Seshaasai Technologies Ltd IPOSTYL

The IPO opens on 23 Sept 2025 & closes on 25 Sept 2025.

Seshaasai Technologies Limited was originally incorporated as 'Seshasai Business Forms Private Limited' as a Private Limited Company, dated September 17, 1993 issued by the Registrar of Companies, Mumbai. Pursuant to the Scheme of Arrangement dated February 8, 2024, Company was converted from a Private Limited Company to a Public Limited Company and the name was changed to 'Seshaasai Business Forms Limited' dated October 14, 2024. The name of the Company was further changed to 'Seshaasai Technologies Limited' and a fresh Certificate of Incorporation consequent upon Change of Name dated November 25, 2024 was issued by the RoC. Seshaasai Technologies is a technology driven multi-location solutions provider 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 solutions. It offer Internet of Things (IoT) solutions to diverse set of customers across industries. The business verticals comprise Payment Solutions, Communication and Fulfilment Solutions and IoT solutions. The Company offer a range of payment enabling instruments on Indian and well recognized global payment schemes such as, debit cards, credit cards, pre-paid cards, mass transit cards and cheques. It also develop merchant QR codes that enable digital payment transition onto the Unified Payment Interface (UPI) at the point of sale. The Company offer secured omni-channel communication solutions that are technology centric, delivery format agnostic such as print, interactive portable document format (PDF) sent via email and text messages. Various solutions include insurance policy documents, financial and portfolio statements, direct mailers, notices, customised communication documents, utility bills, loyalty communication, customised gifting collaterals and marketing campaigns that can be sent as scheduled, triggered or automated reminders with an audit trail to meet the regulatory requirements. The Communication and Fulfilment Solutions service the network of branches and offices of BFSI customers through their units situated at strategic location. IoT Solutions manufacture and supply radio frequency identification (RFID) with services including the customization of firmware and hardware, the design and manufacture of RFID automation hardware, and the deployment of an IoT middleware platform that integrates seamlessly with customer systems. A Scheme of Arrangement was implemented between the Company, Seshaasai E-Forms Private Limited, Qupod Technovations Private Limited and their respective shareholders and creditors before the National Company Law Tribunal, Mumbai in 2024. Under this Scheme of Arrangement, the BPO business undertaking (including data entry, data processing, data verification, payout processing etc.) of Seshaasai E-Forms Private Limited, as an ongoing concern were merged into Qupod Technovations Private Limited and subsequently Seshaasai E-Forms Private Limited amalgamated its core business i.e. secure communications, smart payments including manufacturing of contactless payment cards with the Company. The objective of the Scheme of Arrangement was broadly for segregating and unbundling the BPO business of Seshaasai E-Forms Private Limited into a new company, Qupod Technovations Private Limited and amalgamate its core business with the Company and the Scheme became effective from March 13, 2024 filed with the RoC. As consideration for the aforementioned transfer and vesting of the BPO business undertaking of Seshaasai E-Forms Private Limited into Qupod Technovations Private Limited, 11 fully paid up equity shares of Rs 100 each of Qupod Technovations Private Limited were allotted for every 100 equity shares of Rs 100 each held by the equity shareholders in Seshaasai E-Forms Private Limited. Pursuant to demerger of the BPO business undertaking of Seshaasai E-Forms Private Limited into Qupod Technovations Private Limited, Seshaasai E-Forms Private Limited alongwith its core business amalgamated with the Company as a going concern. As consideration for the aforementioned merger, 147 fully paid up equity shares of Rs 100 each of the Company were allotted for every 1 equity share of Rs 100 each held by the equity shareholders in Seshaasai E-Forms Private Limited. The Company is planning to raise funds from public through IPO by issuing 7,874,015 Equity Shares of face value of Rs 10 each through offer for sale aggregating to Rs 600 Crore through fresh issue.

Seshaasai Technologies Ltd IPO will close on 25 Sept 2025.

