Key Points:
- IPO: Seshaasai Technologies opened for ₹813 cr with low first-day subscription.
- Funds & GMP: For expansion and debt repayment; potential listing ~₹511.
- Financials: FY 2024‑25 revenue ₹1,463 cr, PAT ₹222 cr.
Day 1 subscription status remains modest, issue size set at ₹813.07 crore. Seshaasai Technologies Ltd opened its Initial Public Offering (IPO) for public subscription on Sept. 23, 2025. The three-day bidding window will remain open until Sept. 25. The allotment of shares is expected on Sept. 26, with listing scheduled on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on Sept. 30.
According to data from the National Stock Exchange at 10:26 a.m., the IPO received subscriptions of 0.08 times on the first day. The retail individual investor (RII) portion was subscribed 0.10 times, the non-institutional investor (NII) portion 0.13 times, and the employee portion 0.11 times. No bids were recorded in the qualified institutional buyer (QIB) category as of the same time.
IPO structure and pricing
The IPO aims to raise ₹813.07 crore. This includes a fresh issue of 1.13 crore shares worth ₹480 crore and an offer for sale (OFS) of 0.79 crore shares totaling ₹333.07 crore. The price band has been fixed at ₹402 to ₹423 per share.
The minimum application size is 35 shares, requiring a retail investment of at least ₹14,070. IIFL Capital Services Ltd (formerly IIFL Securities Ltd), ICICI Securities Ltd, and SBI Capital Markets Ltd are the book-running lead managers for the issue. MUFG Intime India Pvt. Ltd, previously Link Intime India Pvt. Ltd, is the registrar.
Use of proceeds
The company said funds raised from the fresh issue will be used for capital expenditure to expand manufacturing units, repayment or prepayment of certain borrowings, and general corporate purposes.
Grey market premium
Market reports indicated a grey market premium (GMP) of ₹88 for Seshaasai Technologies Ltd as of Sept. 23, 9:24 a.m. Based on the upper end of the price band, this suggests a potential listing price of ₹511 per share, reflecting an estimated gain of 20.80 percent.
The GMP, however, is considered unofficial and speculative. Market analysts caution investors to rely on verified information before making investment decisions.
Company profile and financials
Seshaasai Technologies Ltd provides technology-driven solutions to the banking, financial services, and insurance (BFSI) sector. Its operations span three verticals:
- Payment Solutions: credit and debit cards, sustainable and biometric cards, cheque leaves, and metal cards.
- Communication and Fulfilment Solutions: customer documents, statements, policy documents, and secure printing.
- IoT Solutions: RFID tags, QR/NFC-based products, and labels.
For fiscal year 2024-25, the company reported revenue of ₹1,463.2 crore and profit after tax of ₹222.3 crore.
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