Excelsoft Technologies IPO Sees Strong Demand on Final Day; Subscribed 13.62 Times

Excelsoft Technologies' IPO received strong investor interest, closing with a 13.62 times subscription. The EdTech firm set a price band of Rs 114-120 per share. However, a declining grey market premium suggests modest listing gains.

The Excelsoft Technologies IPO, which opened on November 19, entered its final day on Friday (November 21) with strong investor interest. By the close of Day 3, the issue had been subscribed 13.62 times, marking a robust response across categories. The company has set a price band of Rs 114–120 per share, valuing the EdTech solutions provider at around Rs 1,380 crore at the upper band.

Who Gets What: Quota Breakdown

In line with regulations, Excelsoft reserved:

• 50% for qualified institutional buyers (QIBs)
• 15% for non-institutional investors (NIIs)
• 35% for retail investors

By Day 2, retail interest had already pushed the category to 5.92x, while NIIs subscribed a massive 18.20x. QIB response remained modest with 9% bids at that point.

Overall, the company received 21.14 crore bids against 3.07 crore shares on offer (as of 5 pm, BSE data).

Key Dates to Know

• Allotment: Monday, November 24
• Refunds: Tuesday, November 25
• Demat transfers: November 25
• Listing on BSE & NSE: Wednesday, November 26

GMP Today: Premium Shrinks to Rs 14

The grey market premium (GMP) for Excelsoft Technologies dropped to Rs 14 today. Based on the upper price band, the expected listing price stands near Rs 134, implying an 11.67% upside over the issue price.

However, analysts noted a downward trend, GMP over the last 10 sessions ranged from Rs 0 to Rs 30, signalling cooling investor sentiment.

About the Company

With more than two decades in the EdTech space, Excelsoft Technologies builds technology-driven solutions for global learning and assessment platforms. The company works with marquee education and training partners including:

• Pearson Education
• AQA Education
• Ascend Learning
• Brigham Young University
• Surala Net Co Ltd
• Training Qualifications UK

The company maintains long-term contracts across markets and claims strong recurring revenue visibility.

What Brokerages Are Saying

Canara Bank Securities: ‘For Long-Term Investors with High Risk Appetite’

The brokerage flagged concerns about steep valuations — nearly 39x FY25 earnings and 57x annualised Q1 FY26, significantly higher than peers.

While acknowledging Excelsoft’s proprietary tech stack and long-term customer relationships, Canara Bank Securities warned that near-term performance may remain subdued. It recommends the IPO only for long-term, high-risk investors looking to bet on scalable EdTech platforms.

Swastika Investmart: Neutral Rating

Swastika highlighted Excelsoft’s strong financial momentum, including a 172% jump in FY25 PAT, but raised a red flag on revenue concentration, 59% of business comes from the Pearson Group.

The brokerage believes the valuation (P/E ~35) is expensive and expects only modest listing gains, assigning a neutral rating.

IPO Structure and Shareholding

Excelsoft aims to raise Rs 180 crore through fresh issuance. Promoter entity Pedanta Technologies will sell shares worth Rs 320 crore via offer-for-sale.

This is lower than the initially proposed Rs 700 crore issue outlined in the February draft filed with SEBI.

Promoters currently hold 94.6% of the company, while the public owns 5.4%. The IPO is being managed by Anand Rathi Advisors, with MUFG Intime India Pvt Ltd acting as registrar.