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Excelsoft Technologies IPO — Key Details, Subscription Strength & GMP Snapshot
A niche vertical SaaS play in EdTech, launching its ₹500-crore public issue amid elevated expectations; here’s the full unpacking.
IPO Details & Structure
The company has set its initial public offering (IPO price band) in the range of ₹114 to ₹120 per equity share (face value ₹10 each).
The total issue size is approximately ₹500 crore, comprising a fresh issue of about ₹180 crore and an offer-for-sale (OFS) component of approximately ₹320 crore.
The IPO opens for subscription on 19 November 2025 and closes on 21 November 2025.
Lot size is 125 shares, implying a minimum investment at the upper band of ~₹15,000 (125 × ₹120).
Tentative listing date is set for 26 November 2025 on the major exchanges.
Allocation structure: Up to 50% of shares are reserved for Qualified Institutional Buyers (QIBs), at least 35% for Retail Individual Investors (RIIs), and about 15% for Non-Institutional Investors (NIIs).
Subscription Status & Demand Momentum
On Day 1 of the public issue, the subscription was approximately 1.45 times, with bids around 4.45 crore shares against an offer of ~3.07 crore shares.
On Day 2, the momentum improved significantly: subscription rose to around 6.89 times, indicating bids totaling ~21.14 lakh shares (or 21.14 million) for the same ~3.07 crore share offer.
Retail portion: about 5.92 times subscribed
NII portion: about 18.20 times subscribed
QIB portion: relatively modest participation (~9% of offered size)
On Day 3 (final day), the cumulative subscription crossed around 11.72 times — signalling strong retail and non-institutional interest.
Grey Market Premium (GMP) & Listing Expectations
In the unlisted (grey) market ahead of listing, the share was trading at a premium; as of the recent session the GMP was around ₹14 per share above the upper band price.
This implied an expected listing price near ~₹134, assuming the upper band of ₹120 — roughly an 11.7% premium.
Grey-market indicators peaked higher in earlier sessions (some quotes up to ₹30 premium), though the latest figure suggests some moderation in expectations.
IPO Review — Strengths, Valuation & Considerations
Strengths
Excelsoft is a niche vertical SaaS company operating in learning, assessment and ed-tech domains, with global enterprise clients and recurring revenue potential.
Its business offers exposure to structural growth in digital learning and assessment markets.
The fresh issue proceeds are earmarked for expansion: purchase of land and construction of new facility (~₹72 crore), upgradation of existing facility’s external electrical systems (~₹39.5 crore), and IT infrastructure upgrades (~₹54.6 crore).
Valuation & Risks
The upper band of ₹120 translates to a valuation near ~₹1,380 crore (at that price) for the company’s equity.
Brokers have pointed out that the implied Price/Earnings (P/E) multiple is ~39× for FY25 earnings, and even higher when annualising recent quarterly run-rate — a premium compared to some peers.
Key risks include: dependence on a limited set of large clients, exposure to global education market cycles, conversion of content/assessment business into high-growth SaaS, and yield pressure on margins if scale does not accelerate.
Investor Suitability
The IPO is suited for long-term investors seeking exposure to SaaS/EdTech and willing to accept elevated valuation in return for potential growth over 3-5 years.
For short-term flip investors, the limited early listing upside (given moderate GMP) suggests tempered returns unless a strong surprise or strong listing occurs.
What to Watch Now
Listing performance (premium/discount relative to issue price) will indicate whether market sentiment matches grey-market expectations.
Quarterly results and metrics such as Annual Recurring Revenue (ARR), net retention, new large-client wins and margin expansion will be key to validate valuation premium.
Institutional behaviour — whether QIBs hold or exit soon — will impact post-listing supply dynamics and sentiment.
Consideration of lock-in expiry for promoters, early investors and implications on free-float in the near term.
Final Take
Excelsoft Technologies’ IPO brings to investors an opportunity in a global-facing, vertical SaaS/EdTech company with structural tailwinds. The strong subscription figures and steady GMP signal confidence, but the valuation is ambitious. The key for investors will be execution — if Excelsoft can deliver growth and margin improvement, the premium may justify itself; if not, the listing may see moderate gains instead of the high expectations set by early sentiment. For now, the IPO appears more of a play for the patient growth-oriented investor than for quick listing flips.
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