Excelsoft Tech shares debut 5% higher after IPO subscribed 43 times

Don't want to miss the best from Business Standard?

Shares of Excelsoft Technologies Ltd on Wednesday ended with a premium of nearly 5 per cent against the issue price of Rs 120.

The stock made its market debut at Rs 135, rallying 12.5 per cent from the issue price on both the BSE and NSE.

During the day, the stock surged 18.87 per cent to Rs 142.65 on the BSE. It finally ended at Rs 125.95 per share, up 4.95 per cent.

On the NSE, shares of the firm ended at Rs 125.97 apiece, registering a jump of 4.97 per cent.

The company's market valuation stood at Rs 1,449.49 crore.

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

Excelsoft Technologies is a vertical SaaS (software-as-a-service) company focused on the learning and assessment market. The Rs 500-crore IPO had a price band of Rs 114-120 per share.

The Initial Public Offer (IPO) had a fresh issue aggregating up to Rs 180 crore and an offer for sale aggregating up to Rs 320 crore.

The company plans 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. 

Sebi eases IA, RA qualification norms  

 

The Securities and Exchange Board of India (Sebi) has relaxed the educational qualification criteria for Investment Advisors (IAs) and Research Analysts (RAs) allowing graduates from any discipline to apply for registration. However, passing the NISM certification exam will remain mandatory to ensure domain knowledge and professional preparedness, said Sebi on Tuesday. (PTI) 

Ravelcare’s ₹24 cr SME IPO to open on December 1

 

Ravelcare, a digital-first br­and in the beauty and personal care segment, on Wednesday said the ₹24.10 crore initial public offering (IPO) will open for public subscription on Monday. The IPO will conclude on December 3, and the bidding for anchor investors will open for a day on November 28, Mumbai-based Ravelcare said in a statement. (PTI)