Seshaasai Technologies IPO opens: GMP up 21%; should you apply or not?

Ahead of the opening, Seshaasai Technologies raised 243.3 crore from anchor investors and alloted 5.75 million equity shares at ₹423 per shares to 17 anchor investors

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Seshaasai Technologies IPO: The initial public offering (IPO) of Seshaasai Technologies, a technology solutions provider, is set to open for public subscription on Tuesday, September 23, 2025. The company seeks to raise ₹813.07 crore from its maiden public issue. The mainline offering comprises a fresh issue of 24.3 million equity shares aggregating to ₹480 crore and an offer for sale (OFS) of 7.9 million equity shares aggregating to ₹333.07 crore. 

 

The company has reserved not more than 50 per cent of the issue for qualified institutional buyers (QIBs), not less than 15 per cent for non-institutional investors (NIIs) and not less than 35 per cent for retail investors.

 

Ahead of the opening, the company raised 243.3 crore from anchor investors on Monday, September 22. The company alloted 5.75 million equity shares at ₹423 per shares to 17 anchor investors, according to an exchange filing on BSE. 

 

Nippon Life India, ICICI Prudential MF, Valuequest India, Tata AIA, General Insurance, UTI Mutual Fund, Motilal Oswal AMC, Sundaram Mutual Fund, HSBC MF, DSP MF, Franklin India, and Axis Max Life Insurance, among others participated in the anchor book.   Check iValue Infosolutions IPO Allotment Status

Should you subscribe to the Seshaasai Technologies IPO:  Anand Rathi Research - Subscribe 

Seshaasai Technologies is amongst the top two payment card manufacturers in India with a market share of 31.9 per cent as of FY25 for credit & debit cards issuance. According to analysts at Anand Rathi Research, the company has been able to retain existing customers while attracting the new one. The company provides a scalable, customisable portfolio of Payment and Communication & Fulfilment Solutions serving primarily the BFSI sector, as well as other industries. 

 

At the upper price band, the company is valued at 30.8x FY25 P/E, implying a post-issue market capitalisation of ₹6,844.1 crore. 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. 

 

The company aims to enhance per-customer contributions by closely collaborating to provide a broader, tailored portfolio of solutions. Additionally, they plans to expand their offerings internationally, targeting the SAARC region, part of Africa, and Eastern Europe. 

 

Considering these factors, Anand Rathi Research said the issue appears fully priced and assigned a 'Subscribe - long term' rating. 

Seshaasai Technologies IPO grey market premium (GMP)

According to sources tracking unofficial markets, Seshaasai Technologies' unlisted shares were trading at around ₹511, commanding a premium of ₹88 or 21 per cent from upper end of the price band of ₹402 to ₹423.

Here are the key details of Seshaasai Technologies:

The three-day subscription window to apply for the Seshaasai Technologies IPO will close on Thursday, September 25. THe basis of allotment of shares is expected to be finalised on Friday, September 26. The successful allottees will receive the company's shares in their demat accounts on Monday, September 29. 

 

Shares of Seshasaai Technologies are scheduled to make their debut on the exchanges, NSE and BSE, tentatively on Tuesday, September 30, 2025. 

 

MUFG Intime India is the registrar of the issue. IIFL Capital Services, ICICI Securities, and SBI Capital Markets are the book-running lead managers of the issue. 

 

According to the red herring prospectus (RHP), the comany plans to utilise the net fresh issue proceeds for expansion of existing manufacturing units and repayment of debt. The remaining funds will be used for general corprorate purposes.