ET
Excelsoft Technologies
Book Building issueMainboardNSE₹500 Cr issue
+12.50%
Listing gain over issue price
Issue size
₹500 Cr
1 lot at cut-off
₹15,000
Lot size
125shares
Open
19 Nov 2025
Close
21 Nov 2025
Allotment
24 Nov 2025
Listing
26 Nov 2025
Listing performance
Issue price
₹120
Listed at
₹135
Listing-day close
₹125.97
Latest price
₹81.78
Listing gain
+12.50%
Return since listing
-31.85%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹4
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 26 Nov 2025 | ₹4 | +3.33% | ₹400 | ₹124 | ₹500 |
| 25 Nov 2025 | ₹7 | +5.83% | ₹700 | ₹127 | ₹875 |
| 24 Nov 2025 | ₹6 | +5.00% | ₹600 | ₹126 | ₹750 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 19 Nov 2025 – 21 Nov 2025
- Listing date
- 26 Nov 2025
- Face value
- ₹10 per share
- Issue price
- ₹120 per share
- Lot size
- 125 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹500 Cr
- Market cap at offer price
- ₹1,381 Cr
- Promoter holding
- 94.60% → 59.09% pre-issue → post-issue
- ISIN
- INE606N01019
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Anand Rathi Advisors Ltd.
- Registered office
- 1-B, Hootagalli Industrial Area, Karnataka
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 1,24,99,999 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 125 shares per lot, in multiples, at ₹120
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 125 | ₹15,000 |
| Retail (max) | 13 | 1,625 | ₹1,95,000 |
| S-HNI (min) | 14 | 1,750 | ₹2,10,000 |
| S-HNI (max) | 66 | 8,250 | ₹9,90,000 |
| B-HNI (min) | 67 | 8,375 | ₹10,05,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
1,24,99,999
Anchor portion
₹150 Cr
at ₹120 per share
Valuation and performance
Valuation at offer price
₹120 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.47 | 2.09 |
| P/E (×) | 34.58 | 57.42 |
| Price to book (×) | 3.23 | — |
| Market cap | — | ₹1,381 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 10.38%
- ROCE
- 16.11%
- Debt / equity
- 0.05
- PAT margin
- 14.87%
- EBITDA margin
- 31.40%
- NAV per share
- ₹37.10
- Price to book
- 3.23
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Excelsoft Technologies
Excelsoft Technologies Limited is a publicly listed vertical SaaS company with over two decades of experience in the learning and assessment market. Operating from Mysore, India, with subsidiaries in the USA, UK, and Singapore, the company develops and delivers technology-based solutions including cloud-based assessment platforms (SARAS), remote proctoring solutions (Easy Proctor), learning experience platforms (EnablED), and educational content solutions. The company generates revenue through long-term contracts with enterprise clients including Pearson Education Group (which accounted for 59.24% of revenue in Q1 FY2025), qualifications agencies, higher education institutions, corporates, and government entities. The company employs an asset-light, scalable business model with a focus on innovation in artificial intelligence, machine learning, and large language models (LLMs) integrated into its products and services.
Company Analysis
from RHPExcelsoft Technologies Limited is a global vertical SaaS company providing cloud-based learning and assessment solutions through AI-powered platforms and digital products for educational, certification, and corporate clients worldwide.
Excelsoft Technologies Limited is a publicly listed vertical SaaS company with over two decades of experience in the learning and assessment market. Operating from Mysore, India, with subsidiaries in the USA, UK, and Singapore, the company develops and delivers technology-based solutions including cloud-based assessment platforms (SARAS), remote proctoring solutions (Easy Proctor), learning experience platforms (EnablED), and educational content solutions. The company generates revenue through long-term contracts with enterprise clients including Pearson Education Group (which accounted for 59.24% of revenue in Q1 FY2025), qualifications agencies, higher education institutions, corporates, and government entities. The company employs an asset-light, scalable business model with a focus on innovation in artificial intelligence, machine learning, and large language models (LLMs) integrated into its products and services.
