Seshaasai Technologies IPO ends with subscription of 68.13 times

The offer received bids for 93.79 crore shares as against 1.37 crore shares on offer.

The initial public offer of Seshaasai Technologies received bids for 93,79,90,515 shares as against 1,37,67,095 shares on offer. The issue was subscribed 68.13 times.

The Qualified Institutional Buyers (QIB) category was subscribed 189.63 times, the Non-Institutional Investors category was subscribed 49.89 times and the Retail Individual Investors category was subscribed 9.17 times.

The issue opened for bidding on 23 September 2025 and it closed on 25 September 2025. The price band of the IPO was fixed between Rs 402 and 423 per share.

The initial public offer (IPO) consists of fresh issue to raise Rs 480 crore through issuance of 1.20 crore equity shares at the lower band of Rs 402 per share (face value Rs 10 per share) and 1.14 crore equity shares at the upper band of Rs 423 per share.

The IPO also comprises of offer for sales (OFS) of 0.79 crore equity shares to raise Rs 317-333 crore. The promoters, Pragnyat Pravin Lalwani and Gautam Sampatraj Jain, are selling 0.394 crore equity shares each through OFS.

The company proposes to utilize Rs 197.91 crore towards procurement and installation of equipment in existing units at (i) Navi Mumbai, Maharashtra, (ii) Okhla, New Delhi, (iii) Nagpur, Maharashtra, (iv) Kundli, Haryana; and (v) Bengaluru, Karnataka, to upgrade and expand the capacity of manufacturing of products in the Payments Solutions and IOT Solutions verticals.

The company intends to utilize Rs 300 crore for prepayment of certain outstanding borrowings of the company. Of the pre-IPO placement of Rs 120 crore, the company has utilized Rs 70 crore in August 2025 and further it proposes to utilize Rs 230 crore from IPO proceeds for repayment of debts.

Seshaasai Technologies (STL), incorporated in 1993, is a technology driven multi-location solutions provider specializing in payments solutions and communications and fulfilment solutions. The company caters primarily to the banking, financial services and insurance (BFSI) industry, playing a crucial role in enabling their operations and deliverables. STL also offer Internet of Things (IoT) solutions to a diverse set of customers across industries.

STL offers a range of payment-enabling instruments such as debit cards, credit cards, pre-paid cards, mass transit cards and cheques. The company develops merchant QR codes to enable digital payment transition onto the Unified Payment Interface (UPI) at the point of sale. It has recently also incorporated near field communication (NFC) technology on merchant QR codes to enable tap and pay.

Ahead of the IPO, Seshaasai Technologies on Monday, 22 September 2025, raised Rs 243.32 crore from anchor investors. The board allotted 57.52 lakh shares at Rs 423 each to 17 anchor investors.

The firm reported a consolidated net profit of Rs 222.32 crore and income from operations of Rs 1,463.15 crore for the twelve months ended on 31st March 2025.

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