| Event | Date |
|---|---|
| Open Date | 19-11-2025 , Wednesday |
| Close Date | 21-11-2025 , Friday |
| Tentative Allotment | 24-11-2025 , Monday |
| Tentative Listing Date | 26-11-2025 , Wednesday |
| Retail Appl. Cut Off Time | 21-11-2025 , Friday 05:00 PM |
| Non Retail Appl. Cut Off Time | 21-11-2025 , Friday 04:00 PM |
| Anchor Allotment | 18-11-2025 , Tuesday |
| Initiation Of Refund | 25-11-2025 , Tuesday |
| Credit Of Share To Demat | 25-11-2025 , Tuesday |
Excelsoft Technologies Limited is a global vertical SaaS company focused on the learning and assessment market. The company provides technology-based solutions across learning, assessments, remote proctoring, digital content, learning management, student success and education technology services.
The company has over two decades of experience and serves enterprise clients worldwide through long-term relationships. Its platforms are cloud-based and built with open, industry-standard compliant APIs, allowing scalability across organisations and users.
Excelsoft’s core focus is the assessment market through its AI-based Assessment and Proctoring Solutions. Its solutions are used by qualification bodies, certification agencies, admission test councils, corporates, government entities, universities, schools and publishers.
IPORupee View: Excelsoft Technologies is not a normal IT services company. It is a vertical SaaS and education technology solutions company.
For retail investors, this IPO should be studied as a learning technology, assessment platform, AI proctoring, education SaaS, global client base, client concentration, margin sustainability and valuation-sensitive story.
| Business Area | Meaning |
|---|---|
| Digital assessment platforms | Technology used to conduct online exams, tests and assessments |
| AI-enabled proctoring | Online exam monitoring using artificial intelligence and remote supervision tools |
| Learning management systems | Platforms used by institutions to deliver and manage online learning |
| Learning experience platforms | Tools that improve learner engagement, content delivery and analytics |
| Digital interactive books | Technology used by publishers and institutions to deliver digital content |
| Student success solutions | Platforms for enrolment, academic planning, advising and career planning |
| Education technology services | Technology services for modernising learning and assessment platforms |
| Learning design and content solutions | Authoring, editorial, content conversion and instructional design services |
| SaaS solutions | Software delivered through cloud, subscription or platform-based models |
IPORupee View: Excelsoft is positioned in a focused education technology niche. The business is more specialised than general IT services because it works in a specific vertical: learning and assessment.
Excelsoft’s focus is on the assessment market through AI-based Assessment and Proctoring Solutions.
| Product / Solution | Use |
|---|---|
| Saras eAssessment | Online assessment platform |
| easyProctor | Remote proctoring product |
| AI-based assessment tools | Exam integrity, analytics and online testing |
| Smart analytics | Report generation and test insights |
| Question creation tools | Helps create exam questions |
| Test construction | Helps build examinations |
| Online delivery | Delivers exams online |
| Marking and reporting | Supports evaluation and reports |
Online exams, certifications and high-stakes testing require secure, scalable and reliable systems. If Excelsoft can deliver trusted assessment platforms, it can create long-term relationships with institutions and certification bodies.
However, assessment technology has very low tolerance for failure. Downtime, wrong scoring, security breach, cheating issues or poor proctoring accuracy can damage reputation quickly.
| Product / Platform | Use |
|---|---|
| SARAS LMS | Learning Management System |
| EnablED | Learning Experience Platform |
| OpenPage | Digital interactive book system |
| LearnActiv | K-12 learning solution |
| CollegeSPARC | Student success platform |
IPORupee View: Learning platforms diversify Excelsoft beyond exams and proctoring. This is positive because customers may need both assessment and learning solutions, but the learning management market is competitive.
