Excelsoft Technologies IPO is nearly 8 times subscribed by Day 3, driven mainly by non-institutional investors. The ₹500 crore issue priced between ₹114-120 shows a hopeful grey market premium of ₹14. With allotment upcoming on November 24 and listing on November 26, investor interest remains high despite concentration risks.
Excelsoft Technologies Ltd's IPO has witnessed robust investor interest, with the subscription tally reaching 7.97 times by Day 3 of the issue. The IPO, which opened on November 19 and closes today, November 21, 2025, is a mix of a fresh issue of 1.5 crore shares worth ₹180 crore and an Offer for Sale of 2.67 crore shares worth ₹320 crore, totaling ₹500 crore. The price band stands between ₹114 and ₹120 per share, and the lot size is 125 shares.
The company's strong performance in FY25, including a 172% year-on-year profit after tax growth and healthy EBITDA margins of 31.4%, underpins investor confidence. However, the offering is priced aggressively, and about 59% of revenue depends on a key client, Pearson Group, which poses concentration risk.
In the grey market, the IPO is trading with a premium of around ₹14 over the issue price, indicating optimistic listing gains of approximately 11.7%.
Key takeaways include:
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Total IPO subscription stands at nearly 8 times on the third day.
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Non-institutional investors are the main contributors to the subscription spike.
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Qualified Institutional Buyers portion remains low at around 9%.
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Allotment will be finalized on November 24, with refunds on November 25 and listing expected on November 26.
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The IPO is targeted at raising ₹500 crore, comprising fresh issue and OFS.
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The grey market premium suggests a positive listing outlook.
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Investors should weigh the company’s growth prospects against valuation and client concentration risks.
Investors must decide based on their risk appetite, given the strong subscription demand but aggressive pricing. The decision to apply should consider long-term growth potential versus near-term valuation concerns.
Source: NDTV Profit, Economic Times, IPO Watch, and Groww.