Excelsoft Technologies IPO GMP In Spotlight On Day 2 Of Subscription; Check Key Details

Global vertical SaaS company Excelsoft Technologies Ltd., which launched its Initial Public Offering (IPO) on Thursday, November 19, was fully subscribed on the day of its launch, led by demand from non-institutional investors.

According to the BSE data, investors have bid for 4,45,67,750 shares against the 3,07,01,754 shares on offer, booking 1.45 times so far on Thursday.

The Karnataka-based company specialises in solutions for the learning and assessment market.

The grey market premium (GMP) for the mainboard offer has captured market attention, with the GMP trending lower in the days leading up to Day 2 of subscription. Ahead of its launch, the GMP was as high as Rs 30, but has now declined by around 50%.

As the subscription for the mainboard offer enters its second day, here’s all you need to know about Excelsoft Technologies Ltd. IPO, including the latest grey market premium (GMP), price band, offer size, and other essential details.

The grey market premium (GMP) of Excelsoft Technologies IPO was Rs 15.5 as of 8:30 a.m. on November 20. With the upper end of the price band set at Rs 120 per share, the stock is expected to list around Rs 135.5, indicating a potential listing gain of nearly 12.92% for investors.

The highest GMP recorded for the IPO was Rs 30 on November 15. The grey market premium has been declining since then, with a GMP of Rs 20 on November 16 and Rs 16 on November 17. The GMP fell further to Rs 15.5 on November 19, when the IPO opened for subscription.

Overall, a 50% decline has been observed as compared to the GMP recorded on November 15. Although this can change as subscription picks up in the coming days.

Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.

The Excelsoft IPO offer comprises a fresh issue of up to Rs 180 crore and an offer for sale of 2.66 crore shares worth up to Rs 320 crore by promoter Pedanta Technologies Pvt Ltd.

The price band for the IPO has been set at Rs 114 to Rs 120. The minimum bid lot size is 125 equity shares, requiring an investment of Rs 15,000 on the upper price band.

Anand Rathi Advisors Ltd. is the sole book-running lead manager, and MUFG Intime India Pvt. Ltd. serves as the registrar for the issue.

The IPO will remain open till Friday, November 21. The allotment status for the Excelsoft Technologies IPO is expected to be finalised on Monday, November 24, followed by the initiation of refunds and credit of shares to demat accounts on Tuesday, November 25.

Shares of Excelsoft Technologies are tentatively scheduled to list on the BSE and NSE on Wednesday, November 26.

The company plans to use the proceeds from the IPO to fund capital expenditure for the purchase of land and construction, the upgradation of IT infrastructure, and general corporate purposes.

Excelsoft Technologies Ltd., founded in 2000, offers AI-powered applications, test and assessment platforms, online proctoring solutions, learning experience platforms, student success platforms and digital eBook platforms. The company serves a wide range of clients, including educational publishers, universities, schools, government agencies, defence organisations and businesses. It has operations in India, Malaysia, Singapore, the UK and the United States.

Excelsoft Technologies Ltd.’s total revenue increased to Rs 248.8 crore for the financial year ending March 31, 2025, compared to Rs 200.7 crore in the previous fiscal, a rise of 24%. Profit after tax (PAT) rose 172% year-on-year to Rs 34.69 crore in FY25 from Rs 12.75 crore in FY24.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.