The company had raised Rs 150 crore from anchor investors on November 18, with the 30-day lock-in expiring on December 24 and the 90-day lock-in ending on February 22. The issue’s allotment was finalised on November 24.
Subscription details
The IPO, priced at Rs 120 a share, saw overall subscription of 45.46 times. The issue included a fresh component of Rs 180 crore and an offer for sale of Rs 320 crore by promoters and early shareholders. While the institutional book was subscribed over 50 times, non-institutional investors bid more than 107 times the shares on offer, signalling strong appetite from high-net-worth and proprietary desk participants. Retail investors also showed significant interest with 16.44 times subscription.
About the company
Founded in 2000, Excelsoft has built a suite of AI-powered learning and assessment products used by schools, universities, corporates and government clients worldwide. Its SARAS assessment engine, EasyProctor remote proctoring platform and learning experience systems are deployed across more than 200 organisations. The company supports over 30 million learners through clients such as Pearson, AQA Education, Brigham Young University, Colleges of Excellence and other long-standing global relationships.
With presence in India, Singapore, Malaysia, the UK and the US, the company has expanded into a multi-geography enterprise platform provider supported by a workforce of more than 1,100 employees.Financially, Excelsoft reported a 24% rise in FY25 revenue to Rs 248.80 crore and a sharp 172% increase in net profit to Rs 34.69 crore compared to FY24. EBITDA increased to Rs 73.26 crore, lifting operating margins to above 31%. The company maintains a low leverage position, with a debt-equity ratio of 0.05 as of FY25.However, the IPO valuation remains on the higher side: the issue is priced at 57.46 times post-issue earnings, placing it at a premium to several listed SaaS and digital services peers.
A portion of the IPO proceeds will be used to fund capital expenditure for a new building at its Mysuru property, upgrade its existing facility, modernise IT infrastructure and support general corporate requirements. The capex-heavy allocation reflects the company’s focus on scaling product platforms and expanding global delivery capabilities.
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