Seshaasai Technologies Ltd

Seshaasai Technologies Ltd is a focused stack technology company specializing in payment solutions, as well as communication and fulfilment services largely catering to the BFSI space. It also provides Internet of Things (IOT) solutions to customers as part of its product line. The communication and fulfilment services include omni-channel communication solutions for customer interface through its Rubic platform to the BFSI sector. 

The IPO is a combination of fresh issue and OFS and the fresh funds will be used for funding its capex plans and for debt repayment. Seshaasai Technologies Ltd was promoted by Pragnyat Pravin Lalwani and Gautam Sampatraj Jain. The IPO will be lead-managed by IIFL Capital, ICICI Securities, and SBI Capital Markets; while MUFG Intime India Private Ltd will be the IPO registrar. The company is headquartered at Mumbai. 

Highlights of the IPO Issue

Here are the key highlights of the public issue of Seshaasai Technologies Ltd. 

1.  The IPO of will be open from September 23rd, 2025 to September 25th, 2025. It has a face value of ₹10 per share and IPO price band is set in range of ₹402 to ₹423 per share.
2. The IPO of Seshaasai Technologies Ltd will be a combination of a fresh issue of shares and an offer for sale (OFS) by early shareholders.
3. The fresh issue portion comprises the issue of 1,13,47,588 shares (113.48 lakh shares), which at the upper price band of ₹423 per share translates into ₹480 crore.
4. The OFS of the IPO comprises the sale of 78,74,015 shares (78.74 lakh shares), which at the upper price band of ₹423 per share translates into ₹333.07 crore.
5. The overall IPO will comprise of a fresh issue and an OFS of 1,92,21,603 shares (192.22 lakh shares) worth ₹813.07 crore at the upper band price of ₹423 per share. 

The IPO of Seshaasai Technologies Ltd will be listed on the NSE and the BSE on the IPO mainboard. 

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of Seshaasai Technologies Ltd 

Data Source: Company RHP 

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).  

The table below captures the gist of the allocation to various categories. 

Data Source: Security Parameters Filing (NSE) 

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Seshaasai Technologies Ltd for various categories of investors. 

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 35 shares) 

Financial Highlights

The table captures the key financials of Seshaasai Technologies Ltd for last 3 financial years.  

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period) 

The company has shown steady sales growth over 3 years but PAT margins have really improved to above 15%. The ROE has been consistently above 30% in the last 3 years with the ROA inching closer to the 30% mark. 

Valuation Metrics

At the current upper band IPO price of ₹423 per share, the valuation of the company is at a P/E ratio of 28.1X in terms of latest year EPS of ₹15.06. That is slightly on the higher side, considering that this is substantially a hardware company. Also, this is a space, where there is a lot of competition from the largely unorganized sector too. 

The company does bring some advantages to the table. It combines hardware products and software solutions as part of a single package. It has a leadership position in the payment solutions business, while the communication business is more about established relations. The company is financially sound, although the one concern could be that the valuations are slightly on the higher side. Investors may have to look at it for the longer term. 

IPO Subscription Status On Day-3

As of 7.25 pm on 25th September 2025, out of the 137.67 lakh shares on offer in the IPO (excluding anchor portion), Seshaasai Technologies Ltd saw bids for 9,379.91 lakh shares. This implies an overall subscription of 68.13X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the IPO of Seshaasai Technologies Ltd was as under: 

The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-3 of the IPO) 

The IPO was open up to September 25, 2025, and the subscriptions have closed as of the close of trading on September 25, 2025. The above subscription table represents the updated status of the IPO as of the close as published by exchanges at 7.00 PM. These are the final subscription numbers for this IPO. 

About the Seshaasai Technologies Ltd IPO

The IPO of Seshaasai Technologies Ltd opened on September 23rd, 2025 and closed on September 25th, 2025. The overall IPO comprised of a fresh issue and an OFS of 1,95,19,391 shares (195.19 lakh shares) worth ₹825.67 crore at the upper price band of ₹423 per share. The allotment status will be finalized by end of day (EOD) of September 26, 2025. Here is how to check your allotment status for the IPO of Seshaasai Technologies Ltd. You can check IPO status on the BSE website or on the NSE website or on the IPO Registrar website (MUFG Intime India Private Ltd). 

Checking The Allotment Status of IPO on BSE Website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.  

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity Option
2. Under Issue Name – Select Seshaasai Technologies Ltd   from the drop-down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip .OR. 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once this is done, you need to click on the Captcha to verify you are not a robot 
6. Finally click on the Search Button 

You can use either of the parameters to query; Application / CAF number or Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Seshaasai Technologies Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits. 

Checking The Allotment Status of IPO on NSE Website

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.  

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity & SME IPO Details Option 
2. Under SELECT SYMBOL – Select STYL from the dropdown box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip .AND. 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once both are entered, click on the Submit Button 

You must input the Application / CAF number and the Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Seshaasai Technologies Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits. 

Checking Allotment Status of IPO on MUFG Intime India Private Limited

Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below: 

https://in.mpms.mufg.com/Initial_Offer/public-issues.html 

There are 4 options available to you to access the allotment status, and you can use any of these options to query.   

1.  You can use PAN access. Enter the 10-character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.
2. The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
3. You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.
4. You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book. 

Finally, click on the SUBMIT button.  

In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to [email protected] or you can call on (0)-81081-14949 for voice call. 

Next step in the IPO

Post the closure of the IPO subscription on 25th September 2025, the basis of allotment will be finalized on 26th September 2025 and the refunds will be initiated on 29th September 2025. In addition, the demat credits are expected to also happen on 29th September 2025 and the stock will list on 30th September 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 29th September 2025 under ISIN (INE04VU01023).