Mumbai’s Seshaasai Technologies Limited is gearing up for a significant financial milestone as it has secured the green light from the Securities and Exchange Board of India (SEBI) for its upcoming initial public offering (IPO). The company submitted its draft IPO proposal on December 27, 2024, marking an exciting step in its growth journey. The IPO aims to raise funds through a fresh issuance of equity shares valued at ₹600 crore, alongside an offer for sale (OFS) from key stakeholders.
Key Components of the IPO
In this IPO, Pragnyat Pravin Lalwani will offer up to 39,37,008 shares, while Gautam Sampatraj Jain will contribute an equal number of shares for sale. There’s also potential for a pre-IPO placement that could bring in an additional ₹120 crore, which would be deducted from the fresh issue funds.
Allocation of Funds
- ₹195.33 crore earmarked for expanding manufacturing facilities.
- ₹300 crore designated for repaying outstanding loans.
- Remaining funds will be allocated for general corporate needs.
Role of Financial Advisors
IIFL Capital Services, ICICI Securities, and SBI Capital Markets are leading the charge as book-running lead managers for this IPO, while Link Intime India Private Limited has been appointed as the registrar. The shares are expected to be listed on both the BSE and the National Stock Exchange of India.
Company Overview: Seshaasai Technologies
Seshaasai Technologies specializes in delivering innovative payment, communication, and fulfillment solutions tailored for the banking, financial services, and insurance (BFSI) sector. With a strong emphasis on data security and compliance, the company leverages proprietary technology platforms to provide scalable solutions that underpin the operations of the BFSI industry in India. Moreover, Seshaasai is branching out into Internet of Things (IoT) solutions, serving a diverse range of clients.
Impressive Financial Growth
The company’s standalone revenue has seen remarkable growth, with a compound annual growth rate (CAGR) of 52.21%, soaring from ₹672.56 crore in FY 2022 to ₹1,558.26 crore in FY 2024. Correspondingly, profit surged from ₹37.35 crore to ₹169.28 crore, reflecting a robust CAGR of 112.88%. For the quarter ending June 30, 2024, Seshaasai reported consolidated revenues of ₹360.50 crore and a net profit of ₹40.49 crore.
This IPO positions Seshaasai Technologies for future growth, reinforcing its commitment to innovation and service excellence in the BFSI sector. As the market anticipates this public offering, investors and analysts alike will be keen to watch how Seshaasai navigates its next chapter.
