Excelsoft Tech IPO Opens Nov 19 Amid Mixed Sentiment And Zero GMP

Excelsoft Technologies Ltd, a Mysore-based vertical SaaS provider focused on learning and assessment solutions, is launching its maiden public issue on November 19, 2025. The ₹500 crore IPO comprises a fresh issue of ₹180 crore and an offer for sale (OFS) worth ₹320 crore by promoter Pedanta Technologies. The subscription window will remain open until November 21, with listing expected on November 26 on BSE and NSE.

The IPO is priced in the range of ₹114 to ₹120 per equity share, with a minimum application size of 125 shares per lot, translating to a retail investment of ₹15,000. Despite initial enthusiasm, the grey market premium (GMP) has unexpectedly dropped to zero, raising concerns among retail investors.

Key highlights from the offering include: 

• The company plans to use ₹71.9 crore from the fresh issue proceeds for land acquisition and construction at its Mysore facility.
• Additional funds will be allocated for upgrading electrical systems and IT infrastructure, supporting operational scalability.
• Excelsoft operates in a competitive and fragmented vertical SaaS segment, with recent financials showing top-line growth but bottom-line pressure.
• SBI Securities has issued a ‘Neutral’ view, while Reliance Securities has recommended a ‘Subscribe’ rating, citing long-term potential.
• Experts caution that the IPO appears aggressively priced based on FY24 earnings, suggesting only well-informed or risk-tolerant investors consider moderate exposure.
• The registrar for the issue is MUFG Intime India, and Anand Rathi Investment Banking is the sole book-running lead manager.

Sources: Business Standard, Goodreturns, Deccan Chronicle, Chittorgarh IPO Review, Onedemat IPO Analysis.