Excelsoft Technologies Limited is coming up with its IPO on 19 November 2025, aiming to raise ₹500 crore through a mix of fresh issue and offer for sale (OFS). The company is a global vertical SaaS provider in the fast‑growing learning, assessment, and digital education technology space. Founded in 2000, Excelsoft Technologies has evolved from being an education software provider to a comprehensive solutions company that now supports 200+ organizations and impacts 30 million+ learners globally. With strong revenue growth, increasing profitability, a diversified clientele, and global operations, the company is attracting significant investor attention.
In this detailed IPO review, we deep dive into:
- About the company
- Competitive strengths
- IPO issue details
- Financial performance
- P/E ratio compared to peers
- Objects of the issue
- Reasons to invest
- Risk factors
- Grey market premium (GMP)
- How to apply for the IPO
- Conclusion – Should you invest or avoid?
- FAQs
Let’s begin.
About Excelsoft Technologies Limited
Excelsoft Technologies is a global learning and assessment technology company offering AI-driven platforms, test and assessment systems, online proctoring, learning management solutions, digital eBooks, K12 learning modules, and student success platforms.
Key Products & Platforms
- Assessment & Proctoring Solutions: SARAS e-Assessments, EasyProctor.
- Learning & Student Success Systems: SARAS Learning Solutions, OpenPage, EnablED, CollegeSparc.
- K12 Learning Solutions: LearnActiv.
Key Client Base
Excelsoft serves:
- Universities, colleges, schools
- Government and defence institutions
- Educational publishers
- Corporate learning clients
Some marquee clients include:
Pearson Education, AQA Education, Colleges of Excellence, Ascend Learning, Brigham Young University (USA) and others.
Global Presence
The company operates from:
- India
- Malaysia
- Singapore
- UK
- USA
As of June 2025, Excelsoft employs 1,118+ people.
Competitive Strengths
1. Strong Expertise in Digital Learning & Assessment Technology
With 25+ years of experience, the company is a leader in online assessments, digital learning, and information management systems.
2. Long-Term Relationships With Global Clients
Many global education companies and institutions have been working with Excelsoft for several years, providing stable recurring revenue.
3. Fully Compliant Digital Solutions
Products comply with the latest global standards and regulations—making them attractive for academic institutions, assessments, and government use.
4. Agile and Technology-Agnostic Development
Excelsoft’s agility allows it to customize solutions quickly for diverse client needs.
5. Strong Operating Parameters
Healthy EBITDA margins, strong RoCE, and very low debt position strengthen business stability.
6. Highly Experienced Leadership Team
Founders and promoters bring deep expertise in learning technologies and product engineering.
Excelsoft Technologies IPO Issue Details
| Particulars | Details |
|---|---|
| IPO Dates | 19 Nov 2025 to 21 Nov 2025 |
| Listing Date | 26 Nov 2025 (Tentative) |
| Issue Price Band | ₹114 – ₹120 per share |
| Face Value | ₹10 per share |
| Lot Size | 125 shares |
| Minimum Investment (Retail) | ₹15,000 |
| Issue Size | ₹500 crore |
| Fresh Issue | ₹180 crore |
| OFS | ₹320 crore |
| Listing Exchanges | BSE, NSE |
| Book Running Lead Manager | Anand Rathi Advisors Ltd. |
| Registrar | MUFG Intime India Pvt Ltd |
IPO Reservation
- QIB – Not more than 50%
- Retail – Not less than 35%
- NII – Not less than 15%
Financial Performance
(₹ in crore)
| Period | 30 Jun 2025 | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Assets | 478.34 | 470.49 | 421.03 | 436.13 |
| Total Income | 60.28 | 248.80 | 200.70 | 197.97 |
| PAT | 6.01 | 34.69 | 12.75 | 22.41 |
| EBITDA | 10.18 | 73.26 | 54.97 | 68.18 |
| Net Worth | 375.95 | 371.29 | 297.30 | 278.08 |
| Borrowings | 37.82 | 26.59 | 76.73 | 118.09 |
Financial Highlights
- Revenues grew 24% YoY in FY25.
- PAT jumped 172% YoY, indicating strong profitability improvement.
- Debt-to-equity reduced significantly to 0.05, showcasing strong balance sheet.