<ul><li>Established Leadership Position in the Large and Regulated Payment Solutions, and Communication and Fulfilment Solutions Industry with High Barriers to Entry.</li><li>Comprehensive Portfolio of Customizable and Scalable Solutions.</li><li>Proprietary Technology Stack Enabling Bespoke Solutions.</li><li>Pan-India Advanced Manufacturing Capabilities.</li><li>Track Record of Healthy Financial Performance.</li><li>Experienced Promoters and Senior Management Team backed by Committed Employee Base.</li></ul>

<table class="table"> <thead> <tr> <th>S.No</th> <th>Promoters Name</th> <th>Pre Issue Shares</th> <th>Pre Issue Percentage</th> <th>Post Issue Shares</th> <th>Post Issue Percentage</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>Pragnyat Pravin Lalwani</td> <td>70117787</td> <td>46.6</td> <td>66180779</td> <td>40.9</td> </tr> <tr> <td>2</td> <td>Gautam Sampatraj Jain</td> <td>70117787</td> <td>46.6</td> <td>66180780</td> <td>40.9</td> </tr> <tr> <td>3</td> <td>Gautam Jain HUF</td> <td>20</td> <td>---</td> <td>20</td> <td>---</td> </tr> <tr> <td>4</td> <td>Sunita Gautam Jain</td> <td>30</td> <td>---</td> <td>30</td> <td>---</td> </tr> <tr> <td>5</td> <td>Pranati Ratnadeep Patil</td> <td>20</td> <td>---</td> <td>20</td> <td>---</td> </tr> </tbody> </table>

