Excelsoft Technologies’ maiden IPO has seen an overwhelming response, clocking a subscription rate of 43.19×, according to NSE data. The issue received bids for 1.32 billion shares against just 30.7 million shares on offer.
Here’s everything you need to know about the IPO:
IPO Key Details
- Price Band: ₹114 – ₹120 per share.
- Issue Size: ₹500 crore total — includes ₹180 crore as a fresh issue (1.5 crore shares) and ₹320 crore via an Offer for Sale (2.67 crore shares).
- Lot Size: 125 shares, meaning a minimum retail investment of around ₹15,000 (at upper band).
- IPO Window: Opened on Nov 19, 2025, and closed on Nov 21, 2025.
- Allotment Date: Expected on Nov 24, 2025.
- Refunds / Credit to Demat: Likely by Nov 25, 2025.
- Listing Date: Tentatively scheduled for Nov 26, 2025 on both BSE and NSE.
Grey-Market Premium (GMP)
- According to Business Standard, the unofficial GMP for Excelsoft is around ₹8, implying a listing premium of ~6.67% over the upper price band of ₹120.
- Sources via NDTV Profit suggest GMP is ~₹15, which could point to a potential listing price around ₹135.
Use of Proceeds
Excelsoft plans to use the funds raised from the fresh issue for:
- Building a new facility on land being acquired in Mysore.
- Upgrading its existing Mysore facility, including power infrastructure.
- Enhancing its IT infrastructure — covering software, hardware, and network systems.
- General corporate purposes to support growth.
Business Snapshot & Risks
- Business Model: Excelsoft is a global SaaS company focused on learning and assessment — serving education customers with platforms like LMS, test-assessment systems, online proctoring, and digital content.
- Client Concentration: A large portion of its revenue comes from its top customer, creating risk if that relationship weakens.
- Growth Opportunity: Analysts note that its investments in AI, infrastructure, and global expansion give it meaningful optionality — but execution, especially in scaling efficiently, will be critical.
What to Watch Post-Listing
- The actual listing gain, depending on GMP and demand.
- Excelsoft’s ability to deliver on its growth strategy (global scale, AI) while managing capex.
- Customer concentration risk: whether it diversifies away from key large clients.
- Financial metrics post-IPO: revenue growth, EBITDA, cash generation, and return ratios.
