Excelsoft Technologies, Meir Commodities file DRHP for IPO

In a fresh development in the primary market, Excelsoft Technologies and Meir Commodities India have filed their draft red herring prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) to raise funds through initial public offering (IPO). While Meir Commodities is a Mumbai-based company engaged in the domestic and export trading of B2B agriculture-based commodities, Mysore-headquartered Excelsoft Technologies is a global vertical SaaS company focused on the learning and assessment market.

Here is all you need to know about these fresh IPOs:

Meir Commodities India

The IPO of agri commodity company, focused on sugar, khandsari and sugar allied products, is a mixture of fresh equities and offer for sale (OFS) by existing shareholders. The issue, with a face value of ₹10, is a mix of fresh issues of shares up to 52.94 lakh and an OFS of up to 35.29 lakh equity shares by selling shareholders Rahil Irfan Iqbal Shaikh.

The company intends to use proceeds from the fresh issue to the extent of ₹48.75 crores for funding working capital requirements and meet general corporate purposes.

The company has reserved 50% of the issue for qualified institutional buyers, 15% to non-institutional investors, and 35% for retail individuals.

Incorporated on May 11, 2018, Mier Commodities India is engaged in B2B trading of agricultural commodities, led by Rahil Irfan Iqbal Shaikh, an industry veteran with 18 years of experience. It operates as an intermediary, connecting sugar mills and distributors and ensuring seamless supply chain management. Its diverse product portfolio includes sugar, rice, pulses, spices, and other agricultural commodities, with a strong presence in both domestic and international markets.

While most sales are conducted through third-party distributors in India, Mier also exports to over 15 countries, including the UAE, Turkey, Singapore, the UK, and Europe. Additionally, the company imports pulses and spices from nations like Tanzania, Russia, South Africa, UAE, Canada, and Singapore to meet customer demand.

In fiscal 2024, Mier ranked as India's fourth-largest exporter of khandsari, holding a 4.2% share by value and 11.7% by volume, according to a D&B Report mentioned in the DRHP. Since its inception, Mier has supplied over 13,31,901 metric tons of agricultural products, including 10,93,839 metric tons domestically and 2,38,062 metric tons in the global market. From handling its first order of 22 MT of sugar, Mier has scaled up to processing single orders of 68,500 MT.

Meir Commodities' consolidated revenue from operations and profit after tax stood at ₹910.65 crore ₹7.87 crore, respectively, in fiscal 2024. For the six months ended September 30, 2024, revenue from operations stood at ₹541.64 crore, and profit was at ₹2.27 crore.

Excelsoft Technologies

Established in 2000, Excelsoft Technologies, a software as a service (SaaS) company, looks to raise ₹700 crore via IPO route. As per the DRHP filed with the SEBI, the proposed IPO of the Karnataka-based company is a combination of a fresh issue of equity shares aggregating up to ₹210 crore and OFS of shares worth up to ₹490 crore by the promoter selling shareholders - Pedanta Technologies Private Limited and Dhananjaya Sudhanva.

Excelsoft Technologies proposes to utilize the net proceeds of the fresh issue towards funding of capital expenditure for purchase of land and construction of a new building and for upgradation and external electrical systems of its existing facility in Mysore. A part of the capital will be used for funding upgradation of the company’s IT infrastructure (software, hardware and communications & network services); and meet general corporate purposes.

Excelsoft provides technology-based solutions across diverse learning and assessment segments through long-term contracts with enterprise clients worldwide. As on December 31, 2024, it caters to 71 clients spread across 17 countries, including USA, UK, India, Singapore, Australia, Japan, Malaysia, Saudi Arabia, UAE and Canada.

On the financial front, it reported revenue from operations of ₹198.3 crore in FY24, and a PAT of ₹12.75 crore.

Anand Rathi Advisors Limited is the Book Running Lead Manager to the issue. The equity shares of the company are proposed to be listed on BSE and NSE.