Educational Technology (EdTech)Assessment and Proctoring SolutionsLearning Management SystemsCorporate Learning and DevelopmentDigital Content and PublishingVertical SaaS
Objects of the Issue
- Funding of capital expenditure for purchase of land and construction of new building at the Mysore Property (1-C-Part plot measuring 10,113.00 square feet in Hootagalli Industrial Area, Mysore) ₹ 617.66 million p.23
- Funding of capital expenditure for upgradation and external electrical systems of our Existing Facility at Mysore, India ₹ 395.11 million p.23
- Funding upgradation of our Company's IT Infrastructure (Software, Hardware and Communications & Network Services) ₹ 546.35 million p.23
- General Corporate Purposes p.23
- Funding of capital expenditure for purchase of land and construction of new building at the Mysore Property ₹303.13 million p.61
- Funding of capital expenditure for purchase of land and construction of new building at the Mysore Property (Plot No. 1-C-Part of Hootagalli Industrial Area) ₹617.66 million p.125
- Funding of capital expenditure for upgradation and external electrical systems of our Existing Facility at Mysore, India ₹395.11 million p.125
- Funding upgradation of our Company's IT Infrastructure (Software, Hardware and Communications & Network Services) ₹546.35 million p.125
- General Corporate Purposes [●] p.125
- Fresh Offer for general corporate purposes (specific uses not detailed in this excerpt) ₹1,800.00 million p.440
Issue Structure
- Total Issue
- Up to ₹ 5,000.00 million
- Fresh Issue
- Up to ₹ 1,800.00 million
- Offer for Sale
- Up to ₹ 3,200.00 million by Pedanta Technologies Private Limited
- Price Band
- Floor Price: ₹ [●]; Cap Price: ₹ [●] (to be decided)
- Lot Size
- [●] Equity Shares (Bid Lot size and multiples to be decided)
- Face Value
- ₹ 10/- per Equity Share
Business Model
The company earns revenue through multiple streams: (a) Product Pricing for cloud-based SaaS platforms; (b) Customization services for enterprise clients; (c) Support Contracts for ongoing service maintenance; (d) Services Pricing for implementation and consulting. Revenue is structured around long-term contracts with milestone-based billing aligned with project delivery. The company operates an asset-light model leveraging cloud infrastructure (AWS, Microsoft Azure) and proprietary technology to serve diverse customer segments including certification bodies, higher education institutions, corporate training departments, and government agencies.
Business Segments
Delivers high-stakes online examinations, certification exams, and remote proctoring solutions through the SARAS eAssessment platform and easyProctor remote proctoring product. Used by qualifications and certification bodies, awarding bodies, admission test councils, corporates and government entities for question creation, test construction, delivery, marking, report generation and analytics.
Provides technology-based learning solutions and services to educational institutions and enterprises. The largest segment by revenue, contributing the majority of the company's revenue stream.
Includes College SPARC (Student advising and career planning platform) and related student success solutions designed to support learner outcomes and institutional effectiveness.
Provides content creation and learning design services including LearnActiv – K12 Learning Solutions (physical and digital activity-based learning material for K-12) and OpenPage (digital interactive E-Book ecosystem).
Provides assessment and proctoring solutions to customers
Provides educational technology services
Provides learning and student success solutions
Provides learning design and content solutions
AI-based Assessment & Proctoring Solutions through Saras eAssessment platform and easyProctor remote proctoring product for delivering high-stakes examinations and tests. Used by qualifications and certification bodies, admission test councils, corporates and government entities.
Suite of platforms and solutions helping publishers manage digital online learning solutions including subscription management, digital asset management and analytics. Includes SARAS Learning Management Systems (LMS), EnablED Learning Experience Platform (LXP), OpenPage digital interactive book system, and CollegeSPARC student success solution supporting universities in enrollment, academic planning and career development.
Services leveraging domain and technology expertise to help customers modernise their platforms while improving scalability, security, performance and accessibility. Includes design and development of new platforms and products.
Content related services including authoring, editorial and content conversion. Delivered by team of professionals experienced in instructional design, learning experience design, content design and global content standards with understanding of pedagogy and technology.
Comprises SARAS e-Assessments and EasyProctor products providing comprehensive assessment management and secure online remote proctoring solutions with AI-powered identity verification and test administration capabilities.
Provides learning management systems and student success platforms including SARAS Learning Solutions, OpenPage digital publishing, EnablED enterprise LMS, CollegeSPARC student success platform, and LearnActiv K-12 early childhood education solutions.
Provides end-to-end product engineering and customized solutions including Product Engineering, Custom Solutions, Cloud Services, Data Analytics, Consulting, and Accessibility Testing Services leveraging high-end technology stack and deep domain knowledge.
Delivers instructional design and strategy, custom content development, content conversion services, and learning design for clients in the education and training sectors.