| Service Area | Meaning |
|---|---|
| Platform modernisation | Improving old learning / assessment platforms |
| Scalability improvement | Helping platforms serve more users |
| Security improvement | Strengthening data and system protection |
| Performance improvement | Making platforms faster and more reliable |
| Accessibility | Making systems usable for broader learner groups |
| Product design and development | Creating new platforms and education products |
| Content Service | Meaning |
|---|---|
| Authoring | Creating digital learning content |
| Editorial support | Reviewing and improving content |
| Content conversion | Converting content into digital formats |
| Instructional design | Designing learning experiences |
| Learning experience design | Improving learner engagement |
| Global content standards | Ensuring content follows international standards |
| Customer / Institution Type | Use Case |
|---|---|
| Qualification and certification bodies | Online certification exams |
| Awarding and credentialing bodies | Skill and qualification assessments |
| Admission test councils | Entrance and admission testing |
| Corporates | Employee training and certification |
| Government entities | Large-scale assessments |
| Universities and schools | Online learning and examinations |
| Publishers | Digital learning programs and content delivery |
| Customer / Institution | Product / Use Case |
|---|---|
| Pearson Professional Assessments Limited | Large-scale high-stakes assessment platform |
| The Chartered Quality Institute | Online certification exams |
| Training Qualifications UK | Qualification assessments |
| AQA Education | School / assessment board use case |
| Colleges of Excellence, Saudi Arabia | Higher education assessment use case |
| Ascend Learning LLC | Learning platform / digital programs |
| Pearson Education Group | Learning platform and platform modernisation |
| Brigham Young University – Idaho | CollegeSPARC student success platform |
| Surala net Co. Ltd., Japan | Digital content objects for school education |
| Excel Public School, India | Learning platform and LearnActiv K-12 solution |
IPORupee View: The customer list shows that Excelsoft works with serious education, certification and publishing clients. This supports credibility. However, investors should not look only at customer names. They should also check revenue concentration, renewal terms, contract duration and whether revenue is repeatable.
Excelsoft uses AI, ML and LLM capabilities in its products and operations. The company follows a use-case-driven approach and does not rely on a single LLM tool.
| Use Case Type | Model / Infrastructure Approach |
|---|---|
| Low-volume, low-risk use cases | Commercially hosted models such as OpenAI GPT-4.0, GPT-4.5 and Google Gemini |
| Medium to high-volume use cases where data privacy is critical | Foundational models like GPT-4o, Claude Sonnet and Mistral deployed on secure Microsoft Azure and AWS infrastructure |
| Highest-volume and most sensitive workloads | Open-source LLMs operated on own GPU infrastructure |
AI can help in assessment automation, remote proctoring, content generation, personalised learning, analytics, test insights and operational efficiency.
However, AI usage also creates risks such as data privacy, model accuracy, bias, hallucination, regulatory risk, cybersecurity risk, GPU infrastructure cost and dependence on third-party AI models. For an assessment company, AI reliability is especially important because wrong flags, wrong scoring or exam disruption can damage trust.
| Business Model Factor | Meaning |
|---|---|
| SaaS / platform solutions | Software platforms used by institutions and organisations |
| Product engineering | Building, configuring and improving education technology products |
| Implementation services | Helping clients deploy platforms |
| Customisation | Adapting solutions based on client requirements |
| Maintenance and support | Ongoing support after implementation |
| Content services | Content authoring, conversion and learning design |
| Long-term client relationships | Clients may continue using platforms over multiple years |
| Global delivery | Serving clients across countries from India-based technology capabilities |
IPORupee View: The business model can be attractive if clients continue renewing contracts and usage expands. However, Excelsoft’s model may not be pure self-service SaaS like some global software companies. It may include customisation, implementation, support, content services and client-specific development.
Excelsoft uses multiple internal systems to manage sales, delivery, project costing, billing, HR and analytics.
| System | Purpose |
|---|---|
| Zoho CRM | Lead, contact, account, customer opportunities, quotes, tenders and deal tracking |
| ES Costing and Proposal Estimate System | Proposal, cost estimate, proposal quote and project costing |
| Zoho Books | Sales order, invoice, collection, expenses and payment |
| ES Revenue Forecasting System | Estimated new business, confirmed orders, repeated business and rolling forecast |
| ES Timesheet and Project Management System | MSA, SOW, PO, project milestones, billing requests and headcount projection |
| Zoho Analytics | MIS reports and margin analysis |
| Zoho People | HRMS, timesheet, attendance and employee data |
| Zoho Payroll | Payroll processing |
| Biometric and RFID System | Gate entry and attendance support |
IPORupee View: This shows structured internal processes for revenue forecasting, project costing, project management, billing, HR and analytics. For a SaaS / technology services company, internal project control is important because profitability depends on accurate project costing, timely billing, effort tracking, margin analysis and resource allocation.
