Excelsoft Technologies made a robust debut on the NSE and BSE, listing at ₹135 per share, 15 per cent above its IPO price of ₹120. The strong listing was widely anticipated after the issue witnessed exceptional investor demand, and the stock saw steady buying interest in early trade as investors reacted to the oversubscription figures.
Post-listing, the stock soared 6 per cent to a high of ₹142.65 on the BSE. At 10.13 am, it traded at ₹139.35 on the BSE and at ₹139.34 on the NSE.
According to Shivani Nyati, Head of Wealth of Swastika Investmart Ltd, the healty investor sentiment reflected the company’s scalable Vertical SaaS presence in the global EdTech and digital assessment ecosystem.
The market expert advised investors allotted shares may consider booking partial profits while holding the rest for medium-term growth, supported by the company’s SaaS model, global presence, and strong financial momentum. A stop-loss near ₹130 is advisable to manage downside risk.
The company’s initial public offering, comprising a fresh issue of ₹180 crore and an offer-for-sale worth ₹320 crore, drew heavy participation across investor categories. By the close of bidding, the IPO was subscribed 43.19 times, with applications received for 1,32,59,07,625 shares, against 3,07,01,754 on offer. Non-institutional investors led the demand with 101.69 times subscription, followed by Qualified Institutional Buyers at 47.55 times, while the retail segment subscribed 15.62 times.
Ahead of the public offer, Excelsoft raised ₹150 crore from anchor investors. The price band was fixed at ₹114–120 per share, valuing the vertical SaaS provider at around ₹1,380 crore at the upper end.
Excelsoft Technologies, which offers technology-driven learning and assessment solutions to global enterprise clients, plans to use funds from the fresh issue towards acquiring land and constructing a new building at its Mysore property. The remainder will support general corporate requirements.
Financially, the company has shown strong traction, with FY25 PAT growing by 172 per cent, supported by operating leverage and expanding digital adoption across markets. Its product suite, domain expertise, and long-term customer relationships continue to underpin steady visibility in revenue generation, Nyati said.
However, risks remain. A significant client concentration with Pearson (contributing 59 per cent of revenue) poses a major disruption risk in case of any contract loss or slowdown. Additionally, the IPO valuation appeared aggressive (Pre IPO P/E ~35), leaving limited room for sharp near-term upside, Nyati added.
Market participants had expected a healthy listing given the company’s strong operating history, long-term client relationships, and expanding SaaS footprint. The upbeat debut at a double-digit premium reflected this sentiment, with the stock showing stable movement in early trading as investors assessed its long-term growth prospects following the oversubscribed IPO.
Published on November 26, 2025