- EBITDA margin: 31.40%
- PAT margin: 14.87%
- ROE: 10.38%
- ROCE: 16.11%
P/E Ratio Comparison With Peers
| Company | P/E Ratio |
|---|---|
| Highest P/E Peer (example: Tata Elxsi) | ~70x |
| Lowest P/E Peer (example: MPS Ltd) | ~22x |
| Industry Average | ~40x |
| Excelsoft Technologies (Post IPO) | 57.46x |
Interpretation
- Excelsoft’s valuation is higher than industry average.
- It is priced lower than premium peers but higher than mid-sized tech players.
- Investor expectation for future growth is already built into pricing.
Objects of the Issue
Company plans to use net proceeds for:
1. Capital Expenditure – New Building & Land (Mysore)
₹719.66 million will be invested.
2. Upgradation of Existing Facility (Mysore)
₹395.11 million dedicated to external electrical and facility upgrades.
3. IT Infrastructure Modernization
₹546.35 million allocated to software, hardware, and network systems.
4. General Corporate Purposes
Working capital, business expansion, and other needs.
Reasons to Invest in Excelsoft Technologies IPO
1. Strong Position in High-Growth EdTech & Assessment Space
The growing digital learning and online assessment industry is driving demand for AI-based evaluation tools, eLearning, and student engagement platforms.
2. Long-Standing Global Client Relationships
Sticky customers ensure predictable and recurring revenue.
3. Healthy Financial Growth
Sharp rise in profit, high margins, and strong cash flow creating a compelling financial story.
4. Low Debt, Strong Balance Sheet
Debt-to-equity of just 0.05 makes the company financially resilient.
5. Investment in Infrastructure Shows Expansion Potential
New facilities & tech modernization indicate future scaling.
6. Global Presence Diversifies Revenue
Operating across the US, UK, Singapore, and more reduces geographical risk.
Risk Factors of Excelsoft Technologies IPO
1. High Valuation
Post-IPO P/E of 57x is on the higher side, leaving limited margin of safety.
2. Heavy Dependence on a Few Large Clients
Loss of a top customer could significantly impact revenues.
3. EdTech Industry Volatility
Changing regulatory, academic, and digital adoption patterns can impact revenues.
4. OFS Component is Large (₹320 crore)
Promoters selling a significant stake may concern some investors.
5. Competition From Global EdTech Players
Companies like Blackboard, Coursera, Pearson, and multiple startups pose competitive threats.
Grey Market Premium (GMP)
As of the latest available data (unofficial sources):
Excelsoft Technologies IPO GMP: ₹5 per share
Note: GMP fluctuates daily and is not an official indicator of listing price.
How to Apply for Excelsoft Technologies IPO?
You can apply using:
1. UPI-Based ASBA (Retail Investors)
Using apps such as:
- Zerodha
- Upstox
- Groww
- Paytm Money
- Angel One
2. Net Banking ASBA
Available in banks like:
HDFC Bank, ICICI Bank, SBI, Axis Bank, Kotak Mahindra Bank.
Steps:
- Log in to brokerage or bank account.
- Go to IPO section.
- Select “Excelsoft Technologies IPO”.
- Enter lot quantity.
- Approve UPI mandate.
- Application successfully submitted.
Conclusion – Should You Invest or Avoid?
Excelsoft Technologies IPO combines:
- Strong global EdTech positioning
- Growing profitability
- Low debt, high margins
- Long-term client relationships
- Investment in infrastructure for future expansion
However, valuation is on the higher side, and dependency on a few clients plus global competition are key risks.
My View:
Short-term investors: May consider listing gains, but valuation risk remains.
Long-term investors: Can consider selective investment given strong fundamentals, but should be cautious due to premium pricing.
FAQs
1. What is the Excelsoft Technologies IPO date?
19–21 November 2025.
2. What is the price band?
₹114 to ₹120 per share.
3. What is the minimum investment required?
₹15,000 for retail investors.
4. What is the GMP?
Current GMP: ₹0–₹5 (subject to change).
5. What does Excelsoft Technologies do?
A global digital learning, assessment, proctoring, and educational SaaS provider.
6. Should I apply for this IPO?
Yes, with caution—good company, but premium valuation.
7. When will the shares list?
Tentatively on 26 November 2025.
Disclaimer: IPO investments are subject to market risks. This article is for educational purposes only and is not financial advice. Please consult your financial advisor before investing.
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