| Key Performance Indicator | Q1 FY2026 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Revenue from operations | Rs. 557.18 mn | Rs. 2,332.91 mn | Rs. 1,982.97 mn | Rs. 1,951.04 mn |
| Gross Profit | Rs. 307.79 mn | Rs. 1,438.61 mn | Rs. 1,142.11 mn | Rs. 1,191.82 mn |
| Gross Profit Margin | 55.24% | 61.67% | 57.60% | 61.09% |
| EBITDA | Rs. 101.77 mn | Rs. 732.57 mn | Rs. 549.73 mn | Rs. 681.79 mn |
| EBITDA Margin | 18.27% | 31.40% | 27.72% | 34.94% |
| PAT | Rs. 60.09 mn | Rs. 346.91 mn | Rs. 127.53 mn | Rs. 224.14 mn |
| PAT Margin | 10.78% | 14.87% | 6.43% | 11.49% |
| Net Worth | Rs. 3,759.49 mn | Rs. 3,712.90 mn | Rs. 2,973.03 mn | Rs. 2,780.77 mn |
| Net Debt | Rs. 312.04 mn | Rs. 181.79 mn | Rs. 719.18 mn | Rs. 1,015.08 mn |
| Net Debt Equity Ratio | 0.08 | 0.05 | 0.24 | 0.37 |
| ROCE | 2.10% | 16.11% | 7.59% | 11.03% |
| ROE | 1.61% | 10.38% | 4.43% | 8.41% |
IPORupee Financial Insight: Revenue from operations increased from Rs. 1,951.04 million in FY2023 to Rs. 2,332.91 million in FY2025. This shows steady growth, but not explosive growth.
The stronger point is profitability recovery. PAT increased from Rs. 127.53 million in FY2024 to Rs. 346.91 million in FY2025. PAT margin improved from 6.43% in FY2024 to 14.87% in FY2025.
EBITDA margin was strong at 31.40% in FY2025, but in Q1 FY2026 it reduced to 18.27%. This should be watched carefully because one quarter may not show full-year performance, but margin decline is still important.
Net debt reduced sharply from Rs. 1,015.08 million in FY2023 to Rs. 181.79 million in FY2025, which is positive. Net debt equity ratio improved from 0.37 in FY2023 to 0.05 in FY2025.
| Operating Parameter | Q1 FY2026 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Number of clients | 101 | 99 | 93 | 93 |
| Number of new client additions every year | 6 | 17 | 15 | 10 |
| Average vintage of top 10 clients | 10.50 years | 10.80 years | 9.50 years | 8.00 years |
| Number of employees | 1,118 | 1,116 | 1,080 | 1,046 |
IPORupee View: Client count increased from 93 in FY2023 to 99 in FY2025 and 101 in Q1 FY2026. New client additions were 17 in FY2025, 15 in FY2024, and 6 in Q1 FY2026.
The strongest point is the average vintage of top 10 clients, which increased from 8.00 years in FY2023 to 10.80 years in FY2025. This shows long-term relationships with key customers.
| Period of Client Relationship | Q1 FY2026 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| More than 10 years | 24 | 21 | 19 | 16 |
| More than 5 years, but less than 10 years | 40 | 40 | 32 | 32 |
| More than 3 years, but less than 5 years | 15 | 11 | 20 | 25 |
| More than 1 year, but less than 3 years | 16 | 10 | 7 | 10 |
| Less than 1 year | 6 | 17 | 15 | 10 |
| Total | 101 | 99 | 93 | 93 |
IPORupee View: In Q1 FY2026, Excelsoft had 24 clients with more than 10 years relationship and 40 clients with 5 to 10 years relationship. Total 64 clients had more than five years of relationship.
This shows that many customers continue working with Excelsoft for long periods. However, this should be read together with client concentration risk.
Excelsoft earns revenue from multiple global regions, with North America being the largest market.
| Geography | Q1 FY2026 Revenue | % of Revenue | FY2025 Revenue | % of Revenue | FY2024 Revenue | % of Revenue | FY2023 Revenue | % of Revenue |
|---|---|---|---|---|---|---|---|---|
| North America | Rs. 338.18 mn | 60.69% | Rs. 1,414.97 mn | 60.65% | Rs. 1,090.98 mn | 55.02% | Rs. 1,234.66 mn | 63.28% |
| Europe & UK | Rs. 136.69 mn | 24.53% | Rs. 517.47 mn | 22.18% | Rs. 399.11 mn | 20.13% | Rs. 312.66 mn | 16.03% |
| India | Rs. 49.19 mn | 8.83% | Rs. 190.98 mn | 8.19% | Rs. 174.13 mn | 8.78% | Rs. 144.92 mn | 7.43% |
| Asia other than India | Rs. 28.13 mn | 5.05% | Rs. 189.28 mn | 8.11% | Rs. 300.11 mn | 15.13% | Rs. 241.48 mn | 12.38% |
| Australia | Rs. 4.99 mn | 0.90% | Rs. 20.21 mn | 0.87% | Rs. 18.64 mn | 0.94% | Rs. 17.32 mn | 0.89% |
| Total | Rs. 557.18 mn | 100.00% | Rs. 2,332.91 mn | 100.00% | Rs. 1,982.97 mn | 100.00% | Rs. 1,951.04 mn | 100.00% |
North America is the largest geography for Excelsoft. It contributed 60.65% of FY2025 revenue and 60.69% of Q1 FY2026 revenue.
