Excelsoft Technologies Ltd

Excelsoft Technologies Ltd is a global vertical SAAS (software as a service) company. The company specializes predominantly in the learning and assessment market. It offers artificial intelligence (AI) power applications, tests, as well as assessment platforms with the support of content and query assistance. Its entire business is on the SAAS model, which makes it modular and scalable. The company caters to a diverse mix of clients including schools, colleges, universities, educational publishers, businesses, quasi government bodies etc. It has a total of 3 crore learners worldwide and has operations across Malaysia, Singapore, the UK, and the US; apart from India.  

The IPO will be a combination of a fresh issue and an offer for sale by the early investors. The fresh issue funds will be used to fund the purchase and construction of its Mysore premises, upgrading the IT infrastructure, and network related services. The OFS offering by the promoter shareholders of the company. The promoters of the company are Pedanta Technologies, Private Ltd, Dhananjaya Sudhanva, Lajwanti Sudhanva, and Shruthi Sudhanva. The issue is being lead-managed by Anand Rathi Investment Banking; while MUFG Intime India Private Ltd will be the registrars to the IPO.  

Highlights of the IPO Issue

Here are the key highlights of the public issue of Excelsoft Technologies Ltd. 

1. The IPO of will be open from November 19th, 2025 to November 21st, 2025. It has a face value of ₹10 per share and IPO price band is set in range of ₹114 to ₹120 per share.
2. The IPO of Excelsoft Technologies Ltd will be a combination of a fresh issue of shares and an offer for sale by the promoters.
3. The fresh IPO portion comprises the issue of 1,50,00,000 shares (150.00 lakh shares), which at the upper price band of ₹120 per share translates into ₹180.00 crore.
4. The OFS of the IPO comprises the sale of 2,66,66,666 shares (266.67 lakh shares), which at the upper price band of ₹120 per share translates into ₹320.00 crore.
5. The overall IPO will comprise of the issue and sale of 4,16,66,666 shares (416.67 lakh shares), which at the upper price band of ₹120 per share translates into ₹500.00 crore. 

The IPO of Excelsoft Technologies Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation will happen a day ahead of IPO opening. 

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of Excelsoft Technologies Ltd 

Data Source: Company RHP 

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).  

The table below captures the gist of the allocation to various categories. 

Data Source: Security Parameters Filing (NSE) 

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Excelsoft Technologies Ltd for various categories of investors. 

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 125 shares) 

Financial Highlights

The table captures the key financials of Excelsoft Technologies Ltd for last 3 financial years.  

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period) 

The company, Excelsoft Technologies Ltd, has been profitable over the last 3 years, despite a small sales base. While the net margins are fairly robust in double digits, the company appears to have a fairly large asset size. This is evident in the low level of ROE, ROA and the low asset turnover ratio. This could have a longer-term impact on the valuations. 

Valuation Metrics

At the IPO price of ₹120, the latest EPS of ₹3.47 shows a P/E discounting of 34.6 times. This is fair valuation for small sized rapidly growing SAAS companies as per the peer group. However, the company does bring some tangible and intangible benefits in the space it operates in.  

It has a strong positioning in the learning systems and platforms and that has helped the company to maintain profitability margins. It has built long-term linkages with global customers, which has resulted in repeat orders. The one area where the company will have to work towards is the ROE and ROA, which is lower than the peer group and could have a bearing on valuations in the long run. 

A Brief on the Anchor Allocation

The anchor issue of Excelsoft Technologies Ltd saw a strong response on 18th November 2025 with 28.93% of the IPO size absorbed by anchors. Out of 4,32,01,753 shares (432.02 lakh shares) on offer in the IPO, anchors picked up 1,24,99,999 shares (125.00 lakh shares) accounting for 28.93% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹120 per share. This includes the face value of ₹10 per share plus a share premium of ₹110 per share. The anchor bidding process opened and closed on 18th November 2025.  

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of Excelsoft Technologies Ltd 

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery. 

Anchor Allocation Investors

On 18th November 2025, Excelsoft Technologies Ltd allotted 1,24,99,999 shares to 11 anchor investors. The allocation was done at the upper IPO price band of ₹120 per share which resulted in overall anchor allocation of ₹150.00 crore. The anchors have already absorbed 28.93% of the total issue size of ₹518.42 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹145.00 crores, or, 96.67% of the overall anchor allocation of shares, ahead of the IPO of Excelsoft Technologies Ltd, done on November 18, 2025. 

