Upcoming IPO: Mumbai-based Seshaasai Technologies Limited gets Sebi nod for public issue

Upcoming IPO: Mumbai-based Seshaasai Technologies Limited has received final approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO) for fundraising.

The company submitted its draft IPO documents to SEBI on December 27, 2024.

The proposed IPO consists of a fresh issue of equity shares worth up to ₹600 crore, along with an offer for sale (OFS) of up to 39,37,008 shares by Pragnyat Pravin Lalwani and up to 39,37,007 shares by Gautam Sampatraj Jain.

In addition, the company may, in consultation with the Book Running Lead Managers (BRLMs), explore a pre-IPO placement of specified securities totaling up to ₹120 crore. If undertaken, the amount raised through this pre-IPO placement will be adjusted against the fresh issue component of the IPO.

Out of the total proceeds from the fresh issue, ₹195.33 crore will be allocated towards capital expenditure for expanding the company’s existing manufacturing facilities, while ₹300 crore will be utilized for the repayment or prepayment, either fully or partially, of certain outstanding loans. The remaining funds will be used for general corporate purposes.

IIFL Capital Services Limited, ICICI Securities Limited, and SBI Capital Markets Limited are acting as the book-running lead managers for the issue, while Link Intime India Private Limited has been appointed as the registrar. The equity shares are planned to be listed on both BSE Limited and the National Stock Exchange of India Limited.

About Seshaasai Technologies

Seshaasai Technologies specializes in providing payment, communication, and fulfillment solutions, primarily serving the banking, financial services, and insurance (BFSI) sector. Its offerings are built around strong data security and regulatory compliance.

Leveraging proprietary platforms, the company delivers these solutions at scale and on a recurring basis, playing a vital role in supporting the operations and service delivery of the BFSI industry in India. Additionally, Seshaasai offers Internet of Things (IoT) solutions to a wide range of clients across various industries.

Seshaasai Technologies' standalone revenue from operations increased at a CAGR of 52.21%, rising from ₹672.56 crore in FY 2022 to ₹1,558.26 crore in FY 2024. During the same period, annual profit surged from ₹37.35 crore to ₹169.28 crore, reflecting a strong CAGR of 112.88%.

For the quarter ended June 30, 2024, the company reported consolidated revenue from operations of ₹360.50 crore and a profit after tax of ₹40.49 crore.