Excelsoft Technologies IPO subscribed 43.19 times on final day of bidding

The initial public offer of Excelsoft Technologies Ltd received 43.19 times subscription on the closing day of bidding on Friday.

The IPO got bids for 1,32,59,07,625 shares against 3,07,01,754 shares on offer, according to NSE data.

Among the investor categories, the non-institutional investor portion attracted 101.69 times the subscription, while the quota for Qualified Institutional Buyers (QIBs) got subscribed 47.55 times. The category for Retail Individual Investors (RIIs) fetched 15.62 times subscription.

Excelsoft Technologies, a vertical SaaS (software-as-a-service) company focused on the learning and assessment market, on Tuesday said it has garnered Rs 150 crore from anchor investors.

The price band for the IPO has been fixed at Rs 114-120 per share, valuing the company at around Rs 1,380 crore at the upper end.

The initial public offer (IPO) has a fresh issue aggregating up to Rs 180 crore and an offer for sale aggregating up to Rs 320 crore.

The company proposes to utilise Rs 61.76 crore from the fresh issue for the purchase of land and construction of a new building at the Mysore Property, Rs 39.51 crore for upgradation and external electrical systems of its existing facility at Mysore, Rs 54.63 crore for funding upgradation of the company's IT Infrastructure and the balance towards general corporate purposes.

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