Europe & UK is the second-largest geography, increasing from 16.03% in FY2023 to 22.18% in FY2025 and 24.53% in Q1 FY2026. India contributed around 8% to 9% of revenue, meaning Excelsoft is mainly an export / global client-focused company.
| Particulars | Details |
|---|---|
| IPO Opening Date | November 19, 2025 |
| IPO Closing Date | November 21, 2025 |
| IPO Size | Rs. 500 crore |
| Fresh Issue | Rs. 180 crore |
| Offer for Sale | Rs. 320 crore |
| Price Band | Rs. 114 to Rs. 120 per share |
| Face Value | Rs. 10 per share |
| Lot Size | 125 shares |
| Minimum Investment | Around Rs. 15,000 at upper band |
| Listing | BSE and NSE |
| Listing Date | November 26, 2025 |
IPORupee View: The IPO has both fresh issue and OFS components. The fresh issue portion is positive because money goes to the company. The OFS portion gives exit / liquidity to selling shareholders.
| Object | Meaning |
|---|---|
| Land purchase | Buying land for future infrastructure |
| New building construction in Mysore | Expansion of physical infrastructure |
| External electrical upgrades | Infrastructure support |
| IT upgrades | Software, hardware, networking and technology improvements |
| General corporate purposes | General business and operational needs |
IPORupee View: For a SaaS / technology company, infrastructure and IT upgrades are important. But investors should check whether the capex will directly improve revenue growth, product capability or delivery efficiency.
Even though the company has 101 clients as of Q1 FY2026, revenue concentration with major clients must be monitored carefully.
If a large part of revenue comes from a few clients, the business becomes dependent on renewal, pricing and volume from those clients.
IPORupee View: Long relationships are positive, but the renewal quality of contracts is still important.
If customers renew regularly, revenue becomes predictable. If contracts are short-term, non-exclusive or project-based, revenue visibility becomes weaker.
Excelsoft earns most of its revenue from global markets, especially North America and Europe & UK.
| Factor | Meaning |
|---|---|
| USD revenue share | High dollar exposure |
| Hedging policy | Whether company protects against currency movement |
| Currency volatility | Can affect reported profit |
| Client geography | Revenue depends on global customers |
| Natural hedge | India-based costs may offset some export revenue benefit |
Excelsoft operates in a focused market: learning and assessment technology.
Products include Saras eAssessment, easyProctor, SARAS LMS, EnablED, OpenPage, LearnActiv and CollegeSPARC.
AI-based online assessment and proctoring can benefit from digital exam adoption.
Average vintage of top 10 clients was 10.80 years in FY2025 and 10.50 years in Q1 FY2026.
In Q1 FY2026, 64 clients had more than five years of relationship with the company.
Excelsoft earns revenue from North America, Europe & UK, India, Asia other than India and Australia.
Europe & UK contribution increased from 16.03% in FY2023 to 24.53% in Q1 FY2026.
PAT improved from Rs. 127.53 million in FY2024 to Rs. 346.91 million in FY2025.
Net debt reduced from Rs. 1,015.08 million in FY2023 to Rs. 181.79 million in FY2025.
Excelsoft Technologies Limited is a global vertical SaaS company focused on the learning and assessment market. The company provides digital assessment platforms, AI-based proctoring, learning management systems, learning experience platforms, digital interactive book systems, student success solutions and education technology services.
Its key products include Saras eAssessment, easyProctor, SARAS LMS, EnablED, OpenPage, LearnActiv and CollegeSPARC.
The company serves qualification bodies, certification agencies, universities, schools, corporates, government entities and publishers. Its customers include Pearson Professional Assessments Limited, The Chartered Quality Institute, Training Qualifications UK, AQA Education, Colleges of Excellence, Ascend Learning LLC, Pearson Education Group, Brigham Young University – Idaho and Surala net Co. Ltd.