Data Source: BSE Filings (Value Allocated in ₹ in Crore) 

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below. 

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20251118-58&attachedId=a64184a1-1218-4aa5-91b1-7026056c630a 

Out of the 1,24,99,999 shares allocated to the anchors in the IPO, there were a total of 8,33,375 shares allocated to mutual funds registered with SEBI. The allocation was made to 2 mutual fund schemes across 1 AMC. Mutual funds accounted for 6.67% of the total anchor allocation of the IPO. AIFs, and P-Notes were the most active in participating in the anchor allocation of Excelsoft Technologies Ltd. 

Next Step in the IPO

Post the closure of the IPO subscription on 21st November 2025, the basis of allotment will be finalized on 24th November 2025 and the refunds will be initiated on 25th November 2025. In addition, the demat credits are expected to also happen on 25th November 2025 and the stock will list on 26th November 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 25th November 2025 under ISIN (INE606N01019). 

IPO Subscription Status On Day-1

As of 5.30 pm on 19th November 2025, out of the 307.02 lakh shares on offer in the IPO (excluding anchor portion), Excelsoft Technologies Ltd saw bids for 445.68 lakh shares. This implies an overall subscription of 1.45X at a macro level. The granular break-up of subscriptions at close of Day-1 of the IPO of Excelsoft Technologies Ltd was as under: 

​​IPO REPORTS BASKET​ 

The subscriptions were led by the HNI / NII Investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-1 of the IPO) 

The IPO is open up to November 21, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-2

As of 5.05 pm on 20th November 2025, out of the 307.02 lakh shares on offer in the IPO (excluding anchor portion), Excelsoft Technologies Ltd saw bids for 2,114.25 lakh shares. This implies an overall subscription of 6.89X at a macro level. The granular break-up of subscriptions at close of Day-2 of the IPO of Excelsoft Technologies Ltd was as under: 

The subscriptions were led by the HNI / NII Investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-2 of the IPO) 

The IPO is open up to November 21, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-3

As of 7.15 pm on 21st November 2025, out of the 307.02 lakh shares on offer in the IPO (excluding anchor portion), Excelsoft Technologies Ltd saw bids for 13,259.09 lakh shares. This implies an overall subscription of 43.19X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Excelsoft Technologies Ltd was as under: 

The subscriptions were led by the HNI / NII Investors followed by the QIB investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-3 of the IPO) 

The IPO of Excelsoft Technologies Ltd was open up to November 21, 2025, and has closed for subscription as of the close of trading hours on November 21, 2025. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The data is taken after 7.00 PM. 

About the Excelsoft Technologies Ltd

The IPO of Excelsoft Technologies Ltd opened on November 19th, 2025 and closed on November 21st, 2025. The overall IPO comprised entirely of a fresh issue and an offer for sale (OFS) of 4,32,01,753 shares (432.02 lakh shares) worth ₹518.42 crore at the upper price band of ₹120 per share. The allotment status will be finalized by end of day (EOD) of November 24, 2025. Here is how to check your allotment status for the IPO of Excelsoft Technologies Ltd. You can check IPO status on the BSE website or on the NSE website or on the IPO Registrar website (MUFG Intime India Private Ltd). 

Checking The Allotment Status of IPO on BSE Website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.  

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity Option 
2. Under Issue Name – Select Excelsoft Technologies Ltd   from the drop-down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip OR 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once this is done, you need to click on the Captcha to verify you are not a robot 
6. Finally click on the Search Button 

You can use either of the parameters to query; Application / CAF number or Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Excelsoft Technologies Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits. 

Checking The Allotment Status of IPO on NSE Website

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.  

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity & SME IPO Details Option 
2. Under SELECT SYMBOL – Select EXCELSOFT from the dropdown box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip AND 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once both are entered, click on the Submit Button 

You must input the Application / CAF number and the Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Excelsoft Technologies Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits. 

Checking Allotment Status of IPO on MUFG Intime India Private Limited

Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below: 

https://in.mpms.mufg.com/Initial_Offer/public-issues.html 

There are 4 options available to you to access the allotment status, and you can use any of these options to query.   

1. You can use PAN access. Enter the 10-character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.
2. The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
3. You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.
4. You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book. 

Finally, click on the SUBMIT button.  

In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to [email protected] or you can call on (0)-81081-14949 for voice call.