Excelsoft Technologies IPO Day 2: The initial public offering (IPO) of Excelsoft Technologies opened for public subscription on Wednesday, November 19, and will conclude tomorrow, November 21.
The global vertical SaaS company has declared the Excelsoft Technologies IPO price band at ₹114 to ₹120 per equity share. The company aims to raise ₹500 crore, out of which ₹180 crore is aimed through the issuance of fresh shares. The remaining ₹320 crore is reserved for the offer for sale (OFS) route.
MUFG Intime India has been appointed the official registrar of the book build issue. Anand Rathi Advisors has been appointed lead manager of the public issue.
The basis of allotment for the Excelsoft Technologies IPO is expected to be finalised on Friday, November 22. Successful applicants are likely to receive the shares on Monday, November 24, while refunds for those who do not receive an allotment will also be processed on the same day.
Excelsoft Technologies is scheduled to list its shares on both the BSE and the NSE on Wednesday, November 26.
The company intends to use the net proceeds of the issue for the purchase of land and construction of a new building, the upgradation and external electrical systems in Mysore, the upgradation of IT infrastructure, and for general corporate purposes.
Separately, the company announced on November 18 that it had secured ₹150 crore from anchor investors ahead of the IPO launch.
As much as 50 per cent of the net issue is reserved for qualified institutional buyers (QIBs), and 35 per cent of the net issue is reserved for retail investors. The remaining 15 per cent is reserved for non-institutional investors (NIIs).
The IPO lot size is 125 shares. The minimum lot size for a retail investor is one lot. With the issue’s upper price band at ₹120, the minimum amount of investment required by retail investors is ₹15,000. The maximum lot size for retail investors is 13 for ₹1,95,000.
As per the RHP, Excelsoft Technologies is a global vertical SaaS company focused on the learning and assessment market. As of August 31, 2025, it caters to 76 clients spread across 19 countries. The company earned a profit of ₹22.41 crore in FY23, which dropped to ₹12.75 crore in FY24 but bounced back to ₹34.69 crore in FY25. For the period June 30 in this financial year, its profit was ₹6 crore.
Revenue from operations for FY23 was ₹195.1 crore, rising to ₹198.30 crore in FY24 and ₹233.29 crore in FY25. For the period June 30 in this financial year, its revenue from operations was ₹55.72 crore.
Excelsoft Technologies IPO GMP Today
Investor sentiment toward the IPO is positive, as Excelsoft Technologies grey market premium (GMP) stood at ₹15.5 on November 20. This suggested that the stock was likely to debut at ₹135.5, a premium of 12.92 percent to its issue price of ₹120.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Excelsoft Technologies IPO subscription status
Excelsoft Technologies IPO was subscribed 1,56x by end of Day 1. The retail portion was subscribed 2.01x, and NII portion was booked 2.60x, however, Qualified Institutional Buyers (QIBs) portion received just 1 percent bids.
The company has received bids for 4.55 crore shares against 2.91 crore shares on offer.
Excelsoft Technologies: Should you apply?
Lakshmishree Investment – Subscribe
Lakshmishree Investment & Securities has given a “Subscribe” rating, saying the company’s AI-led platforms, long-term global contracts, and strong position in the digital learning market could help create long-term value. It added that the IPO funds would help expand capacity and upgrade technology infrastructure in Mysore, which supports future growth.
SBI Securities – Neutral
Analysts at SBI Securities noted that the company has demonstrated a strong 24.4 per cent CAGR growth in net profit between the FY23–FY25 period with an EBIT margin exceeding 27 per cent for FY25. However, revenue CAGR has been muted, remaining below 10 per cent during the same period.
“When compared to its close competitor, the issue appears to be fairly valued across various valuation metrics. The company has a cash and bank balance of ₹248 crore as of June 2025. The company’s RoIC (excluding cash and bank) stood at 19.5 per cent during FY25,” the brokerage said in its note. At the upper price band of ₹120, the IPO is valued at a FY25 P/E multiple of 39.8x based on post-issue capital. SBI Securities has maintained a ‘Neutral’ view on the issue and would like to monitor the performance of the company post.
Reliance Securities – Subscribe
On the contrary, Reliance Securities has assigned a ‘Subscribe’ rating to the issue, citing its strong financial track record, improving profitability, global client base, and domain specialisation in learning and assessment, giving it a differentiated position.
“The use of IPO proceeds to scale infrastructure, combined with its investment in AI and LLMs, positions it for significant future optionality. But the key to value creation will hinge on execution: scaling its global operations, delivering on AI-based product innovation, and managing capex effectively,” the brokerage said.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