Financially, Excelsoft showed steady revenue growth and profit recovery. Revenue from operations increased from Rs. 1,951.04 million in FY2023 to Rs. 2,332.91 million in FY2025. PAT improved from Rs. 127.53 million in FY2024 to Rs. 346.91 million in FY2025.
EBITDA margin was strong at 31.40% in FY2025, but declined to 18.27% in Q1 FY2026, which should be watched.
The company has a global revenue base, but North America contributed around 60.65% of FY2025 revenue, showing geographic concentration. Client relationships are strong, with 64 clients having more than five years of relationship as of Q1 FY2026. However, client concentration risk remains important.
Excelsoft is focused on learning and assessment technology, not general IT services.
Saras eAssessment and easyProctor serve online exams, certification tests and high-stakes assessments.
Remote exams need trust. AI-enabled proctoring helps maintain exam integrity.
SARAS LMS, EnablED, OpenPage, LearnActiv and CollegeSPARC broaden the product suite.
Revenue increased from Rs. 1,951.04 million in FY2023 to Rs. 2,332.91 million in FY2025.
PAT improved to Rs. 346.91 million in FY2025 from Rs. 127.53 million in FY2024.
FY2025 EBITDA margin was 31.40%, but Q1 FY2026 EBITDA margin was 18.27%.
Net debt equity ratio improved from 0.37 in FY2023 to 0.05 in FY2025.
Average vintage of top 10 clients was 10.80 years in FY2025 and 10.50 years in Q1 FY2026.
Number of clients increased from 93 in FY2023 to 99 in FY2025 and 101 in Q1 FY2026.
In Q1 FY2026, 64 clients had more than five years of relationship.
North America contributed 60.65% of FY2025 revenue and 60.69% of Q1 FY2026 revenue.
Europe & UK contribution increased from 16.03% in FY2023 to 24.53% in Q1 FY2026.
India contributed 8.19% of FY2025 revenue, meaning the business is mainly global-client driven.
The company uses AI, ML and LLM models across different risk and data privacy levels.
AI use in exams and learning can create privacy, accuracy, fairness, compliance and reliability risks.
Excelsoft uses Zoho CRM, revenue forecasting, project management, timesheet, Zoho Books, Zoho People and Zoho Analytics for business control.
Can Excelsoft grow beyond key customers and North America, maintain margins, scale AI-based assessment products and justify valuation?
Excelsoft Technologies Limited is a focused learning and assessment technology company with global clients, AI-enabled assessment tools, online proctoring products, learning platforms, long client relationships and good FY2025 profitability.
The positives are focused vertical SaaS positioning, strong assessment and proctoring products, AI / ML / LLM capabilities, long client relationships, global customer base, Europe & UK growth, FY2025 PAT recovery and debt reduction.
The concerns are client concentration, North America concentration, Q1 FY2026 margin decline, moderate revenue growth, contract renewal risk, foreign currency exposure, cybersecurity risk, AI reliability risk and valuation risk.
This IPO should be studied as a learning and assessment SaaS + AI proctoring + global client base + long client relationships + margin sustainability + concentration and valuation-sensitive story.
| Short Form | Full Form |
|---|---|
| IPO | Initial Public Offering |
| RHP | Red Herring Prospectus |
| OFS | Offer for Sale |
| SaaS | Software as a Service |
| LMS | Learning Management System |
| LXP | Learning Experience Platform |
| API | Application Programming Interface |
| AI | Artificial Intelligence |
| ML | Machine Learning |
| LLM | Large Language Model |
| NLP | Natural Language Processing |
| GPU | Graphics Processing Unit |
| MSA | Master Services Agreement |
| SOW | Statement of Work |
| PO | Purchase Order |
| CRM | Customer Relationship Management |
| HRMS | Human Resource Management System |
| RFID | Radio Frequency Identification |
| MIS | Management Information System |
| PAT | Profit After Tax |
| EBITDA | Earnings Before Interest, Tax, Depreciation and Amortization |
| ROE | Return on Equity |
| ROCE | Return on Capital Employed |
| P/E | Price-to-Earnings Ratio |
| USD | United States Dollar |
| BSE | Bombay Stock Exchange |
| NSE | National Stock Exchange |
This content is prepared by IPORupee for educational and informational purposes only. It is based on IPO-related disclosures and information shared for understanding the company’s business model, product portfolio, financial performance, industry position and key risks.
