As per a media report, the proposed IPO is structured as a mix of a fresh issue of equity shares amounting to up to INR 600-crore and an Offer For Sale (OFS) of up to INR 39.37-lakh equity shares. The OFS component will see a partial stake offloading by existing shareholders Pragnyat Pravin Lalwani and Gautam Sampatraj Jain.
Of the funds raised through the fresh issue, STL plans to deploy INR 195.33-crore towards funding capital expenditure for the expansion of its existing manufacturing units. A significant portion, INR 300-crore, is earmarked for the repayment and/or prepayment of outstanding loans, a move expected to generate annual interest savings of approximately INR 29-crore. The remainder will be utilised for general corporate purposes.
As reported by PrintWeek, STL is a key player serving the Banking, Financial Services, and Insurance (BFSI) sector, accounting for 84% of its revenue. Its core business involves the manufacturing and personalisation of payment cards (debit, credit, prepaid), secure data embedding, and end-to-end fulfilment services. The company commands a 31.9% market share in India's card issuance segment (FY25), establishing it as one of the top two players in the country.
The company's business is segmented into: payment solutions (62.5% of FY25 revenue): card manufacturing and data embedding; while communication and fulfilment (29.7% of FY25 revenue): Document printing and logistics management. In addition there is IoT Solutions (7.3% of FY25 revenue). This is the fastest-growing segment, which includes RFID tags, asset tracking, and warehouse management, registering a 25x growth in the last two years.