Excelsoft Technologies’ ₹500 crore IPO hits the market today, marking another major EdTech listing attempt after PhysicsWallah’s recent debut. The Mysuru-based company, which has evolved into a global vertical SaaS and AI-driven learning-solutions provider, will accept bids from November 19 to November 21.
Price Band & Issue Structure
Excelsoft has fixed a price range of ₹114–₹120 per share.
The public issue includes:
Fresh issue: 1.50 crore shares worth ₹180 crore
Offer for sale (OFS): 2.67 crore shares worth ₹320 crore
This takes the total IPO size to ₹500 crore.
Grey Market Premium Losing Steam
The stock’s GMP has softened sharply over the last four trading sessions.
Current GMP: approx. 12.5%
4 days ago: nearly 25%
Market analysts caution that the grey market often misleads and is not a reliable indicator of actual listing performance since the trades occur outside official channels.
Lot Size & Investor Categories
Retail investors: Minimum one lot = 125 shares (~₹15,000)
Small HNI (sNII): 14 lots = 1,750 shares (~₹2 lakh)
Big HNI (bNII): 67 lots = 8,375 shares (~₹10 lakh)
Allotment & Listing Timeline
Allotment date: November 24
Expected listing: November 26 on BSE & NSE
Lead Manager & Registrar
Book-running lead manager: Anand Rathi Advisors
Registrar: MUFG Intime India
Brokerage View: ‘Subscribe’ for Growth & AI Upside
Analysts are optimistic about the company’s long-term potential.
Reliance Securities highlighted that Excelsoft’s push into AI, LLMs, and scalable digital infrastructure gives it significant room for optionality in the fast-growing EdTech and assessment-tech markets. However, they noted that execution — particularly in scaling, capex management, and AI-driven product rollouts — will be crucial.
Their call: “Subscribe.”
What Excelsoft Does
Founded in 2000, Excelsoft has grown into a global learning and assessment technology company offering products such as:
AI-powered learning applications
Test and assessment suites
Online proctoring tools
Learning experience platforms (EnablED LXP)
Student success platforms
OpenPage digital textbook ecosystem
Its flagship SARAS LMS provides customised digital learning and training solutions to educational institutions and corporates worldwide.