<ul><li>In Fiscals 2025, 2024 and 2023, we serviced 702, 476 and 355 customers, respectively. We generate a significant portion of our revenues from a limited number of customers, and any loss or reduction of business from these customers could reduce our revenues and adversely affect our business, results of operations, financial condition, and cash flows.</li><li>Its revenues are dependent on a limited number of industry verticals, and any decrease in demand for the company services in these industry verticals could reduce its revenues and adversely affect the company business, results of operations, financial condition, and cash flows.</li><li>Its contracts with customers subject it to extensive compliance requirements. Failures to comply with the terms of these contracts may lead to breach of the termination of the contracts and action against it for breach, which may adversely affect the company business, results of operations and financial condition.</li><li>The company is exposed to the risks of providing solutions and services to the government projects /institutions and public sector enterprises.</li><li>Failures of its information technology infrastructure or any breach of the company information technology systems may adversely affect its business, results of operations and financial condition.</li><li>Its business is dependent and will continue to depends on the company manufacturing units, and the company is subject to certain risks in its manufacturing process. Any slowdown or shutdown in its manufacturing operations or strikes, work stoppages or increased wage demands by its employees that could interfere with the company operations could have an adverse effect on its business, financial condition and results of operations.</li><li>The company relies on the timely supply of different raw materials for manufacturing, personalizing and printing its products. The company business could be adversely affected if its suppliers fails to meet their delivery obligations or raise their prices.</li><li>Its business may be adversely affected by costs relating to errors or product defects, and the company could be faced with product liability and warranty claims.</li><li>Certain forms filed by it with the RoC and certain corporate records and other documents, are not traceable and have discrepacies. While the company has conducted a search with the RoC, in respect of the unavailability of such forms and other records, its cannot assure you that such forms or records will be available at all or any time in the future.</li><li>The emergence of new and advanced technologies could render its existing solutions obsolete or irrelevant which could adversely impact the company results of operations, financial condition and cash flows.</li><li>The company import a portion of its raw materials and certain machinery from international markets. Any restrictions on imports or fluctuation in global commodity prices could adversely affect its business, results of operations, cash flows and financial condition.</li><li>The nature of its industry requires adherence to different standards and certification requirements. Failures to comply with such requirements may lead to revocation of the company registration, which may adversely affect its business, financial condition, results of operations and cash flows.</li><li>The company relies on external vendors for various critical aspects of its information technology infrastructure. Any failures to effectively manage the company reliance on such third-parties may have an adverse effect on its business, financial condition, results of operations, and cash flows.</li><li>Its inability to accurately forecast demand for the company products, manage its working capital balances, or the company inability to collect receivables in a timely manner may have an adverse effect on its business, results of operations, cash flows and financial condition.</li><li>Reliance has been placed on declarations and affidavits furnished by certain of Senior Managerial Personnel for details of their profiles included in this Draft Red Herring Prospectus.</li><li>The company faces competition that may result in a loss of its market share and/or a decline in the company profitability.</li><li>There have been some instances of delayed filing with the Registrar of Companies under the Companies Act in the past which may attract penalties.</li><li>If the company is unable to introduce new solutions in a timely manner, or at all, its business, results of operations and financial condition could be adversely affected.</li><li>The company Statutory Auditors have included certain emphasis of matter in their audit report for its Restated Financial Information. The company cannot assure you that similar emphasis of matter or other qualifications will not be included in its financial statements in the future.</li><li>The company has not yet placed orders in relation to the capital expenditure for the purchase of equipment proposed to be funded from the Net Proceeds. In the event of any delay in placing the orders, or in the event the vendor is not able to provide the equipment in a timely manner, or at all, it may result in time and cost overruns and its business, prospects and results of operations may be adversely affected.</li><li>The company funding requirements and proposed deployment of the Net Proceeds of the Offer have not been appraised by a bank or a financial institution and if there are any delays or cost overruns, its business, cash flows, financial condition and results of operations may be adversely affected.</li><li>Under-utilization of its printing and manufacturing units could have an adverse effect on the company business, results of operations and financial condition.</li><li>The company depends on its senior management and qualified and skilled personnel, and if the company is unable to recruit and retain senior management, qualified and skilled personnel, its business, financial conditions, cash flows and results of operations may be adversely affected.</li><li>Its operations could be adversely affected by strikes or increased wage demands by the company employees or any other kind of disputes with its employees.</li><li>The company is subject to environmental, health and safety laws, regulations and standards. Non- compliance with and adverse changes in health, safety, labour, and environmental laws and other similar regulations applicable to its operations may adversely affect the company business, results of operations and financial condition.</li><li>The company requires certain licenses, permits and approvals in the ordinary course of business, and the failures to obtain or retain them in a timely manner may adversely affect its business, results of operations, cash flows and financial condition.</li><li>Its may be subject to pricing pressure from the company customers, which could have an adverse effect on its business, cash flows, results of operations and financial condition.</li><li>The Company, Promoters, and Directors are involved in certain tax proceedings. Any adverse decision in such proceedings may have an adverse effect on its business, financial condition, cash flows and results of operations.</li><li>The company technology alliance partnerships expose it to a range of business risks and uncertainties that could have a material adverse impact on its business and financial results.</li><li>The company operations are dependent on adequate and uninterrupted external supply of electricity, fuel, and water. Any disruption or shortage in electricity, fuel or water may lead to disruption in operations, higher operating cost and consequent decline in its operating margins.</li><li>Any failures to protect its intellectual property rights could adversely affect its competitive position, business, financial condition and results of operation.</li><li>The company has incurred indebtedness and an inability to comply with repayment and other covenants in its financing agreements could adversely affect the company business, results of operations, cash flows and financial condition.</li><li>The Company is in the process of complying with and implementing the Scheme of Amalgamation. Any delay in complying with the terms of the Scheme may affect its business, results of operations and financial condition.</li><li>Growth achieved by the Company in the past does not guarantee the future performance of the Company. An inability to effectively manage its growth and expansion may have an adverse effect on its business prospects and future financial performance.</li><li>An inability to develop or implement effective internal controls and risk management frameworks could expose it to unidentified risks or unanticipated levels of risk.</li><li>Defects, errors, or vulnerabilities in its website, applications, backend systems or other technology systems could impair the delivery of its platform and services, and the company reputation, business, financial condition, cash flows and results of operations could be adversely affected.</li><li>Its may undertake acquisitions, investments, joint ventures or other strategic alliances, which may have an adverse effect on its ability to manage the company business, and such undertakings may be unsuccessful.</li><li>The company has certain contingent liabilities that have been disclosed in its financial statements, which if materialize, may adversely affect the company results of operations, cash flows and financial condition.</li><li>The company has witnessed negative cash flow from operating activities in the three months ended June 30, 2024. Any negative cash flows in the future would adversely affect its cash flow requirements, which may adversely affect the company ability to operate its business and the company financial condition.</li><li>An inability to maintain adequate insurance cover in connection with its business may adversely affect the company operations and profitability.</li><li>If the company is inadvertently infringe on the intellectual property rights of others, its business and results of operations may be adversely affected.</li><li>Any downgrade in its credit ratings could increase the company finance costs and adversely affect its business, results of operations, financial condition and cash flows.</li><li>Its directors including the company independent directors does not have any experience of being a director in a listed company. This may requires them to divert their attention from its business concerns to understand the detailed operations of a listed company.