Subscribe for Seshasaai Technologies Ltd IPO; Ajcon Global

Ajcon Global, has come out with its report on Seshasaai Technologies Ltd. The research firm has recommended to “ Subscribe” the ipo in its research report as on September 22, 2025.

Broker Research

September 23, 2025 / 11:44 IST

IPO

Ajcon Global, Seshasaai Technologies Ltd

Seshasaai Technologies Limited (“Seshasaai”) is a technology-driven, multilocation solutions provider offering payments, communications, fulfilment, and IoT solutions, with a strong focus on the banking, financial services, and insurance (BFSI) sector. Data security and compliance lie at the core of its operations, and its proprietary platforms enable delivery at scale on a recurring basis. The company plays a critical role in supporting BFSI operations in India and is also one of the top two payment card manufacturers in the country with a market share of 31.9% in FY25, up from 25.0% in FY23. In addition, Seshasaai is one of the largest cheque leaf manufacturers in India and has diversified into Internet of Things (IoT) solutions catering to multiple industries.

Valuation and Outlook

As digital payments, secure communication, and IoT adoption accelerate in India’s BFSI sector, Seshasaai Technologies has emerged as a leading player, offering scalable, compliant, and technology-driven solutions across payments, communications, fulfilment, and IoT, supported by a pan-India manufacturing and service network. At the upper price band of ₹423, the issue is valued at a P/E multiple of about 30.79× on its FY25 post-IPO EPS of ₹13.74. We give a ‘SUBSCRIBE’ rating to the issue for the following reasons.

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