The initial public offering (IPO) of Excelsoft Technologies Ltd has opened for public subscription and will remain available to investors until 21 November 2025. The global vertical SaaS provider has set its price band at ₹114–₹120 per share, with plans to list on both the BSE and NSE.
The company intends to raise ₹500 crore through the issue. Of this, ₹180 crore will come from the sale of fresh shares, while the remaining ₹320 crore is earmarked for an offer for sale (OFS) by existing shareholders.
Meanwhile, the company’s shares are witnessing moderate activity in the unofficial market. As per market observers, Excelsoft Technologies is commanding a grey market premium (GMP) of ₹16 today, reflecting early but cautious interest from traders.
Key Details of the Excelsoft Technologies IPO
- GMP Today: Market observers report a premium of ₹16 for Excelsoft shares in the grey market.
- Price Band: The IPO is priced between ₹114 and ₹120 per equity share.
- Subscription Window: The issue opened today and closes on 21 November 2025.
- Issue Size: The company aims to raise ₹500 crore, including ₹180 crore as fresh equity and ₹320 crore via OFS.
- Lot Size: Investors can bid for a minimum of 125 shares per lot.
- Allotment Date: Share allotment is likely on 22 November 2025. If delayed due to the weekend, allotment may shift to 24 November 2025.
- Registrar: MUFG Intime India is the registrar for the issue.
- Lead Manager: Anand Rathi Advisors is handling the book-building process.
- Listing Date: Shares are expected to debut on the stock exchanges on 26 November 2025.
Should Investors Subscribe?
Brokerage opinions remain divided on the attractiveness of the offering.
Swastika Investmart has issued a neutral view, citing robust FY25 financial performance — including a nearly 172% jump in PAT — but expressing concerns over the company’s heavy dependence on the Pearson Education Group, which contributes around 59% of revenue. The firm believes the IPO’s valuation at a P/E of around 35x appears aggressive and suggests that investors may only see limited listing gains.
On the other hand, Reliance Securities has recommended a ‘Subscribe’ rating. The brokerage highlighted the company’s ongoing investments in AI and large language model (LLM)-driven products, along with infrastructure expansion plans that could unlock future growth opportunities. According to their assessment, long-term value creation will depend on successful execution across global operations and efficient capital deployment.