India-based Seshaasai Technologies, headquartered in Maharashtra, has received SEBI approval to launch an IPO comprising a fresh issue of ₹600 crore and an offer for sale.
Mumbai-based Seshaasai Technologies Limited, a technology-driven company catering to the BFSI (banking, financial services, and insurance) sector, has secured approval from the Securities and Exchange Board of India (SEBI) to go public through an Initial Public Offering (IPO). The public issue includes a fresh equity issuance worth up to ₹600 crore, along with an Offer for Sale (OFS) by its promoters.
Seshaasai Technologies submitted its draft red herring prospectus to SEBI on December 27, 2024. The IPO will feature the sale of up to 39,37,008 equity shares by Pragnyat Pravin Lalwani and 39,37,007 shares by Gautam Sampatraj Jain. Additionally, the company may consider a pre-IPO placement of up to ₹120 crore, the proceeds of which will be adjusted against the fresh issue component.
Out of the total proceeds from the fresh issue, the company will allocate approximately ₹195.33 crore for capital expenditure to expand its manufacturing capacity, ₹300 crore for debt repayment or prepayment, and the rest for general corporate purposes.
Seshaasai Technologies provides advanced payment, communication, and fulfillment solutions primarily for the BFSI sector, with a focus on data security and compliance. The company also offers IoT solutions across other industries, leveraging its proprietary technology platforms.
The company has witnessed rapid financial growth, with revenue from operations climbing from ₹672.56 crore in FY 2022 to ₹1,558.26 crore in FY 2024, a CAGR of 52.21%. Its profit after tax grew from ₹37.35 crore to ₹169.28 crore over the same period, reflecting a CAGR of 112.88%.
For the quarter ended June 30, 2024, Seshaasai reported consolidated revenue of ₹360.50 crore and a net profit of ₹40.49 crore.
IIFL Capital Services Limited, ICICI Securities Limited, and SBI Capital Markets Limited are acting as book-running lead managers, and Link Intime India Private Limited is the registrar to the issue. The equity shares will be listed on BSE Limited and National Stock Exchange of India Limited.
