The Indian primary market witnesses a significant new entrant as Excelsoft Technologies Ltd launches its initial public offering (IPO). The global vertical SaaS company has opened its book build issue for subscription, marking a major event for investors seeking exposure to the specialized software sector.
Excelsoft Technologies IPO: Essential Details for Investors
The Excelsoft Technologies IPO commenced today and will remain open until November 21, 2025. The company has set a price band of ₹114 to ₹120 per equity share for its public offering. This ambitious issue aims to raise a total of ₹500 crore through a combination of fresh issuance and offer for sale (OFS).
Breaking down the fundraising structure, ₹180 crore will be generated through the issuance of fresh shares, while the remaining ₹380 crore is reserved for the OFS route. The IPO lot size comprises 125 company shares, making it accessible to retail investors. The proposed listing is scheduled on both the BSE and NSE, with the most likely listing date being November 26, 2025.
Market Response and Grey Market Activity
Even before the official market debut, shares of Excelsoft Technologies are generating buzz in the unofficial grey market. According to market observers, the company's shares are currently trading at a premium of ₹16 in the grey market today, indicating strong investor interest ahead of the formal listing.
The allotment process is expected to be finalized around November 22, 2025, though potential delays might push the finalization to November 24, 2025, considering the weekend. MUFG Intime India has been appointed as the official registrar for this book build issue, while Anand Rathi Advisors serves as the lead manager overseeing the public offering process.
Investment Analysis: Should You Subscribe?
Financial experts have presented mixed but largely positive views on the Excelsoft Technologies IPO. Swastika Investmart highlighted the company's impressive financial performance, noting a ~172% PAT surge in FY25, while cautioning that the public issue appears aggressively priced with a P/E ratio of approximately 35.
The analysis also pointed out significant client concentration risk, with the company deriving approximately 59% of its revenue from Pearson Education Group. This dependency poses potential disruption risks, leading Swastika Investmart to assign a neutral rating with expectations of only minor listing gains.
In contrast, Reliance Securities has taken a more optimistic stance, assigning a 'subscribe' tag to the public issue. Their IPO note emphasizes that the use of proceeds to scale infrastructure, combined with strategic investments in AI and Large Language Models (LLMs), positions Excelsoft Technologies for significant future growth opportunities.
Reliance Securities recommends subscribing to the IPO, noting that value creation will depend on effective execution of global expansion plans, successful delivery of AI-based product innovations, and efficient management of capital expenditures. Investors should carefully consider both perspectives while making their investment decisions regarding this SaaS company's public offering.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies. We advise investors to check with certified experts before making any investment decisions.
