Price band of Rs 402 – Rs 423 per Equity Share bearing face value of Rs 10 each (“Equity Shares”)
Bid/Offer Opening Date – Tuesday, September 23, 2025 and Bid/Offer Closing Date – Thursday, September 25, 2025.
Minimum Bid Lot is 35 Equity Shares and in multiples of 35 Equity Shares thereafter
Mumbai, September 18, 2025 ( TGN ): Seshaasai Technologies Limited (Formerly known as Seshaasai Business Forms Limited) (“Company”) has fixed the price band of ₹ 402/- to ₹423/- per Equity Share of face value ₹ 10/- each for its maiden initial public offer.
The Initial Public Offering (“IPO” or “Issue” or “Offer”) of the Company will open on Tuesday, September 23, 2025, for subscription and close on Thursday, September 25 , 2025.
Investors can bid for a minimum of 35 Equity Shares and in multiples of 35 Equity Shares thereafter.
Equity shares outstanding as on date 147,616,500 Equity Shares of Rs 10 each
The IPO is a combination of fresh issue aggregating up to ₹ 4,800.03 million and an offer for sale of 7,874,015 equity shares for Rs [●] million.
The proceeds from the fresh issue to the extent of Rs 1,979.13 million will be funding the capital expenditure for the expansion of existing manufacturing units and Rs 3,000 million will be utilised for prepayment / repayment of all or a portion of certain outstanding borrowings availed by the company.
The Company is a technology-driven multi-location solutions provider focussed on offering payments solutions, and communications and fulfilment solutions catering primarily to the banking, financial services and insurance (BFSI) industry, with data security, and compliance at the core of its solutions. Solutions, that the Company offers at scale and on a recurring basis are driven by its proprietary platforms, which play a crucial role in enabling the operations and deliverables of the BFSI sector in India. (Source: F&S Report). The Company also offers Internet of Things (IoT) solutions to a diverse set of customers across industries.
The Company’s business verticals comprise Payment Solutions, Communication and Fulfilment Solutions and IoT solutions.
In addition, the Company continues to leverage its expertise in printing technologies, advanced manufacturing equipment, problem solving capabilities and skillsets to identify and deliver customized solutions to customers in the educational and global direct mailing requirements.
The Company also offers an integrated and customized portfolio of services through its pan-India physical network comprising 24 manufacturing units across seven locations in India as of March 31, 2025. Each of the Company’s 24 manufacturing units are self-sustaining with minimum dependency on other units and are equipped with advanced machinery, raw materials and manpower to handle requirements of that location.
The Company is one of the few vendors in India to have approved facilities for manufacturing of plastic cards, metal cards, sustainable cards, biometric cards, wearables, and payment stickers. (Source: F&S Report). Its units have an installed capacity to manufacture over 0.47 million cards and over 1.67 million RFID tags in a single day, as of March 31, 2025.
The Company has a focus on research and development (R&D) to provide new and customized solutions to our customers and operate two dedicated R&D labs in Bengaluru, Karnataka and Faridabad, Haryana.
The Company caters to a diverse set of customers including prominent banks (both private and public sector banks), insurance companies, depositories and fintech companies. In Fiscal 2025, the company provided services to 10 of the 12 public sector undertaking banks, 9 out of 11 small finance banks and 15 of the 21 private banks in India. And in Fiscal 2025, the Company served 9 out of 32 general insurance and 12 out of 24 life insurance companies. (Source: F&S Report)
The Company’s revenue from operations was Rs 14,631.51 million during Fiscal 2025 vis-à-vis Rs 11,462.99 million during Fiscal 2023.
Our Company’s profit after tax was Rs 2,223.20 million during Fiscal 2025 vis-à-vis Rs 1,080.98 million during Fiscal 2023.
ICICI Securities Limited, SBI Capital Markets Limited and IIFL Capital Services Limited (formerly known as IIFL Securities Limited) are the book-running lead managers; and MUFG Intime India Private Limited (formerly Link Intime India Private Limited) is the registrar to the offer.
The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not more than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.
SESHAASAI TECHNOLOGIES LIMITED is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its Equity Shares and has filed a red herring prospectus dated September 16, 2025, with the RoC. The RHP is made available on the website of the SEBI at www.sebi.gov.in as well as on the website of the BRLM i.e., MUFG Intime India Intime Limited at www.in.mpms.mufg.com, the website of the NSE at www.nseindia.com and the website of the BSE at www.bseindia.com and the website of the Company at https://www.mangals.com. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risks, please see the section “Risk Factors” beginning on page 31 of the RHP. Potential investors should not rely on the DRHP for making any investment decision but should only rely on the information included in the RHP filed by the Company with the RoC.
The Equity Shares offered in the Issue have not been, and will not be, registered under the U.S. Securities Act and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. The Equity Shares offered in the issue are being offered and sold only outside the United States in “offshore transactions” as defined in and in reliance on Regulation S under the U.S. Securities Act (“Regulation S”).
Disclaimer Clause of Securities and Exchange Board of India (“SEBI”): SEBI only gives its observations on the offer documents and this does not constitute approval of either the
Issue or the specified securities stated in the Offer Documents. The investors are advised to refer to page 448 of the RHP for the full text of the disclaimer clause of SEBI.
