The robust response across all segments signals solid confidence in Excelsoft Technologies’ vertical SaaS business focused on learning and assessment solutions.
As of 2.03 pm, the qualified institutional buyers (QIB) portion was subscribed 8.81 times, non-institutional investors (NII) an impressive 69.72 times, and the retail category 11.99 times. The robust response across all segments signals solid confidence in the company’s vertical SaaS business focused on learning and assessment solutions.
The IPO comprised a fresh issue of ₹180 crore and an offer for sale of ₹320 crore by the promoter entity and is priced in the band of ₹114–₹120 per share. The company plans to utilise the funds for land acquisition and construction of a new facility in Mysuru, upgrades to electrical systems, enhancement of IT infrastructure, and general corporate purposes. Ahead of the issue opening, it raised ₹150 crore through its anchor book, attracting ten prominent institutional investors at the upper price band.
The company, founded in 2000, is a global vertical SaaS company focused on the learning and assessment market. It offers AI-powered applications, test and assessment platforms, online proctoring solutions, learning experience platforms, student success platforms, and digital eBook platforms.
Brokerage views on the IPO have varied. Some analysts highlighted Excelsoft’s strong presence in a niche global edtech market and its scalable, IP-led product portfolio, while others expressed caution over valuation, noting that the issue appeared fully priced at a price-to-earnings multiple above industry averages.
Despite this, the grey market premium (GMP) indicated expectations of a modest listing gain.
The basis of allotment is expected on November 24, 2025, and listing scheduled for November 26, 2025, on both NSE and BSE.
Sudeep Pharma IPO booked 97%
Alongside Excelsoft, the market is also watching another mainboard IPO, the ₹895-crore Sudeep Pharma IPO comprising a fresh issue of ₹95 crore and an offer for sale worth ₹800 crore. The price band has been set at ₹563–₹593 per share.
The IPO has received 0.97 times subscription at 2.21 pm on its opening day. NIIs and retail demand stood at 1.88 times and 1.08 times. QIBs were tepid at 0.08 times.
The company, a leading manufacturer of excipients and specialty ingredients for pharmaceuticals, food, and nutrition, raised ₹268 crore from anchor investors prior to opening. Funds from the fresh issue will be used for capacity expansion at its Gujarat facility and corporate purposes. Brokerages have offered largely positive long-term views on the company, citing its strong global presence and regulatory standards. The IPO’s allotment is expected on November 26, with listing likely on November 28.
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Published on November 21, 2025