IT services comprising software development and related services and maintenance
Licensing of learning and assessment software products and platforms, licensing educational learning material copy rights and content services
SWOT Analysis
Strengths
- • ISO certifications for information security and quality management(p.48)
- • Dedicated and talented team with expertise in training and education(p.47)
- • Expertise in product engineering, development and implementation across digital solutions(p.143)
- • Long-standing relationships with global customers(p.143)
- • Proven capability delivering fully compliant digital learning and assessment solutions globally(p.143)
- • Experienced management team with professional governance standards(p.143)
- • Low financial leverage with net debt-to-equity ratio of 0.05(p.146)
- • Expertise in product engineering across assessments, digital learning, and information management systems(p.201)
- • Long-term relationships with global customers(p.201)
- • High gross profit margin of 61.67% in Fiscal 2025(p.200)
- • Flexibility to work with diversified technologies and agile methodologies(p.204)
- • Experienced management team with 32+ years in IT sector(p.206)
- • Robust operating parameters ensuring consistency and efficiency(p.205)
- • ISO/IEC 27001:2022 certified for Information Security Management System(p.198)
- • Advanced AI-powered products with integrated LLMs and automated assessment capabilities(p.209)
- • Long-established research partnership with IIT Ropar for innovation in edtech(p.217)
- • Broad portfolio of industry awards and recognitions spanning two decades(p.231)
- • Established customer base across geographies with two decades of implementation experience(p.216)
- • Modular AI-Levate platform enabling incremental adoption without wholesale system transformation(p.213)
- • Vertical SaaS focus with 20+ years in learning and assessment market(p.348)
- • Strong customer retention with top 10 clients averaging 10.8 years tenure(p.350)
- • Cloud-based, scalable platform with open industry-standard APIs(p.348)
- • Solid financial performance with PAT margin of 14.87% in FY 2025(p.350)
- • Improved profitability: PAT increased 172% from FY24 to FY25(p.369)
- • Diversified revenue streams across four business segments(p.349)
- • Strong AI innovation and capability development(p.351)
- • Low financial leverage with net debt-to-equity of 0.05 as of FY25(p.350)
Weaknesses
- • Extreme revenue concentration in two industry verticals(p.47)
- • High customer concentration risk with top 5 customers generating majority of revenue(p.54)
- • Geographic concentration risk with 60.61% revenue from USA(p.51)
- • Past history of delayed statutory filings and regulatory non-compliance(p.59)
- • Agreements executed on unstamped white papers with questionable enforceability(p.49)
- • Historical instances of delayed payment of statutory contributions (EPF, ESIC, PT)(p.57)
- • Rising customer attrition with 8% customer loss in Fiscal 2025(p.47)
- • Negative operating cash flow in recent quarter(p.55)
- • Property leases dependent on corporate promoter with no long-term guarantee(p.61)
- • Subsidiaries not audited by statutory auditors(p.73)
- • Significant dependence on a small number of top clients(p.146)
- • Concentration of operations in single location (Mysore)(p.128)
- • Pending definitive agreements for land acquisition critical to expansion(p.128)
- • Heavy reliance on leased facility for current operations(p.128)
- • Heavy revenue concentration from single customer (Pearson Education Group)(p.199)
- • Low PAT margin of 10.78% in Q1 FY26 and 14.87% in Fiscal 2025(p.200)
- • Declining EBITDA margin from 34.94% in Fiscal 2023 to 31.40% in Fiscal 2025(p.200)
- • Small number of new client additions (6 in Q1 FY26, 17 in Fiscal 2025)(p.201)
- • Low ROCE of 2.10% in Q1 FY26 (not annualized) and 16.11% in Fiscal 2025(p.200)
- • Material subsidiaries concentrated in single regions with limited revenue diversification(p.238)
- • Recent acquisition (July 2024) with minimal operating history and thin margins(p.240)
- • Insurance coverage below 100% of company assets creating unprotected risk exposure(p.218)
- • Historical non-compliance with regulatory filings and CSR requirements(p.220)
- • Significant dependence on corporate promoter for key properties and facilities(p.219)
- • Extreme customer concentration with Pearson representing 59.24% of Q1 FY26 revenue(p.352)
- • High dependency on top 5 customers representing 66.12% of total revenue in Q1 FY26(p.351)
- • Decline in Assessment & Proctoring revenue: down 13.46% in FY25(p.368)
- • Employee benefit expenses at 56.29% of total income in Q1 FY26(p.366)
- • Negative operating cash flow in Q1 FY26: (₹47.58 million)(p.371)
- • Corporate guarantee obligation of ₹3,000 million on behalf of promoter Pedanta Technologies(p.345)
Opportunities
- • Vertical SaaS positioning in expanding learning and assessment market(p.47)
- • Strategic acquisitions to expand market presence and capabilities(p.62)
- • Expansion into new geographic markets and customer segments(p.66)
- • Portfolio diversification beyond Pearson Education Group dependency(p.61)
- • R&D investment to develop innovative products and maintain technological edge(p.65)
