Seshasaai Technologies to raise INR 600-crore
Seshasaai Technologies (STL), a leading technology-driven multi-location solutions provider, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch an Initial Public Offering (IPO). The move aims to raise funds for capacity expansion and debt reduction as the company looks to capitalise on its market leadership in the BFSI sector.
14 Nov 2025 | By Treya Sinha
The company operates 24 manufacturing units across seven locations in India and serves over 35,800 bank branches
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.
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