Seshaasai Technologies lists at 3% premium; here's what analysts suggest

Seshaasai Technologies share price: On the BSE, Seshaasai Technologies shares began trading at ₹436 per share, a premium of ₹13 per share or 3 per cent over the issue price

Seshaasai Technologies IPO listing, Seshaasai Technology share price: Shares of technology-driven BFSI solutions provider Seshaasai Technologies made a positive D-Street debut on Tuesday, September 30, 2025, following the completion of its initial public offering. The company’s shares listed at ₹432 per share on the NSE, reflecting a premium of ₹9 per share or 2.12 per cent over the issue price of ₹423 per share.

 

On the BSE, Seshaasai Technologies shares began trading at ₹436 per share, a premium of ₹13 per share or 3 per cent over the issue price. However, post-listing, the stock fell over 5 per cent from the listing price to touch an intraday low of  ₹408.65.

 

 

Seshaasai Technologies' listing, however, came below the grey market estimates. Ahead of their D-Street debut, the unlisted shares of the company were trading at around ₹643 per share in the unofficial market, reflecting a grey market premium (GMP) of ₹40 per share, or 9.5 per cent over the issue price, according to the sources tracking unofficial market activities. 

 

Should you buy, sell or hold?

Prashanth Tapse, senior vice president for research at Mehta Equities, said the muted listing of Seshaasai Technologies came as a surprise, especially given the strong fundamentals, reasonable valuations, and overwhelming investor interest with the IPO being subscribed nearly 70 times overall and QIBs bidding close to 190 times. 

 

"We believe the tepid listing was driven more by prevailing market sentiment than company-specific factors. Post listing, we maintain a positive long-term view," he said.  Seshaasai Technologies is a leading, technology-driven provider of payments and communication solutions, with a dominant presence in the BFSI sector. The company holds a significant 31.9 per cent market share among payment card manufacturers in India and is well-positioned to benefit from ongoing trends such as increasing financial inclusion, rising payment card penetration, and regulatory-driven digitisation. With its scalable infrastructure and capacity expansion in both payment cards and RFID tags, Seshaasai is poised for sustained growth.

 

Tapse recommends allotted investors to 'Hold' their positions and consider accumulating on dips, especially for those looking to participate in the long-term growth of India’s rapidly evolving fintech and BFSI ecosystem.  According to Abhinav Tiwari, research analyst at Bonanza, the weak debut from the fintech company suggests concerns around valuation and broader market volatility. The grey market premium, which ranged between ₹40-₹50 during the bidding phase, turned negative ahead of the listing. While the company's fundamentals remain solid - with strong exposure to the BFSI sector and consistent profitability - near-term sentiment appears cautious due to its premium valuation.

Seshaasai Technologies IPO details

Seshaasai Technologies IPO comprised a fresh issue of 11.3 million equity shares worth ₹480 crore, and an offer for sale (OFS) of 7.9 million equity shares worth ₹333.07 crore. The public offering was offered at a price band of ₹402-423 per share, with a lot size of 35 shares. The issue was open for public subscription from September 23 to September 25, 2025.

 

The public issue received bids for over 937.9 million shares against 13.76 shares on offer, resulting in an oversubscription of 68.13 times, according to BSE data.

 

Among investor categories, qualified institutional buyers (QIBs) led the charge, oversubscribing their portion by a staggering 189.63 times. Non-institutional investors (NIIs) followed, oversubscribing their allotted quota by 49.9 times. Retail investors oversubscribed their reserved quota by 9.17 times. 

 

The basis of allotment of shares was finalised on Friday, September 26, 2025. The company set the issue price at ₹423 per share.

 

Seshaasai Technologies will not receive any proceeds from the OFS. However, the company proposes to utilise the net fresh issue proceeds the expansion of existing manufacturing units, and repayment or prepayment of debt. The remaining funds will be used for general corporate purposes.