The IPO of Excelsoft Technologies commenced on November 19 and concludes today, November 21. By the second day, the issue was oversubscribed 6.89 times. The price band for the IPO is set between ₹114 and ₹120 per share, valuing the company at ₹1,380 crore at the upper range. The investor quota is divided as follows: QIBs 50%, NIIs 15%, and Retail 35%. Important dates to note include allotment on November 24, refunds on November 25, shares credited to demat accounts on November 25, and listing on November 26 on both BSE and NSE. With over 20 years of expertise in learning and assessment technology, Excelsoft collaborates with prominent clients such as Pearson, AQA, Ascend Learning, and BYU–Idaho, among others.
Today’s GMP stands at ₹14, with an anticipated listing price around ₹134, indicating an increase of approximately 11.67% from the IPO price. The GMP has fluctuated between ₹0 and ₹30 in the past 10 sessions. On Day 1, as of 2:42 PM, the subscription status was 27.89 times overall, with retail at 12.95 times, NII at 83.83 times, and QIB at 12.07 times. Analyst perspectives include Canara Bank Securities, which notes high valuation with good long-term potential but suggests short-term weakness, making it suitable for long-term high-risk investors. Swastika Investmart highlights a 172% profit growth in FY25 but warns of a 59% dependency on Pearson, deeming the valuation steep and giving a neutral rating.
The offer structure indicates that Excelsoft aims to raise ₹180 crore through fresh shares, while promoter Pedanta Technologies intends to sell ₹320 crore through an OFS. Currently, promoters hold 94.60% of shares, with the public holding 5.4%. Anand Rathi Advisors is the lead manager, and MUFG Intime India serves as the registrar.
