IPO Timeline and Oversubscription
Excelsoft Technologies opened its Initial Public Offering (IPO) on Wednesday, November 19, 2025, and the subscription period concludes today, November 21. Within just the first two days, the issue witnessed an impressive 6.89 times oversubscription, reflecting strong investor interest.
The IPO price band is set at ₹114-120 per share, valuing the company at approximately ₹1,380 crore at the upper end. This strategic pricing has attracted a diverse investor base, with the company allocating a maximum of 50% shares to Qualified Institutional Buyers (QIBs), a minimum of 35% for retail investors, and at least 15% for non-institutional investors (NIIs).
The allotment of shares is scheduled for Monday, November 24, with refunds processed the following day, November 25. On the same day, the shares will be credited to the demat accounts of successful allottees. Listing on BSE and NSE is expected on Wednesday, November 26.
Company Overview: Excelsoft Technologies
With over 20 years of industry experience, Excelsoft Technologies specializes in technology-driven solutions for learning, assessment, and education management. The company maintains long-term contracts with enterprise clients across the globe, leveraging proprietary software solutions to enhance learning outcomes.
Notable Clients
- Pearson Education, Inc.
- AQA Education
- Colleges of Excellence
- NxGen Asia PTE LTD
- Pearson Professional Assessments Ltd
- Sedtech for Technology Education & Learning WLL
- Ascend Learning LLC
- Brigham Young University–Idaho
- Training Qualifications UK
- Surala Net Co Ltd
- Excel Public School
- The Chartered Quality Institute
Grey Market Premium (GMP) and Listing Price Estimates
As of today, Excelsoft Technologies IPO GMP stands at ₹14, indicating investor readiness to pay above the issue price. Considering the upper limit of ₹120, the estimated listing price is projected to be around ₹134 per share, reflecting an 11.67% premium.
Historically, grey market premiums for Excelsoft have ranged from ₹0 to ₹30, highlighting market fluctuations and investor sentiment ahead of listing.
IPO Subscription Status
By the second day, Excelsoft Technologies IPO saw:
- Overall subscription: 6.89x
- Retail investors: 5.92x
- NIIs: 18.20x
- QIBs: 9% of allotted portion
The company received 21,14,24,875 bids for 3,07,01,754 shares, underscoring robust demand across investor categories.
Analyst Reviews and Valuation Insights
Canara Bank Securities
Canara Bank Securities highlighted that the IPO is priced at a high valuation, approximately 39x FY25 P/E ratio and 57x annualized for Q1FY26, which is significantly higher than industry peers. While Excelsoft benefits from proprietary technology and long-term client relationships, short-term returns may be limited. The brokerage recommends the IPO for long-term investors with a high-risk appetite, particularly those interested in scalable EdTech platforms with consistent cash flows.
Swastika Investmart
Swastika Investmart praised the company’s financial growth, citing a 172% PAT increase for FY25. However, the heavy dependence on Pearson Education Group (59% of revenue) poses concentration risks. Given a P/E ratio of around 35, Swastika provides a neutral rating, suggesting only modest gains upon listing.
IPO Structure and Promoter Details
Excelsoft Technologies aims to raise ₹180 crore through fresh shares, while promoter Pedanta Technologies plans to sell shares worth up to ₹320 crore via an offer-for-sale. This reflects a downsized offer from the initially proposed ₹700 crore, comprising ₹210 crore in new shares and ₹490 crore in offer-for-sale.
Promoters currently hold 94.6% of the company, leaving 5.4% for public investors. Anand Rathi Advisors serves as the sole book-running lead manager, with MUFG Intime India Pvt Ltd as the issue registrar.
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