In the gray market, the premium (GMP) is Rs. 14, which is Rs. 120 is about 11.8% over the issue price. This is approximately Rs. 134 suggests a possible listing price.
Excelsoft Technologies IPO raised a total of Rs. 180 crore fresh issue of 1.50 crore shares and Rs. 320 crore includes an offer for sale (OFS) of 2.67 crore shares.
Excelsoft Technologies IPO Day 1 Subscription Breakdown
At the end of bidding on the first day, the issue was grossly subscribed 1.45 times.
Retail Individual Investors (RIIs): 1.85 times subscribed against 1.53 crore shares offered.
Non-Institutional Investors (NIIs): 2.45 times subscribed against the offered 65.78 lakh shares.
Qualified Institutional Buyers (QIBs): 1% subscribed against 87.71 lakh shares offered.
Excelsoft Technologies IPO GMP Today:
In the gray market, shares of Excelsoft Tech are currently trading at Rs. 14 is trading at a premium, which is Rs. 120 is about 11.8% higher than the issue price. This premium suggests that the shares are potentially worth Rs. 134 may be listed.
However, investors should note that GMP is not an official indicator of how a stock may perform on debut.
Excelsoft Technologies IPO Details
Excelsoft Technologies has invested Rs. 500 crore IPO has been launched, in which Rs. 180 crore worth fresh issue of 1.50 crore shares and a total of Rs. 320 crore includes an offer for sale (OFS) of 2.67 crore shares.
The price band per share is Rs. 114-120 is set, and the lot size is 125 shares. At the upper end of the band, IPOs cost around Rs. 1,381 crore indicating a market capitalization. Each share has a face value of Rs. 10 and is proposed to be listed on both BSE and NSE.
The company has reserved 50% of the shares on offer for QIBs, 35% for retail investors and 15% for non-institutional investors.
About the company
Excelsoft Technologies is a vertical SaaS company operating in the global education and assessment ecosystem. Its offerings include AI-powered learning tools, assessment and testing platforms, online proctoring solutions, learning experience platforms, student success tools and digital ebook products.
Key products include SARAS e-Assessments, EasyProctor, SARAS Learning Solutions, OpenPage, EnableD, CollegeSparc and LearnActiv. The company serves about 76 clients worldwide, including major players such as Pearson Group, and derives a large portion of its revenue from long-term, recurring contracts.
Funds from the fresh issue will be directed towards expansion initiatives. This includes capex for new property in Mysore – covering land acquisition and construction – along with upgrades to electrical systems, investments in software, hardware and network infrastructure and general corporate purposes.
Financial performance
Excelsoft has shown strong financial momentum. Its consolidated total revenue increased in FY25 to Rs. 233.29 crore, which in FY24 was Rs. 198.30 crore and in FY23 Rs. 195.10 crores. In FY24 Rs. 12.75 crore and in FY23 Rs. 22.41 crore as compared to FY25 net profit rose sharply to Rs. 34.69 crores, indicating a significant recovery in profits.
The company reported EBITDA margin of 31.40% in FY25, 27.72% in FY24 and 34.94% in FY23. Its net worth in FY25 is Rs. 371.29 crore and return on capital employed (RoCE) was 16.11%.
risk factors
Excelsoft is heavily dependent on Pearson Education Group, which contributes about 59% of its revenue, creating a meaningful client concentration risk.
Global operations expose it to multiple regulatory and compliance systems, while SaaS business models can delay revenue recognition and impact short-term cash flow. The company also operates in a space where cyber security and data protection are critical, given the sensitive nature of education and assessment data.
Should you subscribe?
On valuation, the IPO looks demanding. Based on FY25 earnings per share of Rs 3.47, the issue is valued at around 34.62 times pre-IPO earnings, which is at the higher end of the range compared to listed technology and IT services peers cited in the note.
While the business operates in the niche and growing vertical SaaS segment and has longstanding global relationships, a P/E of around 35 offers limited comfort to investors looking for a strong margin of safety at listing.
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“The issue appears aggressively priced (P/E of 35), leading to a neutral rating with only marginal listing upside expected,” Swastik InvestSmart said.
(Disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. These do not represent the views of Economic Times)
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