Excelsoft Technologies is set to debut on the Indian stock market today, November 26, 2025, with analysts predicting a muted start for the shares. The IPO listing follows a subscription period from November 19 to 21, with the allotment finalized on November 24. Shares of the SaaS solutions provider will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
The IPO, which aimed to raise ₹500 crore, comprised a fresh issue of 1.50 crore equity shares worth ₹180 crore and an offer for sale (OFS) of 2.67 crore shares amounting to ₹320 crore. The price band for the IPO was fixed at ₹114 to ₹120 per share.
Subscription levels for the Excelsoft Technologies IPO were robust, with an oversubscription of 43.19 times overall. Non-institutional investors (NIIs) showed particularly strong interest, subscribing 101.69 times their quota. The retail investor segment was oversubscribed 15.62 times, while qualified institutional buyers (QIBs) oversubscribed 47.55 times.
Ahead of the listing, the grey market premium (GMP) for Excelsoft Technologies IPO signaled a modest debut. On November 25, the GMP was ₹5, indicating that unlisted shares were trading at ₹1265 in the private market, a potential listing gain of around 4.17%. Trading at ₹125.5 per share in the grey market indicated a premium of ₹5.5 or 4.6 per cent. However, this is a significant decline from the highest GMP recorded on November 15, which was ₹30. The grey market premium has been on a declining trend since the IPO launch.
Market experts suggest that the muted debut is likely due to a decrease in the grey market premium. The GMP is an unofficial, speculative indicator of expected listing prices and is not always a reliable predictor of actual stock performance. Based on the current GMP, investors can expect the stock to debut at a premium of around 5%.
Excelsoft Technologies, a global vertical SaaS company focusing on the learning and assessment space, intends to utilize the IPO proceeds for capital expenditure, including land acquisition and construction, upgrading IT infrastructure, and for general corporate purposes. As of August 31, 2025, the company serves 76 clients across 19 countries. The company's financials show a fluctuating profit trend, with ₹22.41 crore in FY23, decreasing to ₹12.75 crore in FY24, and then rebounding to ₹34.69 crore in FY25. For the period ending June 30 of this financial year, its profit stood at ₹6 crore.
Anand Rathi Advisors Ltd. is the sole book-running lead manager for the IPO, and MUFG Intime India Pvt. Ltd. is the registrar. Investors and market participants will be closely watching the listing to gauge the actual performance of Excelsoft Technologies shares on the Indian stock market.
