Seshaasai Technologies IPO opens today: Check reviews, latest GMP, issue details & more

The initial public offering (IPO) of Seshaasai Technologies shall open for bidding today, that is Tuesday, September 23 and can be subscribed until Thursday, September 25. The company shall be offering its shares in the range of Rs 402-423 apiece. Investors can apply for a minimum of 35 equity shares and its multiples thereafter.

The IPO of Seshaasai Technologies is looking to raise a total of Rs 813.07 crore via IPO which includes a fresh share sale of Rs 480 crore and an offer-for-sale (OFS) of up to 78,74,015 equity shares worth Rs 333.07 crore. The net proceeds from the issue shall be utilized towards repayment of debt, funding capital expenditure requirements and general corporate purposes.

Incorporated in 1993, Mumbai based-Seshaasai Technologies is a technology-driven, multi-location solutions provider, specializing in payment solutions, as well as communications and fulfilment services, primarily catering to the banking, financial services, and insurance (BFSI) industry.

Seshaasai Technologies raised Rs 243.3 crore from anchor investors at its finalised allocation of 57,52,296 shares at Rs 423 apiece. Its anchor book included names like Valuequest India, Tata AIA General Insurance, Nippon Life India, and ICICI Prudential, UTI Mutual Fund, Motilal Oswal AMC, Sundaram Mutual Fund, HSBC MF, DSP MF, Franklin India, and Axis Max Life Insurance and more.

For the year ended on March 31, 2025, Seshaasai Technologies reported a net profit of 222.32 crore with a revenue of Rs 1,473.62 crore. The company clocked a net profit of Rs 169.28 crore with a revenue of Rs 1,569.67 crore for the year 2023-24. At the current valuations, the company is commanding a market capitalization close to Rs 6,845 crore.

Seshaasai Technologies has reserved shares worth Rs 2 crore for its eligible employees who will get a discount of Rs 40 apiece. It has reserved 50 per cent of net offer for QIBs, while retail investors will have 35 per cent of allocation. HNI bidders will have 15 per cent of the allocation. Last heard, it was commanding a grey market premium (GMP) of Rs 88 apiece, signalling 21 per cent gains.

SBI Capital Markets, IIFL Capital Services and ICICI Securities are the book running lead managers of Seshaasai Technologies IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Tuesday, September 30. Here’s what a host of brokerage firms say about the IPO of Seshaasai Technologies:
 

Anand Rathi Share & Stock Brokers
Rating: Subscribe for long-term
Seshaasai Technologies is among the top two payment card manufacturers in India, holding a market share of 31.9 per cent in FY25 for credit and debit card issuance. It has been able to retain existing customers while attracting new one. They provide a scalable, customizable portfolio of Payment and Communication & Fulfilment Solutions serving primarily the BFSI sector and other industries, said Anand Rathi.

“They focus on end-to-end domestic manufacturing of RFID tags, devices, firmware, middleware, and IoT hardware, leveraging their technical expertise to expand production capabilities. They aim to enhance per customer contributions by closely collaborating to provide a broader, tailored portfolio of solutions,” it added with a ‘subscribe for long-term’ rating.
 

Marwadi Financial Services
Rating: Subscribe
“We assign a ‘subscribe’ rating to this IPO as they have an established leadership position in the large and regulated payment solutions industry with high barriers to entry. Also, it is available at a reasonable valuation considering the growth potential”, said Marwadi Financial Services. “There are no listed peers in India or globally whose business model closely mirrors theirs.”
 

BP Wealth
Rating: Subscribe
Seshaasai Technologies is valued at a P/E of 28.1 times based on FY25 earnings. Supported by market leadership in payment solutions, proprietary technology platforms, scalable manufacturing capabilities, and long-standing customer relationships, we believe the company is well-positioned to capitalise on structural industry growth and deliver sustainable growth, said BP Wealth with a ‘subscribe’ rating.
 

SMIFS
Rating: Subscribe
“We recommend subscribing to the issue, as Seshaasai’s leadership in India’s payment solutions industry, expansion into IoT and RFID, planned entry into international markets, and upcoming capex across manufacturing units provide a good long term growth opportunity in digital payments, IoT, and connected technologies,” said SMIFS.
 

Ventura Securities
Rating: Subscribe
Ventura Securities has suggested to ‘subscribe’ to the IPO citing its leadership in the regulated payment and communication solutions industry; customizable and scalable solution portfolios; proprietary technology for bespoke solutions; advanced manufacturing across India; and strong financial performance with experienced leadership.