Excelsoft Tech IPO to list on Nov 26; here's what GMP hints for D-St debut

Excelsoft Technologies IPO listing forecast: Excelsoft Technologies, a global vertical SaaS company, is set to make its stock market debut on Wednesday, November 26, 2025, and the grey market is hinting at a strong start.

 

The company raised ₹500 crore through its initial public offering (IPO), which comprised a combination of fresh issue of 15 million equity shares and an offer for sale (OFS) of 26.7 million equity shares.

 

The IPO witnessed robust investor interest, getting oversubscribed 43.19 times overall, driven largely by strong participation from non-institutional investors (NIIs), whose quota was booked 101.69 times. The retail investor segment and qualified institutional buyers (QIBs) also showed solid demand, oversubscribing their portions by 15.62 times and 47.55 times, respectively, according to NSE data.

 

The allotment for the IPO was finalised on Monday, November 24, 2025, and investors now await the stock’s debut. Ahead of its listing, Excelsoft’s unlisted shares were trading at around ₹125.5 per share in the grey market, indicating a premium of ₹5.5 or 4.6 per cent over the issue price of ₹120, as per sources tracking unofficial markets.

 

If grey market trends hold, Excelsoft shares could list near ₹125.5, signalling gains of about 5 per cent for IPO investors. However, analysts warn that the grey market is unregulated, and the GMP is not a reliable predictor of actual listing performance.  ALSO READ | Fractal Analytics gets Sebi nod for ₹4,900 crore IPO; check key details

Excelsoft Technologies IPO details

The IPO comprised a fresh issue of 15 million shares aggregating to ₹180 crore and an OFS of 26.7 million shares aggregating to ₹320 crore. The issue was available at a price band of ₹114 to ₹120 per share, with a lot size of 125 shares. The public issue was open for subscription from November 19 to November 21, 2025.

 

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

 

According to the red herring prospectus (RHP), the company plans to utilise ₹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.