</li><li>Its Promoters, Directors, key managerial personnel and senior management personnel may have interests other than reimbursement of expenses incurred and normal remuneration or benefits.</li><li>The company has in the past entered into related party transactions and may continue to do so in the future.</li><li>The company offices, including its Registered and Corporate Office, branches and manufacturing units are located on leased or licensed or rented premises. If these leases, leave and license agreements or rental deeds are terminated or not renewed on terms acceptable to the company, it could adversely affect its business, financial condition, results of operations, and cash flows.</li><li>Its Promoters and members of the company Promoter Group will continue to hold a significant equity stake in the Company after the Offer and their interests may differ from those of the other shareholders.</li><li>One of its Group Companies, Srichakra Transtech Private Limited, is involved in ventures which are engaged in the same line of activity or business as that of the Company.</li><li>Certain sections of this Draft Red Herring Prospectus disclose information from the F&S Report which is a paid report and commissioned and paid for by it exclusively in connection with the Issue and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.</li><li>Certain non-GAAP financial measures relating to its operations and financial performance have been included in this Draft Red Herring Prospectus. These non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable.</li><li>Any variation in the utilization of the Net Proceeds as disclosed in this Draft Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.</li><li>We have historically had low profit margins. Should we witness continued periods of low profit margins, our business prospects, results of operations and financial condition may be adversely impacted.</li><li>Our focus on the use of radio frequency identification ("RFID") technology presents several risk factors that could have an adverse impact on our business prospects, results of operations and financial condition.</li><li>Our funding requirements and proposed deployment of the Net Proceeds of the Offer have not been appraised by a bank or a financial institution and if there are any delays or cost overruns, our business, cash flows, financial condition and results of operations may be adversely affected.</li><li>Under-utilization of our printing and manufacturing units could have an adverse effect on our business, results of operations and financial condition.</li><li>There have been certain instances of delays in payment of statutory dues by us in the past. Any delay in payment of statutory dues by us in future, may result in the imposition of penalties and in turn may have an adverse effect on our business, financial condition, results of operation and cash flows.</li><li>We depend on our senior management and qualified and skilled personnel, and if we are unable to recruit and retain senior management, qualified and skilled personnel, our business, financial conditions, cash flows and results of operations may be adversely affected.</li><li>Our operations could be adversely affected by strikes or increased wage demands by our employees or any other kind of disputes with our employees.</li><li>We are subject to environmental, health and safety laws, regulations and standards. Non-compliance with and adverse changes in health, safety, labour, and environmental laws and other similar regulations applicable to our operations may adversely affect our business, results of operations and financial condition.</li><li>We require certain licenses, permits and approvals in the ordinary course of business, and the failure to obtain or retain them in a timely manner may adversely affect our business, results of operations, cash flows and financial condition.</li><li>We may be subject to pricing pressure from our customers, which could have an adverse effect on our business, cash flows, results of operations and financial condition.</li><li>Our Company, Promoters, and Directors are involved in certain tax proceedings. Any adverse decision in such proceedings may have an adverse effect on our business, financial condition, cash flows and results of operations.</li><li>Our technology alliance partnerships expose us to a range of business risks and uncertainties that could have a material adverse impact on our business and financial results.</li><li>Our operations are dependent on adequate and uninterrupted external supply of electricity, fuel, and water. Any disruption or shortage in electricity, fuel or water may lead to disruption in operations, higher operating cost and consequent decline in our operating margins.</li><li>In the event there are material changes to the existing technology or changes to industry standards and practices or if there is emergence of new products in the market that makes our products/ solutions outdated or obsolete, it may result in the proposed capital expenditure for the purchase of equipment proposed to be funded from the Net Proceeds to be un used, which may result in inordinate delays in our planned expansion and our business, prospects and results of operations may be adversely affected.</li><li>We have received three complaints from investors post the filing of the Draft Red Herring Prospectus with SEBI. While there has been no financial impact from these complaints till date, we cannot assure you that we will not receive any further complaints from third-parties and that such complaints will not have any impact on our Company, Promoters, Directors or on the Offer.</li><li>Any failure to protect our intellectual property rights could adversely affect our competitive position, business, financial condition and results of operation.</li><li>We have incurred indebtedness and an inability to comply with repayment and other covenants in our financing agreements could adversely affect our business, results of operations, cash flows and financial condition.</li><li>Growth achieved by our Company in the past does not guarantee the future performance of our Company. An inability to effectively manage our growth and expansion may have an adverse effect on our business prospects and future financial performance.</li><li>An inability to develop or implement effective internal controls and risk management frameworks could expose us to unidentified risks or unanticipated levels of risk.</li><li>Defects, errors, or vulnerabilities in our website, applications, backend systems or other technology systems could impair the delivery of our platform and services, and our reputation, business, financial condition, cash flows and results of operations could be adversely affected.</li><li>We possess confidential data of end-consumer data of our customers. We may be subject to fraud, including cyber fraud, identity theft, and financial crime. Any breach of data of our customers held by us could have an adverse impact on our results of operations, financial condition and cash flows.</li><li>We may undertake acquisitions, investments, joint ventures or other strategic alliances, which may have an adverse effect on our ability to manage our business, and such undertakings may be unsuccessful.</li><li>We have certain contingent liabilities that have been disclosed in our financial statements, which if materialize, may adversely affect our results of operations, cash flows and financial condition.</li><li>We may witness negative cash flows from operating activities in the future which could adversely affect our cash flow requirements and adversely affect our ability to operate our business and our financial condition.</li><li>An inability to maintain adequate insurance cover in connection with our business may adversely affect our operations and profitability.</li><li>If we inadvertently infringe on the intellectual property rights of others, our business and results of operations may be adversely affected.</li><li>Any downgrade in our credit ratings could increase our finance costs and adversely affect our business, results of operations, financial condition and cash flows.</li><li>Our directors including our independent directors do not have any experience of being a director in a listed company. This may require them to divert their attention from our business concerns to understand the detailed operations of a listed company.</li><li>Our Promoters, Directors, key managerial personnel and senior management personnel may have interests other than reimbursement of expenses incurred and normal remuneration or benefits.</li><li>We have in the past entered into related party transactions and may continue to do so in the future.</li><li>We have issued Equity Shares during the preceding 12 months, including by way of the Pre-IPO Placement at prices that may be lower than the Offer Price.</li><li>Our offices, including our Registered and Corporate Office, branches and manufacturing units are located on leased or licensed or rented premises. If these leases, leave and license agreements or rental deeds are terminated or not renewed on terms acceptable to us, it could adversely affect our business, financial condition, results of operations, and cash flows.</li><li>Our Promoters and members of our Promoter Group will continue to hold a significant equity stake in our Company after the Offer and their interests may differ from those of the other shareholders.</li><li>One of our Group Companies, Srichakra Transtech Private Limited, is involved in ventures which are engaged in the same line of activity or business as that of our Company.</li><li>Certain sections of this Red Herring Prospectus disclose information from the F&S Report which is a paid report and commissioned and paid for by us exclusively in connection with the Issue and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.</li><li>Certain non-GAAP financial measures relating to our operations and financial performance have been included in this Red Herring Prospectus. These non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable.</li><li>A portion of the Net Proceeds is proposed to be utilized for repayment or pre-payment, in full or part, all or a portion of certain loans availed by our Company, from ICICI Bank Limited and State Bank of India, affiliates of two of the BRLMs to the Issue.</li><li>Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of our Company.</li></ul>

