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Seshaasai Technologies Limited IPO Review: Should You Invest?
The Indian BFSI (Banking, Financial Services, and Insurance) sector is rapidly evolving, and technology-driven solutions are playing a critical role in its transformation. Seshaasai Technologies Limited, one of the leading players in secure payment and communication solutions, is coming up with its IPO. Let’s dive deep into the company’s background, financials, strengths, risks, and IPO details.
Company Overview.
Founded in 1993 as Sesai Business Forms Private Limited, the company rebranded to Seshaasai Technologies Limited in 2024 to better reflect its tech-driven business model.
The company operates in three major verticals:
Payment Solutions – Debit cards, credit cards, prepaid cards, transit cards, and cheques.
Communications & Fulfilment Solutions – Secure omni-channel communication across print, SMS, email, PDF, and digital fulfilment for BFSI clients.
IoT & RFID-Based Solutions – RFID-enabled smart card and IoT products for logistics, supply chain, identity management, and secure authentication.
Seshaasai Technologies IPO Details.
IPO Size: ₹813.07 crore
Fresh Issue: ₹480 crore
Offer for Sale (OFS): ₹333.07 crore (78.74 lakh shares by promoters)
IPO Dates: September 23 – 25, 2025
Price Band: ₹402 – ₹423 per share
Lot Size: 35 shares (Minimum Investment: ₹14,070 – ₹14,805)
Allotment Date: September 26, 2025
Listing Date: September 30, 2025
Pre-IPO Placement: Raised ₹120 crore at ₹423 per share in August 2025.
Use of Funds: Expansion of facilities (₹197.91 crore), debt repayment (₹29.99 crore), and general corporate purposes.
Market Opportunity for Seshaasai Technologies.
Indian Payment Card Market:
₹97 crore in 2020 → ₹380 crore in 2024 → projected ₹1,680 crore by 2030 (CAGR 12.3%).Global RFID Market:
₹138 crore in 2024 → projected ₹263.1 crore by 2030 (CAGR 11.9%).
This shows strong growth visibility for Seshaasai Technologies’ core products.
Competitive Strengths.
Leadership in BFSI Tech Solutions
Diversified Product Portfolio (plastic, metal, sustainable, biometric, wearables, RFID-enabled products)
Strong BFSI Client Base (PSU banks, private banks, life and general insurers)
Pan-India Manufacturing (24 units across seven locations with high capacity)
Proprietary Platforms – E-Track, IOMS, IGIoT
Recognized Brand – Best Tech Brand in BFSI by Economic Times (2020–2024)
Financial Performance.
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue (₹ Cr) | 1,146.30 | 1,558.26 | 1,463.15 |
| EBITDA (₹ Cr) | 274.3 | 301.0 | 370.37 |
| EBITDA Margin | 17.98% | 19.30% | 25.13% |
| PAT (₹ Cr) | 118.1 | 192.8 | 223.2 |
| PAT Margin | 10.3% | 12.4% | 15.09% |
| Total Assets (₹ Cr) | 782.54 | 958.40 | 1,160.38 |
| Borrowings (₹ Cr) | 31.99 | 350.23 | 378.68 |
👉 While FY25 saw a revenue dip, Seshaasai Technologies Limited improved profitability with a PAT margin of 15.09%.
Key Risks.
Customer concentration – 97.14% revenue from BFSI clients.
Rising debt – ₹378.68 crore borrowings in FY25.
Data security vulnerabilities.
Heavy reliance on raw material and IT vendors.
Regulatory compliance in BFSI sector.
Valuation & GMP.
PE Ratio: ~28x–30x (within industry range).
RoE: 34.8% (FY25).
Margins: Improving steadily.
GMP: Early trends suggest positive sentiment, but GMP is speculative.
Conclusion.
The Seshaasai Technologies IPO offers strong potential in the digital payments and BFSI technology sector. Its leadership position, diverse portfolio, and improving margins are positives.
However, risks such as heavy client concentration and rising debt should not be ignored.
For investors looking at long-term exposure to BFSI technology and digital payment solutions, the Seshaasai Technologies Limited IPO could be worth considering.
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