Excelsoft Technologies IPO Sees Enthusiastic Response on Day One
Mysore-based Excelsoft Technologies' initial public offering (IPO) opened for subscription on November 19, 2025, and has garnered significant investor interest right from the start. By midday, the IPO had already been subscribed 40%, signaling strong early demand. The IPO aims to raise ₹500 crore through a combination of a fresh issue of shares and an offer for sale.
The IPO comprises a fresh issue of 1.50 crore equity shares, aggregating to ₹180 crore, and an offer for sale of 2.67 crore shares, amounting to ₹320 crore. The price band for the IPO is set at ₹114 to ₹120 per share, with a minimum lot size of 125 shares, requiring a minimum investment of ₹15,000 for retail investors.
Subscription Details and Investor Categories
The IPO is open for subscription from November 19 to November 21, 2025. The allotment of shares is expected to be finalized on November 24, 2025, with a tentative listing date on BSE and NSE set for November 26, 2025.
The IPO has reserved specific quotas for different investor categories. Not more than 50% of the shares are reserved for Qualified Institutional Buyers (QIB), not less than 15% for Non-Institutional Investors (NII), and not less than 35% for retail investors.
Objectives of the IPO
Excelsoft Technologies plans to utilize the net proceeds from the IPO for several key objectives. A significant portion, ₹61.77 crore, will be allocated towards capital expenditure for purchasing land and constructing a new building at its Mysore property. Additionally, ₹39.51 crore will be invested in upgrading and enhancing external electrical systems at its existing Mysore facility. A further ₹54.64 crore will be utilized to strengthen the company’s IT infrastructure, including software, hardware, communications, and network services.
Grey Market Premium (GMP)
The Grey Market Premium (GMP) for Excelsoft Technologies IPO is ₹15, indicating a premium of approximately 12.5% over the issue price. This suggests that the shares are trading at ₹135 in the grey market, above the upper price band of ₹120.
Company Overview
Excelsoft Technologies, incorporated in 2000, is a vertical SaaS company that provides technology-based solutions in the learning and assessment market. The company offers a range of services, including AI-powered applications, test and assessment platforms, online proctoring solutions, learning experience platforms, student success platforms, and digital eBook platforms. Excelsoft Technologies has a global presence with offices in India, Malaysia, Singapore, the UK, and the USA, serving over 200 organizations and impacting more than 30 million learners worldwide.
Market Sentiment and Peer Comparison
Investor sentiment towards new-age tech IPOs has seen some caution recently. However, Excelsoft's strong early subscription numbers suggest continued interest in the education technology sector.
Excelsoft Technologies' listed peers include MPS, Ksolves India, Silver Touch, Sasken, and InfoBeans. While Excelsoft's revenue of ₹233 crore in FY25 is smaller than MPS Ltd (₹727 crore), it boasts one of the best EBITDA margins at 31.4%, matching larger peers.
Overall
The Excelsoft Technologies IPO has received a positive initial response, driven by the company's strong fundamentals, growth potential, and presence in the expanding digital learning ecosystem.
