Excelsoft Technologies IPO Day 3: GMP Falls 50%; Issue Receives 45.45x Subscription

Excelsoft Technologies IPO Day 3: GMP Falls 50%; Issue Receives 45.45x Subscription

Excelsoft Technologies IPO Day 3 Updates: The initial public offering (IPO) of Excelsoft Technologies, a vertical SaaS (software-as-a-service) company focused on the learning and assessment market, has been closed at 5:00 pm today, November 21. The price band of the IPO was fixed in the range of Rs 114 to Rs 120 apiece.

Excelsoft Technologies IPO GMP Today

According to market observers, unlisted shares of Excelsoft Technologies Ltd are currently trading at Rs 127 apiece in the grey market, which is a 5.83% premium or a Rs 7 GMP over the upper IPO price of Rs 120, indicating moderate listing gains for investors.

It is 50% lower than the Rs 14 GMP recorded in the morning. The grey market premium was nearly 25% last week.

The GMP is based on market sentiments and keeps changing. ‘Grey market premium' indicates investors' readiness to pay more than the issue price.

Retail: 16.38x

Non-institutional investors: 107.01x

Qualified institutional buyers: 50.06x

Total: 45.45x.

After crashing 30% to Rs 10 in the afternoon, the grey market premium of the Excelsoft Technologies IPO continues to fall. The GMP has now fallen to Rs 7, which is a 50% decline over the Rs 14 GMP recorded in the morning

Retail: 14.03x

Non-institutional investors: 93.31x

Qualified institutional buyers: 19.69x

Total: 32.64x

The Excelsoft Technologies IPO opened for public subscription on November 19 and will conclude at 5:00 pm today, November 21. Bidding for anchor investors opened for a day on November 18, as per the red herring prospectus (RHP) filed on Tuesday. Capillary Technologies India has raised Rs 150 crore from anchor investors.

After crashing 30% to Rs 10 in the afternoon, the grey market premium of the Excelsoft Technologies IPO has fallen further to Rs 9, compared with Rs 14 in the morning. Now, it is more than 35% down as against the GMP in the morning.

Retail: 13.20x

Non-institutional investors: 83.07x

Qualified institutional buyers: 11.62x

Total: 27.72x

As of August 31, 2025, Excelsoft caters to 76 clients across 19 countries. While serving clients globally, their products and solutions are designed to comply with the relevant technology, security, and quality standards, both global and regional.

The company operates in the high-growth Vertical SaaS space, focusing on the EdTech learning and assessment segment. It serves 76 global clients, including the Pearson Group, securing predictable, recurring revenue through long-term contracts. Financially, it has delivered strong performance, with PAT surging by around 172% in FY25. However, its heavy dependence on the Pearson Education Group—contributing roughly 59% of total revenue—creates a notable concentration risk. While the business outlook remains solid, the stock appears aggressively valued at a P/E of about 35, prompting a neutral stance with expectations of only modest listing gains.

Retail: 11.43x

Non-institutional investors: 61.06x

Qualified institutional buyers: 2.64x

Total: 19.55x

The grey market premium of the Excelsoft Technologies IPO has crashed by 30% to Rs 10 in the afternoon, compared with Rs 14 in the morning.

Anand Rathi Advisors Ltd is the sole book-running lead manager to the issue, while MUFG Intime India Pvt Ltd is the registrar of the issue.

Retail: 9.74x

Non-institutional investors: 43.99x

Qualified institutional buyers: 0.24x

Total: 14.36x

Excelsoft Technologies has fixed its IPO price band at Rs 114 to Rs 120 per share. The application lot size is 125 shares, meaning a retail investor needs to invest a minimum of Rs 15,000 at the upper price band. For non-institutional investors, the sNII category requires 14 lots (1,750 shares), translating to an investment of Rs 2,10,000, while the bNII category requires 67 lots (8,375 shares), amounting to Rs 10,05,000.

Excelsoft reported revenue from operations of Rs 233.29 crore with a profit after tax of Rs 34.69 crore in FY25.

The company's long-standing clients are Pearson Education, AQA Education, Colleges of Excellence, NxGen Asia Pte Ltd, Pearson Professional Assessments, Brigham Young University – IDAHO, Training Qualifications UK, and Excel Public School and The Chartered Quality Institute.

With over two decades of experience, Excelsoft provides technology-based solutions across diverse learning and assessment segments through long-term contracts with enterprise clients worldwide.

Karnataka-based Excelsoft actively implements artificial intelligence (AI) in its products and services. It includes building LLMs (proprietary and hybrid), small LLMs that are device specific, and AI agents that provide intelligent user experience in both learning and assessment products.

Retail: 8.40x

Non-institutional investors: 34.77x

Qualified institutional buyers: 0.13x

Total: 11.69x

The company proposes to utilise 61.76 crore from the fresh issue for the purchase of land and construction of a new building at the Mysore Property; Rs 39.51 crore for upgradation and external electrical systems of its existing facility at Mysore; Rs 54.63 crore for funding upgradation of the company's IT Infrastructure and the balance towards general corporate purposes.

Till 10:15 am on Day 3, the Excelsoft Technologies IPO received 9.17x subscription, garnering bids for 26,75,08,375 shares as against the 2,91,66,667 shares on offer.

Its retail category got 7.07x subscription, while its non-institutional investor (NII) quota got 26.15x subscription. The qualified institutional buyers (QIB) category has received 0.11x so far.

Its grey market premium stands at 11.67% over the upper IPO price of Rs 120, indicating moderate listing gains for investors. It is slightly lower than the 12.92% GMP recorded yesterday. The grey market premium was nearly 25% last week.

Excelsoft Technologies has garnered Rs 150 crore from anchor investors ahead of its initial public offering (IPO). Some of the anchor investors who were allocated shares included Bengal Finance & Investment, 360 One Equity Opportunity Fund, GKFF Ventures, Societe Generale, Rajasthan Global Securities, BNP Paribas Financial Markets and Bandhan Mutual Fund, according to a circular uploaded on BSE's website.

The initial public offering (IPO) is a mix of a fresh issue of equity shares aggregating up to Rs 180 crore and an offer for sale of shares aggregating up to Rs 320 crore by the promoter — Pedanta Technologies Pvt Ltd.

The Excelsoft Technologies IPO opened for public subscription on November 19 and will conclude at 5:00 pm today, November 21. Bidding for anchor investors opened for a day on November 18, as per the red herring prospectus (RHP) filed on Tuesday. Capillary Technologies India has raised Rs 150 crore from anchor investors.

Source: News18
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