Excelsoft Technologies IPO, which closes today (November 21), has garnered strong investor interest, being oversubscribed 6.89 times by the second day. The IPO, which opened on Wednesday, November 19, comes with a price band of ₹114–₹120 per share, valuing the company at around ₹1,380 crore at the upper end.
Subscription & Allotment Timeline
Excelsoft has allocated 50% of the issue to QIBs, 15% to NIIs, and 35% to retail investors. The IPO allotment will be finalized on Monday, November 24, followed by refunds on Tuesday, November 25. Shares will be credited to demat accounts the same day, with the listing scheduled for Wednesday, November 26 on both BSE and NSE.
Company Overview
With over 20 years of experience, Excelsoft Technologies provides advanced learning and assessment solutions through long-term global partnerships. Its major clients include Pearson Education, AQA Education, NxGen Asia, Ascend Learning, BYU–Idaho, and Training Qualifications UK, among others.
GMP Update
The current grey market premium (GMP) for Excelsoft Technologies stands at ₹14. Based on the IPO’s upper price band, the estimated listing price is around ₹134, reflecting an 11.67% premium over the issue price. GMP trends over the last 10 sessions show a peak of ₹30 and a low of ₹0, indicating recent volatility.
Subscription Status
As of Day 2, the IPO received bids for 21,14,24,875 shares against 3,07,01,754 shares on offer:
Retail: 5.92x
NII: 18.20x
QIB: 0.09x
Analyst Recommendations
Canara Bank Securities notes that the IPO valuations are steep—around 39x FY25 P/E and 57x Q1FY26 annualized P/E—higher than peers. While the company has strong proprietary technology and long-term client relationships, its short-term performance may remain muted. The brokerage recommends the issue only for long-term, high-risk investors.
Swastika Investmart highlights Excelsoft’s strong FY25 performance, including a 172% rise in PAT, but warns of revenue concentration, with 59% dependent on Pearson Education Group. It gives a neutral rating, expecting only modest listing gains.
IPO Structure
The company aims to raise ₹180 crore via fresh issue, while promoter Pedanta Technologies will sell shares worth ₹320 crore through OFS. This revised issue size is lower than the initially planned ₹700 crore as per the February draft. Promoters currently hold 94.60%, with the public owning 5.40%. Anand Rathi Advisors is the BRLM, and MUFG Intime India Pvt Ltd is the registrar.