The Issue type of Seshaasai Technologies Ltd is Book Building.

The minimum application for shares of Seshaasai Technologies Ltd is 35.

The total shares issue of Seshaasai Technologies Ltd is 19221603.

Initial public offering of up to 19,226,541 equity shares of face value of Rs. 10/- each ("Equity Shares") of Seshaasai Technologies Limited ("Company" or "Issuer") for cash at a price of Rs. 423 per equity share (Including a Share Premium of Rs. 413 per Equity Share) ("Offer Price") aggregating up to Rs. 813.07 crores (The "Offer") comprising of a fresh issue of up to 11,347,588 equity shares of face value of Rs. 10/- each aggregating up to Rs. 480.00 crores ("Fresh Issue") and an offer for sale of up to 7,874,015 equity shares of face value of Rs. 10/- each ("Offered Shares") aggregating up to Rs. 333.07 crores comprising up to 3,937,007 equity shares aggregating up to Rs. 166.54 crores by Gautam Sampatraj Jain and up to 3,937,008 equity shares aggregating up to Rs. 166.54 crores by Pragnyat Pravin Lalwani ("Promoter Selling shareholders" and such offer for sale of equity shares by the promoter selling shareholders, the "Offer for Sale"). The offer shall constitute 11.88 % of the post-offer paid up equity share capital of the company.