This is not a recommendation to apply, avoid, buy, sell or hold any IPO or security. IPORupee is not a SEBI-registered investment adviser, research analyst, broker, education technology consultant, SaaS consultant or portfolio manager.
Technology, SaaS and education platform businesses are subject to client concentration risk, renewal risk, cybersecurity risk, data privacy risk, foreign currency risk, technology obsolescence risk, AI reliability risk, platform downtime risk, competition risk, margin pressure, corporate governance risk and valuation risk. Investors should read the Red Herring Prospectus, risk factors, financial statements, objects of the issue, peer comparison, valuation details and official disclosures carefully and consult their financial advisor before making any investment decision.
| Category | Percentage | No. of Shares Offered | Amount |
|---|---|---|---|
QIB | 50.00 % | 2,08,33,332 | 250.00 Cr |
Retail | 35.00 % | 1,45,83,334 | 175.00 Cr |
Total HNI | 15.00 % | 62,50,000 | 75.00 Cr |
SHNI | 5.00 % | 20,83,333 | 25.00 Cr |
BHNI | 10.00 % | 41,66,667 | 50.00 Cr |
Excelsoft Technologies Ltd allotted 1,24,99,999 equity shares to anchor investors at ₹120 per share on 18 Nov 2025 before the IPO opening. The total anchor allocation stood at 150.00 Cr across 11 anchor investors.
Mutual funds received 8,33,375 shares worth 10.00 Cr, representing 6.67% of the total anchor investor allocation. Within the mutual fund portion, Bandhan Mutual Fund had the highest fund-house level allocation with 8,33,375 shares worth 10.00 Cr across 2 schemes.
At scheme level, the largest mutual fund allocations included BANDHAN BALANCED ADVANTAGE FUND and BANDHAN BUSINESS CYCLE MUTUAL FUND.
The largest anchor investor received 40.00% of the anchor portion. The top five anchor investors together received 95,83,125 shares, representing about 76.67% of the total anchor allocation.
| Rank | Anchor Investor Name | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|
| 1 | BENGAL FINANCE & INVESTMENT PVT LTD | 50,00,000 | 40.00 % | 60.00 Cr |
| 2 | 360 ONE EQUITY OPPORTUNITY FUND | 20,83,250 | 16.67 % | 25.00 Cr |
| 3 | SOCIETE GENERALE – ODI | 8,33,375 | 6.67 % | 10.00 Cr |
| 4 | GKFF VENTURES | 8,33,250 | 6.67 % | 10.00 Cr |
| 5 | RAJASTHAN GLOBAL SECURITIES PRIVATE LIMITED | 8,33,250 | 6.67 % | 10.00 Cr |
| Rank | Mutual Fund Scheme | AMC | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|---|
| 1 | BANDHAN BALANCED ADVANTAGE FUND | Bandhan Mutual Fund | 4,16,750 | 3.33 % | 5.00 Cr |
| 2 | BANDHAN BUSINESS CYCLE MUTUAL FUND | Bandhan Mutual Fund | 4,16,625 | 3.33 % | 5.00 Cr |
The figures are based on the company’s stock exchange anchor allotment intimation. Anchor allocation is only an informational disclosure and does not indicate future listing performance.
| Application | Discount | Qty (Lot) | Total |
|---|---|---|---|
Retail MIN | - | 125 (1) | ₹ 15,000 |
Retail MAX | - | 1625 (13) | ₹ 1,95,000 |
SHNI MIN | - | 1750 (14) | ₹ 2,10,000 |
SHNI MAX | - | 8250 (66) | ₹ 9,90,000 |
BHNI MIN | - | 8375 (67) | ₹ 10,05,000 |
| Objective | No Of Shares | Amount |
|---|---|---|
Fresh Issue | - | 180.00 Cr |
Offer for Sale | - | 320.00 Cr |
| Name | Contact Person | Telephone | Website | |
|---|---|---|---|---|
ANAND RATHI ADVISORS LIMITED | Mr. P. Balraj | +91 22 4047 7120 | ipo.excelsoft@rathi.com | www.anandrathiib.com |
Understand company details, IPO size, price band, lot size, exchange listing, fresh issue and Offer for Sale (OFS) in simple language for retail investors.
This IPO is of Excelsoft Technologies Ltd. The issue is scheduled to open on Wednesday, 19 November 2025 and closes on Friday, 21 November 2025.
After the IPO process is completed, the shares are proposed to be listed on both NSE and BSE.
IPO size means the total amount offered to investors through the public issue.
