Excelsoft Technologies IPO subscribed 4.12 times so far on Day 2; what we know so far

Excelsoft Technologies IPO: The initial public offer of Excelsoft Technologies Ltd has been subscribed 4.12 times so far on the second day of bidding on Thursday, November 20.

The initial share sale, which will conclude on November 21, got bids for 12,63,65,250 shares against 3,07,01,754 shares on offer, according to the NSE data until 1:30 pm.

Excelsoft Technologies, a vertical software-as-a-service (SaaS) company focused on the learning and assessment market, on Tuesday mobilised ₹150 crore from anchor investors.

The ₹500-crore IPO, with a price band of ₹114 to ₹120 per share, has a fresh issue aggregating up to ₹180 crore and an offer for sale (OFS) valued at ₹320 crore. A lot consists of 125 shares.

The company intends to use ₹61.76 crore from the fresh issue for the purchase of land and construction of a new building at the Mysore Property; ₹39.51 crore for upgradation and external electrical systems of its existing facility at Mysore; ₹54.63 crore for funding upgradation of the company's information technology infrastructure and the balance towards corporate general purposes.

Excelsoft Technologies IPO timeline

• Basis of allotment: November 24
• Refund initiation: November 25
• Credit of shares to Demat: November 25
• Listing on NSE and BSE: November 26

With over two decades of experience, Excelsoft provides technology-based solutions across diverse learning and assessment segments through long-term contracts with enterprise clients worldwide.

Some of its prominent clients are Pearson Education, Inc, AQA Education, NxGen Asia PTE LTD, Pearson Professional Assessments Ltd, Colleges of Excellence, Sedtech for Technology Education & Learning WLL, Brigham Young University--IDAHO, Training Qualifications UK, Surala Net Co Ltd, Ascend Learning LLC, Excel Public School and The Chartered Quality Institute.

Excelsoft Technologies IPO GMP

According to media reports and investorgain.com, unlisted shares of Excelsoft Technologies are trading at ₹135.5, reflecting a grey market premium (GMP) of 12.92%, or ₹15.5, over the upper price band of ₹120.