Excelsoft Tech IPO Subscribed 3x on Day 2, NII 6x as GMP Signals a Decent Listing

Investor Interest Climbs as Excelsoft Tech IPO Sees 3x Subscription by Day 2

The Excelsoft Tech IPO continued to draw strong investor participation on the second day of bidding, underscoring rising confidence in the vertical SaaS provider’s growth story. By the morning of November 20, the public issue had already been subscribed nearly three times, reflecting solid traction across investor categories.

According to data available on the exchanges, the IPO received 9.05 crore bids against an offer size of 3.07 crore shares, positioning the issue among the more actively sought-after offerings this month. The enthusiasm around the Excelsoft Tech IPO is especially visible in the Non-Institutional Investor (NII) category, which has been subscribed nearly 6 times, signalling high interest from high-net-worth investors seeking long-term tech exposure.

Retail investors, too, showed steady appetite with subscription at over 3 times, while Qualified Institutional Buyers (QIBs) booked 2 percent of their quota so far. With a day still left for bidding, analysts expect stronger QIB participation closer to the final day.

Grey Market Trends Reflect Steady Confidence in Excelsoft Tech IPO

Ahead of listing, the Excelsoft Tech IPO GMP is offering early signals of a healthy debut at the bourses. As per data from Investorgain, the unlisted shares of Excelsoft Technologies were trading at approximately 13% premium over the IPO price. This reflects a marginal rise from the 12.5% GMP recorded earlier but remains below the peak of 25% observed on November 15.

Tracking platforms such as IPO Watch also reported a similar 12.5% premium, suggesting stable investor sentiment despite mild volatility in demand anticipation. Although GMP is not an official indicator, it often offers an insight into market expectations, and in the case of the Excelsoft Tech IPO, it points toward a decent listing.

Also Read : FIIs Trim Stakes in Defence Stocks in Q2: Is It Profit Booking or a Valuation Check?

Inside the Excelsoft Tech IPO: Issue Size, Structure and Valuation

The Excelsoft Technologies IPO aims to raise ₹500 crore, comprising a fresh issue of ₹180 crore and an offer for sale (OFS) of ₹320 crore by promoter entity Pedanta Technologies. Priced in the band of ₹114–₹120 per share, the IPO offers a minimum investment opportunity of ₹15,000 for retail bidders at the upper end of the band.

The bidding window for the Excelsoft Tech IPO opened on November 19 and will close on November 21. Post the final subscription tally, allotments are expected to be finalized by November 24, with listing scheduled for November 26 on both major stock exchanges.

For investors eyeing strategic entry, the company has laid out a clear utilization roadmap for the funds raised through the fresh issue. A significant portion, ₹61.8 crore, will go toward land acquisition and construction of a new facility at its Mysore campus. Another ₹39.5 crore is allocated for upgrading internal and external electrical systems, while ₹54.6 crore will enhance IT infrastructure including software, hardware and network services. The remaining capital will support general corporate needs.

Anchor Investment Round Sets a Strong Tone Ahead of Public Bidding

A day before the issue opened, Excelsoft Technologies successfully raised ₹150 crore from 10 anchor investors, reflecting institutional confidence in the company’s business model and growth prospects. The company allotted 1.25 lakh shares at the upper price band to these investors.

Among the notable participants, Bengal Finance & Investment, linked to well-known investor Ashish Kacholia, emerged as the largest anchor by acquiring 50 lakh shares for ₹60 crore. Additionally, 360 ONE Equity Opportunity Fund invested close to ₹25 crore by purchasing 20.83 lakh shares.

Prominent global and domestic names such as Societe Generale, GKFF Ventures, Sanshi Fund, BNP Paribas Financial Markets, Shine Star Build-Cap, Alphamine Absolute Return Fund, and Rajasthan Global Securities also participated, strengthening the credibility profile of the IPO.

What Makes Excelsoft Tech IPO Stand Out? Expert Viewpoints

Industry watchers believe that the Excelsoft Tech IPO offers an attractive opportunity for investors seeking exposure to the fast-growing vertical SaaS ecosystem, particularly in the education and assessment technology segment. With over 70 global clients, Excelsoft has built a strong presence in digital learning solutions and AI-enabled assessment tools—an industry witnessing rapid expansion post-pandemic.

According to Siddharth Maurya, Founder & Managing Director of Vibhavangal Anukulakara, the company is “riding the rapid growth wave in the digital learning economy.” He added that the combination of fresh capital injection of ₹180 crore and an OFS worth ₹320 crore reflects sustained confidence from existing shareholders. However, he emphasized that the company’s long-term performance will hinge upon margin stability and disciplined reinvestment in infrastructure.

Outlook: Should Investors Consider the Excelsoft Tech IPO?

With robust subscription momentum, steady GMP trends and strong anchor backing, the Excelsoft Tech IPO appears to be positioned for a healthy market debut. Its focus on scalable, global SaaS solutions in learning and assessments offers it a competitive edge in a rapidly digitizing global education landscape.

However, as with any technology-led growth story, investors must weigh the company’s ability to maintain margins, manage reinvestment cycles and drive innovation in a competitive SaaS environment.

For investors seeking exposure to the ed-tech infrastructure ecosystem with a global footprint, the Excelsoft Tech IPO presents a compelling opportunity backed by visible growth drivers and strong institutional interest.

• Nifty 50
• Bank Nifty
• Sensex