Excelsoft Technologies IPO: SaaS firm shares list at 12.5% premium on market debut

Shares of Excelsoft Technologies, a global vertical SaaS (software-as-a-service) company, made a positive debut on the domestic bourses today, in sync with firm trading in broader market. The stock listed at ₹135 on both the BSE and NSE, a 12.5% premium to its initial public offering (IPO) price of ₹120 per share. The company’s market capitalisation rose by ₹80.56 crore to ₹1,553.64 crore.

Meanwhile, the equity benchmarks BSE Sensex and NSE Nifty50 were up by 0.5% each, tracking firm cues from global peers amid hopes of a rate cut by the U.S. Federal Reserve at the conclusion of the two-day meeting on December 10, 2025.  

The debut was better than Street expectations as Excelsoft shares were trading at a premium of ₹7 over the IPO price, indicating listing at around ₹127, up 5.83% over the issue price. The grey market premium (GMP) of Excelsoft shares touched a peak of ₹15.5 on November 19, when the issue opened for subscription.

“Excelsoft Technologies delivered a strong listing on Wednesday...The stock further rallied up to 18% intraday, reflecting healthy investor sentiment toward the company’s scalable Vertical SaaS presence in the global EdTech and digital assessment ecosystem,” said Shivani Nyati, Head of Wealth at Swastika Investmart.

Overall, while the debut was healthy, the listing is broadly in line with expectations of modest gains. “Investors who received allotments may consider booking partial profits while holding the remaining shares for medium-term growth, supported by the company’s SaaS-led model, global presence, and strong financial momentum.”

A stop-loss around ₹130 is recommended to manage downside risk, said Nyati.

IPO subscribed 45.46x

The ₹500-crore IPO of Excelsoft Technologies, which opened for bidding between November 19-21, received good response from investors, with the issue subscribing 45.46 times. The public issue was subscribed 16.44 times in the retail category, while quota reserved for qualified institutional buyer (QIB) and non-institutional investor (NII) were booked 50.06 times and 107.04 times, respectively.

The IPO is a combination of fresh issue of 1.50 crore equity shares worth ₹180 crore and offer for sale (OFS) of 2.67 crore shares amounting to ₹320 crore.

Established in 2000, Excelsoft Technologies is a global vertical SaaS provider that provides AI-powered learning and assessment solutions for the education and corporate sectors. With operations across India, Malaysia, Singapore, the UK and the USA, the company serves over 200 organisations and reaches more than 30 million learners worldwide. Its long-standing client base includes Pearson Education, AQA Education, Colleges of Excellence, NxGen Asia, and Pearson Professional Assessments.

On the earnings front, Excelsoft Technologies’ total income rose from ₹197.97 crore in FY23 to ₹200.70 crore in FY24 and further to ₹248.80 crore in FY25. Similarly, profit after tax (PAT) surged from ₹12.75 crore in FY24 to ₹34.69 crore in FY25, a 172% increase, after a dip from ₹22.41 crore in FY23. On the operating level, EBITDA also strengthened from ₹54.97 crore in FY24 to ₹73.26 crore in FY25.

As of March 31, 2025, the company’s balance sheet remains robust, with net worth rising from ₹278.08 crore in FY23 to ₹371.29 crore in FY25, while total borrowings reduced from ₹118.09 crore in FY23 to ₹26.59 crore in FY25.

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