfolio and capabilities(p.257)
- • Expanding payment card market in India with strong growth trajectory(p.417)
- • Growing value of payment cards market in India(p.417)
- • Expansion into IoT and connected device solutions(p.384)
- • Strategic acquisition of complementary technology firms(p.404)
- • Government incentives and subsidy programs(p.384)
- • Growing customer base across banking sector(p.419)
- • Expansion in digital payment solutions and emerging technologies(p.427)
- • Growing international market presence(p.425)
- • Enhancement of IoT platform capabilities and sector expansion(p.436)
- • Strategic acquisitions and investments in complementary technologies(p.436)
- • Growth in communication and fulfillment solutions for insurance and government sectors(p.425)
Threats
- • Emergence of new payment methods reducing demand for traditional card products(p.42)
- • Changes in government policies and budget allocations affecting public sector contracts(p.38)
- • Supply chain disruptions from import restrictions and geopolitical tensions(p.43)
- • Intense competition from established and new competitors(p.44)
- • Regulatory compliance requirements and certification standards(p.42)
- • Disruption of manufacturing operations due to strikes or unforeseen circumstances(p.23)
- • Dependence on few raw material suppliers creating supply chain vulnerability(p.40)
- • Fluctuation in foreign exchange rates affecting costs of imported materials(p.43)
- • Rising U.S. trade tariffs on Indian exports affecting competitiveness(p.137)
- • Global economic uncertainties and geopolitical tensions impacting trade(p.129)
- • Risk of equipment procurement delays and cost overruns(p.105)
- • Exchange rate fluctuations affecting import costs for foreign equipment(p.105)
- • Technology disruption and changing industry dynamics in payments and IoT sectors(p.129)
- • Shift to digital non-card payment methods reducing physical card demand(p.163)
- • Economic downturns impacting consumer spending and credit quality(p.163)
- • Rising cybersecurity and data breach risks(p.163)
- • Stringent regulatory compliance requirements increasing operational costs(p.163)
- • Environmental sustainability pressures increasing production costs(p.164)
- • Geopolitical risks affecting supply chains and operations(p.163)
- • RBI regulations tightening consumer credit and card issuance growth(p.159)
- • Privacy and security concerns limiting RFID and IoT adoption(p.214)
- • Cybersecurity risks and encryption vulnerabilities(p.216)
- • Emerging alternative technologies potentially limiting RFID market(p.216)
- • Standardization issues and interoperability challenges in RFID technology(p.214)
- • Complex integration and high implementation costs for customers(p.216)
- • Regulatory compliance requirements and varying data localization standards(p.235)
- • Environmental factors affecting RFID system performance(p.214)
- • Fragmented market with limited players operating at scale(p.235)
- • Intense competition from both local and international players(p.276)
- • Dependence on timely and affordable supply of raw materials(p.272)
- • Volatility in imported raw material costs and supply chain risks(p.272)
- • Regulatory compliance requirements for payment card manufacturing(p.254)
- • Fluctuating foreign exchange rates affecting import costs(p.385)
- • Regulatory changes in payment and security standards(p.419)
- • Competition and market cyclicality in printing and card manufacturing(p.422)
- • Dependence on paper and chip module availability and pricing(p.385)
- • Compliance risks with evolving cyber security and data protection requirements(p.419)
- • Exposure to macroeconomic slowdown affecting customer demand(p.417)
- • Commodity price volatility affecting input costs(p.434)
- • Foreign exchange rate fluctuations impacting operations(p.434)
- • Decline in payment card volumes and demand(p.425)
- • Regulatory risks related to licenses and approvals(p.447)
- • Interest rate risk on variable rate borrowings(p.434)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Pragnyat Pravin Lalwani | Promoter/Promoter Selling Shareholder | 46.60% | — |
| Gautam Sampatraj Jain | Promoter/Promoter Selling Shareholder | 46.60% | — |
| Pragnyat Pravin Lalwani | Promoter | — | — |
| Gautam Sampatraj Jain | Promoter | — | — |
| Pragnyat Pravin Lalwani | Promoter | 46.60% | [●] |
| Gautam Sampatraj Jain | Promoter | 46.60% | [●] |
| Pragnyat Pravin Lalwani | Promoter | — | — |
| Gautam Sampatraj Jain | Promoter | — | — |
| Pragnyat Pravin Lalwani | Promoter | 46.60% | — |
| Gautam Sampatraj Jain | Promoter | 46.60% | — |
| Pragnyat Lalwani | Promoter | 50.00% | 47.50% |
| Gautam Jain | Promoter | 50.00% | 47.50% |
| Pragnyat Pravin Lalwani | Promoter | — | — |
| Gautam Sampatraj Jain | Promoter | — | — |
| Pragnyat Pravin Lalwani | Promoter Selling Shareholder | — | — |
| Gautam Sampatraj Jain | Promoter Selling Shareholder | — | — |
Leadership
Pragnyat Pravin Lalwani · Chairman and Managing Director
Gautam Sampatraj Jain · Whole Time Director and Promoter
Manali Siddharth Shah · Company Secretary and Compliance Officer
Pawan Kumar Pillalamarri · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Seshaasai Technologies IPO FAQs
What is the lot size of Seshaasai Technologies IPO?
The minimum lot size of Seshaasai Technologies IPO is 35 shares. One lot costs ₹14,805 at the cut-off price.
When does Seshaasai Technologies IPO open and close?
Seshaasai Technologies IPO opened for subscription on 23 Sep 2025 and closed on 25 Sep 2025.
What is the listing date of Seshaasai Technologies IPO?
Seshaasai Technologies IPO listed on 30 Sep 2025.