Seshaasai Technologies, a technology-driven multi-location solutions provider, has filed a draft red herring prospectus with the market regulator SEBI to raise ₹600 crore through an IPO.

The IPO is a mix of fresh issue of shares of up to ₹600 crore and an offer for sale of up to 78,74,015 equity shares each by Pragnyat Pravin Lalwani and Gautam Sampatraj Jain.

The company, in consultation with the BRLMS, may consider a further issue of specified securities aggregating up to ₹120 crore as a pre-IPO placement. If the pre-IPO placement is completed, the amount raised under it will be reduced from the fresh issue.

The proceeds from the fresh issue to the extent of ₹195 crore will be used for funding capital expenditure for the expansion of existing manufacturing units, and ₹300 crore will be used for repayment of the company’s outstanding loans and general corporate purposes.

Catering primarily to the banking, financial services, and insurance sectors, the company places data security and compliance at the heart of its offerings. Leveraging proprietary platforms, Seshaasai delivers scalable, recurring solutions that are integral to the operations and deliverables of India’s BFSI sector, as noted in the F&S Report referenced in its DRHP. Beyond BFSI, the company also offers Internet of Things (IoT) solutions to a diverse clientele across various industries.

Seshaasai is a leading player in India’s payment card manufacturing space. In fiscal 2024, it held a 34 per cent market share in credit and debit card issuance, up from 24 per cent in Fiscal 2022.