For Excelsoft Technologies Ltd IPO, the total issue size is Rs 500 crore, consisting of a fresh issue of Rs 180 crore and an Offer for Sale (OFS) of Rs 320 crore.
Price band is the price range within which investors can bid for shares in a book-built IPO.
For this IPO, the lower price band is Rs 114 per share and the upper price band is Rs 120 per share.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For Excelsoft Technologies Ltd IPO, the minimum lot size is 125 shares. At the upper price band of Rs 120 per share, the minimum application amount is Rs 15,000. Applications must be made in multiples of 125 shares.
Fresh Issue means the company issues new shares to investors and receives money from that part of the IPO.
For Excelsoft Technologies Ltd IPO, the Fresh Issue size is Rs 180 crore. The company can use these funds for purposes mentioned in the IPO documents, such as business growth, repayment of borrowings, working capital, capital expenditure, or general corporate purposes.
Offer for Sale (OFS) means existing shareholders sell their shares to the public through the IPO.
For Excelsoft Technologies Ltd IPO, the Offer for Sale (OFS) size is Rs 320 crore. In an OFS, the selling shareholders receive the money, and the company usually does not receive funds from that portion.
Understand the important IPO dates, allotment process, refund schedule and listing timeline in a retail-friendly format.
The IPO opening date is the first day on which investors can apply for the public issue.
For Excelsoft Technologies Ltd IPO, the IPO opens on Wednesday, 19 November 2025.
The IPO closing date is the last day on which investors can submit, modify, or cancel their IPO applications.
Excelsoft Technologies Ltd IPO closes on Friday, 21 November 2025.
The tentative allotment date is the expected date on which the registrar finalizes the share allotment for valid IPO applications.
For Excelsoft Technologies Ltd IPO, the tentative allotment date is Monday, 24 November 2025.
The tentative listing date is the expected date on which IPO shares begin trading on the stock exchanges.
Excelsoft Technologies Ltd IPO is expected to list on Wednesday, 26 November 2025.
After allotment, funds are unblocked or refunds are initiated for non-allotted investors, while allotted shares are credited to investors' demat accounts before listing.
For Excelsoft Technologies Ltd IPO, refund initiation is expected on Tuesday, 25 November 2025, and credit of shares to demat accounts is expected on Tuesday, 25 November 2025.
Understand IPO category-wise reservation, QIB quota, retail quota, HNI allocation, shareholder reservation and the meaning of structure columns in a simple format.
IPO structure shows how shares are divided among different categories of investors, such as QIB, Retail, NII/HNI, Employees, and Shareholders.
For Excelsoft Technologies Ltd IPO, the available categories in the structure table include QIB, Retail, Non-Institutional Investors (NII/HNI). The NII/HNI category includes SHNI and BHNI sub-categories. Investors can use this table to understand category-wise allocation before applying.
QIB stands for Qualified Institutional Buyers. This category includes mutual funds, banks, insurance companies, and other large financial institutions.
In Excelsoft Technologies Ltd IPO, 50% shares are reserved under the QIB category, with 2,08,33,332 shares offered, and an allocation amount of ₹250.00 crore.
The Retail category is reserved for individual investors and HUFs applying for up to Rs 2 lakh within the retail investment limit allowed under IPO rules.
In Excelsoft Technologies Ltd IPO, 35% shares are reserved under the Retail category, with 1,45,83,334 shares offered, and an allocation amount of ₹175.00 crore.
NII/HNI stands for Non-Institutional Investors / High Net-Worth Individuals. This category generally includes investors applying for more than Rs 2 lakh, above the retail investment limit.
In Excelsoft Technologies Ltd IPO, 15% shares are reserved under the NII/HNI category, with 62,50,000 shares offered, and an allocation amount of ₹75.00 crore.
SHNI stands for Small HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 2 lakh but not exceeding Rs 10 lakh.
In Excelsoft Technologies Ltd IPO, 5% shares are reserved under the SHNI sub-category, with 20,83,333 shares offered, and an allocation amount of ₹25.00 crore.
BHNI stands for Big HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 10 lakh.
In Excelsoft Technologies Ltd IPO, 10% shares are reserved under the BHNI sub-category, with 41,66,667 shares offered, and an allocation amount of ₹50.00 crore.
Understand retail lot size, HNI application limits, employee category, shareholder category and investment amount calculations using the IPO lot table.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For Excelsoft Technologies Ltd IPO, the minimum lot size is 125 shares. At the upper price band of Rs 120 per share, the minimum application amount is Rs 15,000. Applications must be made in multiples of 125 shares.
