Seshaasai Technologies IPO

About the company

Incorporated in 1993, Seshaasai Technologies is a technology-driven solutions provider specialising in payments solutions, communications and fulfilment solutions for the banking, financial services, and insurance industry. The company also offers advanced Internet of Things (IoT) solutions, including RFID-enabled devices and platforms tailored for clients across industries such as retail, logistics, supply chain, renewable energy, and manufacturing. The company manufactures payment instruments, including debit, credit, prepaid, and mass transit cards, as well as cheque leaves, merchant QR code kits, payment-on-the-go wearables, and biometric cards. Business verticals consist of payment solutions, communication and fulfilment solutions and IoT solutions. In FY25, 62.52% of the revenue came from payment solutions, followed by communication & fulfilment solutions at 29.70%. IoT solutions and other services accounted for the rest of the revenue. The company held the second-largest market share in India for credit and debit card issuance of 31.9% in FY25, improving from 25% in FY23 It produced 118.8 crore cheque leaves in FY25 and is one of the largest suppliers nationally. Its product line includes NFC-enabled merchant QR kits, UPI chip-embedded stickers, and secure communication solutions for insurance policies, utility bills, and regulatory communication, all powered by proprietary platforms. The company operates various tech platforms such as RUBIC, designed to understand customer data, execute business rules, and generate necessary outputs to meet the customers’ needs; eTaTrak, an artificial intelligence (“AI”)-powered deliverables and logistics management system; IOMS, an inventory and order management web-based platform; and izeIOT, its proprietary platform designed to meet the multi-dimensional needs of an IoT ecosystem for varied industries. The company operates a pan-India physical network comprising 24 manufacturing units across seven locations in India as of March 31, 2025. Each of the 24 manufacturing units is self-sustaining with minimum dependency on other units and is equipped with advanced machinery, raw materials and manpower to handle the requirements of that location. It also has nine godowns in the states of Karnataka, Kerala, Telangana and Maharashtra. It is one of the few vendors in India to have approved facilities for the manufacturing of plastic cards, metal cards, sustainable cards, biometric cards, wearables, and payment stickers. The company caters to a diverse set of customers, including prominent banks (both private and public sector banks), insurance companies, depositories and fintech companies. The total market for payment cards in India is expected to grow at a CAGR of 12.3% from FY24 to FY30. The total number of payment cards in circulation in India, encompassing credit cards, debit cards, and PPIs, stood at 140.30 crore units in 2024 and is anticipated to grow to 222.50 crore units by 2030, with an expected CAGR of 8.0% from 2024 to 2030. The payment card manufacturing industry has high entry barriers due to significant capital requirements, stringent regulatory standards, technological expertise, and the dominance of established players. The global RFID market, valued at approximately ₹1,33,850 crore in 2024, is projected to grow at a 11.9% CAGR and reach ₹2,63,110 crore by 2030. The company is well-suited to grow based on its extensive experience of over 3 decades, which has allowed it to gain an in-depth understanding of the market and its extensive manufacturing network. It is planning to continue to consolidate its leadership position in the payment cards industry with the introduction of new offerings and solutions to its existing customers, such as metal cards, sustainable cards and biometric cards. It also intends to further expand on its infrastructure for manufacturing RFID tags, devices and automation hardware, including developing device firmware and middleware applications. Now, Seshaasai Technologies is launching its initial public offering (IPO), which consists of a fresh issue of ₹480 crore and an offer for sale of ₹333.07. The total issue size of the IPO is ₹813.07 crore. Its shares will be listed on the NSE and BSE.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   23 Sept 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   25 Sept 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   26 Sept 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   29 Sept 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   29 Sept 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   30 Sept 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.