IPO GMP: The IPO market for November 2025 has proven to be highly active, with more than ₹76,000 crore in offerings planned and a diverse range of companies entering the market, including those in fintech, consumer technology, clean energy, and financial services, as indicated by reports.
The initial public offerings of Excelsoft Technologies and Sudeep Pharma are currently available to investors in the primary market. The Excelsoft Technologies IPO has been completely subscribed, while the Sudeep Pharma IPO is halfway through its subscription. Here’s what expert says.
Kalp Jain, Research Analyst, INVasset PMS, said that Sudeep Pharma IPO offers exposure to the specialty ingredients and excipients space, backed by a broad international presence across more than 100 export markets. Its operating profile benefits from stable demand drivers in pharmaceuticals and nutrition. However, the business carries noticeable working-capital intensity, and a meaningful portion of revenue comes from a concentrated client set, which adds an element of earnings sensitivity. The issue size is significantly larger due to a sizeable offer-for-sale component, making valuation discipline important.
Talking about Excelsoft Technologies, Jain explained that the firm represents a very different proposition. Its business is built around education-focused SaaS products, digital learning platforms and assessment solutions catered to global clients. The company operates with low leverage, improving profitability and a scalable operating model. The risk profile here stems from modest margins typical of vertical SaaS businesses and dependence on a few large clients for a meaningful share of revenue, according to Kalp.
“Overall, the contrast is clear: Sudeep Pharma is a manufacturing-plus-exports story with stable end-market demand but higher working-capital requirements, while Excelsoft is a tech-driven, globally scalable SaaS story with lower capital intensity but higher dependence on digital adoption cycles. The preference ultimately depends on whether the priority is manufacturing stability or technology-led scalability,” said Kalp Jain.
Let’s take a look at the grey market premium trends:
IPO GMP
Excelsoft Technologies IPO GMP today
Excelsoft Technologies IPO GMP today is ₹10. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Excelsoft Technologies share price was indicated at ₹130 apiece, which is 8.33% higher than the IPO price of ₹120.
Based on the last 10 sessions of grey market activities, the current GMP ( ₹10) is showing signals towards the lower side. The lowest GMP recorded is ₹0.00, while the highest is ₹30, according to experts.
Sudeep Pharma IPO GMP today
Sudeep Pharma IPO GMP today is ₹14. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Sudeep Pharma share price was indicated at ₹134 apiece, which is 11.67% higher than the IPO price of ₹120.
Based on recent grey market activities over the last five sessions, today’s IPO GMP is trending upward, indicating expectations of a strong listing. The lowest GMP recorded is ₹0.00, while the highest is ₹130, as noted by experts.
‘Grey market premium‘ indicates investors’ readiness to pay more than the issue price.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