Retail minimum application shows the minimum application size for retail investors.
For Excelsoft Technologies Ltd IPO, the Retail minimum application is 125 shares (1 lot) for about Rs 15,000.
Retail maximum application shows the maximum application size generally available under the retail category.
For Excelsoft Technologies Ltd IPO, the Retail maximum application is 1,625 shares (13 lots) for about Rs 1,95,000.
SHNI minimum application shows the minimum application size for the Small HNI category.
For Excelsoft Technologies Ltd IPO, the SHNI minimum application is 1,750 shares (14 lots) for about Rs 2,10,000.
SHNI maximum application shows the maximum application size available under the Small HNI category, when provided.
For Excelsoft Technologies Ltd IPO, the SHNI maximum application is 8,250 shares (66 lots) for about Rs 9,90,000.
BHNI minimum application shows the minimum application size for the Big HNI category.
For Excelsoft Technologies Ltd IPO, the BHNI minimum application is 8,375 shares (67 lots) for about Rs 10,05,000.
Understand important financial figures in simple language using the financial statement data available for the IPO.
Financial Highlights show important numbers from the company's financial statements. These may include income, expenses, profit, assets, liabilities, cash flow and other financial information, depending on the data available for the IPO.
The table displays available financial data based on the IPO information currently available. Fields may differ from company to company depending on disclosures and reporting format.
Investors should read the table to understand the company's financial performance and financial position over different periods.
The table may help users review income, expenses, profitability, balance sheet position, cash movement or other financial information, depending on the available data.
Financial statement line items may differ because companies operate in different industries and may follow different reporting formats.
Some companies may provide detailed financial breakup, while others may present broader financial categories.
Investors should review income, expenses, profitability, debt position, asset base, liabilities and cash flow position together.
A single financial figure should not be used alone to judge the company.
Profit is important, but it does not show the full financial picture.
Investors should also review revenue quality, expenses, debt, assets, liabilities, cash flow, valuation and business risks.
Cash flow helps investors understand how money moves in and out of the business.
A company may report profit but still face cash flow pressure, so cash flow should be reviewed along with profit, debt and balance sheet information.
No. Financial Highlights are useful, but investors should also review valuation, peer comparison, KPI data, business risks, IPO pricing, management discussion and official offer documents such as the RHP or DRHP.
Understand how the company may be compared with similar businesses using the peer comparison data available for the IPO.
Peer Comparison means comparing the IPO company with businesses operating in a similar sector or industry.
It helps investors understand the company in a broader industry context.
Peer Comparison helps investors understand how the company can be compared with similar businesses using available financial or valuation metrics.
It is useful for context, but it should not be treated as a final investment conclusion.
Peer comparison metrics may differ depending on the companies selected, accounting format, business model and available public information.
Investors should compare only relevant and similar metrics.
Investors should use the peer comparison table as a reference point.
Available metrics should be read together with business model, scale, profitability, margins, debt, growth, valuation and IPO pricing.
No. Peer Comparison does not directly decide whether an IPO is good or bad.
It only provides context for comparison. Final analysis should include financial statements, KPI data, valuation, risk factors and official offer documents.
No. Peer Comparison is only one part of IPO analysis.
Investors should also review financial statements, KPI data, business risks, valuation, IPO pricing and company fundamentals.
Understand important KPI metrics in simple language using the key performance indicator data available for the IPO.
Key Performance Indicators, or KPIs, are financial and valuation metrics used to understand profitability, efficiency, leverage, return-based ratios and earnings performance.
They help investors understand the company beyond basic financial figures.
KPIs help investors assess profitability, capital efficiency, leverage, valuation and earnings quality.
They should be reviewed together with financial statements, peer comparison and IPO pricing.
KPI data may differ depending on the company, industry, financial disclosures and available offer document information.
Not every IPO may provide every KPI, and some metrics may not be applicable to every business.
Investors should read KPI metrics together instead of relying on one ratio.
A single KPI may not give the full picture unless it is reviewed with financial statements, peer comparison, business model and valuation.
No. High or low KPI values need context.
The meaning of a ratio may differ depending on industry, business model, debt level, growth stage, profitability and IPO valuation.
No. KPI data is useful, but it should not be used alone.
Investors should also review financial statements, peer comparison, business risks, valuation, IPO pricing and official offer documents such as the RHP or DRHP.