Upcoming IPO: Mumbai-based Seshaasai Technologies Limited Gets SEBI Nod
Seshaasai Technologies Limited, a Mumbai-based multi-location solutions provider that filed its DRHP (Draft Red Herring Prospectus) on December 27, 2024, has received SEBI approval for its forthcoming initial public offering (IPO).
IPO Structure and Details
The IPO will comprise a fresh issue of equity shares worth ₹600 crore and an offer for sale (OFS) of up to 78.74 lakh equity shares by promoters Pragnyat Pravin Lalwani and Gautam Sampatraj Jain.
While the exact dates and price bands for the IPO are yet to be announced, the company may consider a pre-IPO placement of up to ₹120 crore, which would reduce the size of the fresh issue accordingly.
The IPO is being managed by IIFL Capital Services, ICICI Securities, and SBI Capital Markets as book-running lead managers.
Utilisation of Funds
The net proceeds from the Fresh Issue are proposed to be utilised for the following purposes:
- To fund the expansion of existing manufacturing facilities
- To increase production capabilities
- To repay or prepay outstanding borrowings
- To support general corporate purposes.
Financial Performance
For the fiscal year 2024, Seshaasai Technologies reported a revenue from operations of ₹1,558.26 crore, marking a 35.9% increase from ₹1,146.30 crore in FY 2023. During the same period, the Gross Profit also surged to ₹570.35 crores, up by 42.21% from ₹400.91 crores.
Company Profile
Seshaasai Technologies delivers integrated solutions across payments, communication, and fulfilment, primarily to the Banking, Financial Services, and Insurance (BFSI) industry. In addition to its strong foothold in the BFSI domain, the company also offers Internet of Things (IoT) solutions to clients across diverse industries.
As one of the top two payment card manufacturers in India, the company held a 34.5% market share in credit and debit card issuance during Fiscal 2024, up from 23.7% in Fiscal 2022.
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