In November 2025, the Indian Stock Market remains active as tech-led businesses tap investors for growth capital. Against this backdrop, Excelsoft Technologies Ltd opens its IPO on November 19, 2025, offering exposure to a global vertical SaaS provider focused on digital learning and assessments.
Below is a structured look at the company, its IPO, and the industry outlook.
About Excelsoft Technologies Ltd.
Founded in 2000, Excelsoft Technologies builds AI-powered learning and assessment platforms used by publishers, universities, schools, governments, defence organisations, and enterprises. Its product suite includes:
- Assessment & Proctoring: SARAS e-Assessments, EasyProctor
- Learning & Student Success: SARAS Learning Solutions, OpenPage (digital books), EnablED (LXP), CollegeSparc, LearnActiv (K-12)
The company operates across India, Malaysia, Singapore, the UK, and the USA, serving 200+ organisations and impacting 30M+ learners. As of June 30, 2025, Excelsoft had 1,118 employees.
Promoters: Pedanta Technologies Pvt. Ltd., Dhananjaya Sudhanva, Lajwanti Sudhanva, Shruthi Sudhanva.
Excelsoft Technologies IPO Details
| IPO Date | November 19, 2025, to November 21, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹114 to ₹120 per share |
| Lot Size | 125 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 4,16,66,666 shares (aggregating up to ₹500.00 Cr) |
| Fresh Issue | 1,50,00,000 shares (aggregating up to ₹180.00 Cr) |
| Offer for Sale | 2,66,66,666 shares of ₹10 (aggregating up to ₹320.00 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 10,00,84,164 shares |
| Share Holding Post Issue | 11,50,84,164 shares |
| Lead Manager | Anand Rathi Advisors Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
Important IPO Timeline
| Event | Date |
| IPO Open Date | November 19, 2025 (Wed) |
| IPO Close Date | November 21, 2025 (Fri) |
| Tentative Allotment | November 24, 2025 (Mon) |
| Initiation of Refunds | November 25, 2025 (Tue) |
| Credit of Shares to Demat | November 25, 2025 (Tue) |
| Tentative Listing Date | November 26, 2025 (Wed) |
| Cut-off time for UPI mandate confirmation | 5 PM on November 21, 2025 |
IPO Reservation
| Investor Category | Allocation |
| QIB | Not more than 50% of Net Offer |
| Retail | Not less than 35% of Net Offer |
| NII | Not less than 15% of Net Offer |
Excelsoft Technologies: Financials
Excelsoft Technologies Ltd. Financial Information (Restated Consolidated) — ₹ Crore
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 478.34 | 470.49 | 421.03 | 436.13 |
| Total Income | 60.28 | 248.80 | 200.70 | 197.97 |
| Profit After Tax | 6.01 | 34.69 | 12.75 | 22.41 |
| EBITDA | 1.83 | 3.14 | 54.97 | 68.18 |
| Net Worth | 375.95 | 371.29 | 297.30 | 278.08 |
| Reserves & Surplus | 274.25 | 269.66 | 295.71 | 276.48 |
| Total Borrowing | 37.82 | 26.59 | 76.73 | 118.09 |
Key Performance Indicators
| KPI | Value |
| ROE | 10.38 |
| ROCE | 16.11 |
| Debt/Equity | 0.05 |
| RoNW | 10.38 |
| PAT Margin | 14.87% |
| EBITDA Margin | 31.40% |
| Price to Book Value | 3.23 |
| Market Cap | 1,381.01 Cr |
EPS & P/E Ratio
|
|
Pre IPO | Post IPO |
| EPS (₹) | 3.47 | 2.09 |
| P/E (x) | 34.62 | 57.46 |
Promoter Holding
| Pre-Issue | Post-Issue | |
| Promoter Holding | 94.60% | – |
Objects of the Issue
| S.No. | Purpose | Amount (₹ in Millions) |
| 1 | Purchase of land & construction of a new building at the Mysore property | 719.66 |
| 2 | Upgradation incl. external electrical systems at existing Mysore facility | 395.11 |
| 3 | Upgradation of IT infrastructure (software, hardware, comms & network) | 546.35 |
| 4 | General corporate purposes | Balance |
Industry Outlook
- EdTech & Assessment digitisation: Global demand for secure, scalable online assessments, AI-assisted proctoring, and learning platforms continues to expand across academia and professional credentialing.
- SaaS economics: Recurring, multi-year licensing with large institutions supports visibility; integration with LMS/LXP and content ecosystems is increasingly standard.
- Compliance & security: Data privacy, high-stakes exam integrity, and accessibility requirements favour established vendors with proven platforms—an area where Excelsoft competes.
Excelsoft Technologies IPO: Peer Comparison
Excelsoft Technologies’ IPO can be compared with peers like CleverTap Ltd, Intellinet Systems Ltd, Veranda Learning Solutions Ltd, R Systems International Ltd, and NIIT Ltd. Reviewing these companies helps investors gauge Excelsoft Technologies’ standing within the edtech and SaaS-based learning solutions sector, offering a clearer understanding of its business model, market positioning, and financial performance in comparison to other digital education and enterprise technology players.
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Conclusion
Excelsoft Technologies brings a vertical SaaS story with decades of domain expertise, a broad product stack (assessment + learning), marquee global clients, and improving metrics (FY25 PAT up 172% YoY). Proceeds are geared to capacity expansion (new campus build), facility upgrades, and IT modernisation, which can support scale.
That said, investors should watch for final price band, lot size, and post-issue metrics, assess customer concentration, and evaluate margins given investment cycles in product development and enterprise sales.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
