Excelsoft Tech IPO opens Nov 19: Bid or skip? Here's what experts suggest

SBI Securities has maintained a 'Neutral' view on the Excelsoft Technologies IPO, while Reliance Securities has assigned a 'Subscribe' rating

Excelsoft Technologies IPO: Excelsoft Technologies, a global vertical SaaS company, is set to launch its maiden public issue on Wednesday, November 19, 2025. The company aims to raise ₹500 crore from the initial public offering (IPO), comprising a fresh issue of 15 million equity shares amounting to ₹180 crore and an offer for sale (OFS) of 26.7 million equity shares amounting to ₹320 crore. 

 

Under the OFS, promoter Pedanta Technologies will sell a part of its holdings. 

 

According to the red herring prospectus (RHP), the company has reserved not more than 50 per cent of the issue for qualified institutional buyers (QIBs), not less than 35 per cent for retail investors and not more than 15 per cent for non-institutional investors (NIIs).  ALSO READ | Excelsoft IPO: Big potential, risks loom large; what investors should know

Excelsoft Technologies IPO: Here's what the brokerages suggest

SBI Securities - Neutral

Analysts at SBI Securities noted that the company has demonstrated a strong 24.4 per cent CAGR growth in net profit between FY23-FY25 period with an EBIT margin exceeding 27 per cent for FY25. However, revenue CAGR has been muted, remaining below 10 per cent during the same period.

 

"When compared to its close competitor, the issue appears to be fairly valued across various valuation metrics. The company has a cash and bank balance of ₹248 crore as of June 2025. The company’s RoIC (excluding cash and bank) stood at 19.5 per cent during FY25," the brokerage said in its note.

 

At the upper price band of Rs 120, the IPO is valued at a FY25 P/E multiple of 39.8x based on post-issue capital. SBI Securities has maintained a 'Neutral' view on the issue and would like to monitor the performance of the company post

listing.

Reliance Securities - Subscribe

On the contrary, Reliance Securities has assigned a 'Subscribe' rating to the issue, citing its strong financial track record, improving profitability, global client base, and domain specialisation in learning and assessment, giving it a differentiated position. 

 

"The use of IPO proceeds to scale infrastructure, combined with its investment in AI and LLMs, positions it for significant future optionality. But the key to value creation will hinge on execution: scaling its global operations, delivering on AI-based product innovation, and managing capex effectively," the brokerage said. 

Excelsoft Technologies IPO GMP

On Tuesday, November 18, 2025, the unlisted shares of Excelsoft Technologies were trading at ₹136, up ₹16 or 13.33 per cent compared to the issue price of ₹120 per share, according to sources tracking unofficial markets.  ALSO READ | Sudeep Pharma IPO opens Nov 21; sets price band at ₹549-577; Check details

Here are the key details of the Excelsoft Technologies IPO:

The three-day subscription window to bid for the Excelsoft Technologies IPO will close on Friday, November 21, 2025. The allotment of shares is expected to be finalised on Monday, November 24, 2025. The successful allottees will receive the company's shares in their respective demat accounts on Tuesday, November 25, 2025. 

 

Shares of Excelsoft Technologies will make their debut on the exchanges, NSE and BSE, tentatively on Wednesday, November 26, 2025. 

 

The company has set the price band in the range of ₹114 to ₹120, with a lot size of 125 shares. A retail investor would require a minimum investment of ₹15,000 to bid for at least one lot and in multiples thereafter.

 

MUFG Intime India is the registrar for the issue. Anand Rathi Advisors is the sole book-running lead manager.

 

As per the RHP, the company will use ₹71.9 crore from the fresh issue to buy land and construct a new facility at its Mysore property, while ₹39.5 crore is earmarked for upgrading the existing Mysore unit, including external electrical systems. It will also allocate ₹54.6 crore to enhance its IT infrastructure, with the balance set aside for general corporate needs.