- • Expansion through new facility construction to increase seating capacity(p.127)
- • Venture into AI-based solutions and frontier technology development(p.127)
- • Upgrade IT infrastructure to support advanced technologies and scalability(p.133)
- • Enhance operational efficiency through facility upgradation(p.131)
- • Global L&D market growing at 7.06% CAGR, expected to reach $587.61 billion by 2030(p.168)
- • APAC L&D market experiencing rapid growth with 8.07% CAGR(p.170)
- • Assessment & Proctoring market growing at 11.90% CAGR to reach $21.26 billion by 2030(p.176)
- • Vertical SaaS expected to account for nearly 50% of SaaS market by 2030(p.196)
- • Growing adoption of Learning Experience Platforms (LXPs) with 68% of L&D professionals seeing transition as essential(p.174)
- • AI integration in L&D market enabling personalized learning paths and scalable solutions(p.168)
- • Strategy to increase revenue from existing customers and acquire new customers through geographic expansion(p.207)
- • Strategy to look for synergistic acquisition opportunities to expand in education technology market(p.208)
- • Expansion of AI-enabled personalized learning and adaptive assessment market(p.209)
- • Strategic development of proprietary AI models to enhance product functionality(p.217)
- • Global expansion targeting qualification bodies, awarding bodies, and multinational corporations(p.215)
- • Growing market need for remote proctoring solutions with AI-driven integrity verification(p.209)
- • Emerging opportunities in at-risk student identification and predictive analytics(p.209)
- • AI integration as strategic growth driver across development and deployment(p.351)
- • Inorganic growth through strategic M&A to expand portfolio and capabilities(p.352)
- • Geographic diversification: North America at 60.68% of FY25 revenue offers growth potential(p.349)
- • Net new client additions trending upward: 17 new clients in FY25 vs 10 in FY23(p.350)
- • Educational Technology Services segment growing 41.31% YoY in FY25(p.368)
- • Significant headroom to convert strong profitability into shareholder value post-IPO(p.348)
Threats
- • Downturn in publisher and certification verticals could reduce demand(p.47)
- • US market downturn threatens 60.61% of current revenue(p.64)
- • Rapidly evolving regulatory framework for data protection and privacy(p.50)
- • Evolving privacy laws including GDPR, CCPA, CPRA, and DPDP Act compliance requirements(p.50)
- • Vulnerability to cyber attacks and data security breaches(p.51)
- • Intense competition from established and new market entrants(p.79)
- • Rapid technological change and risk of technology obsolescence(p.47)
- • Global economic downturn and foreign exchange volatility(p.72)
- • Tariff and trade policy uncertainties affecting global operations(p.72)
- • Macroeconomic risks including inflation, interest rates, and currency fluctuations(p.85)
- • Risk of pandemics and natural disasters disrupting operations(p.82)
- • Exposure to global economic volatility and financial instability(p.86)
- • Risk of Indian economy slowdown affecting business performance(p.86)
- • Volatility and uncertainty in financial markets post-listing(p.87)
- • Risk from international business practices and regulatory complexities(p.86)
- • Inflation pressure on operating costs and profitability(p.86)
- • Risk of competition law enforcement and market-related proceedings(p.88)
- • Significant dependency on Pearson Education Group revenue(p.199)
- • Infrastructure challenges in developing regions limiting assessment and proctoring adoption(p.183)
- • Data security and privacy concerns in assessment and proctoring market(p.183)
- • Integration challenges with legacy systems(p.183)
- • Scalability issues with proctoring solutions during peak testing periods(p.183)
- • Competition in vertical SaaS and learning assessment market(p.208)
- • Algorithmic bias in AI-based automated assessments(p.183)
- • Highly competitive vertical SaaS market with established and emerging competitors(p.216)
- • Regulatory changes in data protection and educational technology compliance requirements(p.221)
- • Dependence on emerging technology adoption by educational institutions and corporates(p.209)
- • Potential cybersecurity and data breach risks given reliance on sensitive educational and assessment data(p.221)
- • Foreign exchange volatility affecting international operations and subsidiary performance(p.239)
- • Rapid technological change and risk of obsolescence in SaaS/EdTech sector(p.351)
- • Risk of losing Pearson Education Group business would be materially adverse(p.352)
- • Evolving global privacy and data protection regulations create compliance risk(p.352)
- • Foreign currency volatility impacts margins given 68% international revenue(p.352)
- • EdTech industry susceptible to cyclicality and regulatory shifts in education sector(p.351)
- • M&A execution risk with substantial management time and costs required(p.352)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Pedanta Technologies Private Limited | Corporate Promoter / Selling Shareholder | 43.12% | — |
| Dhananjaya Sudhanva | Promoter | 38.81% | — |
| Lajwanti Sudhanva | Promoter | 11.75% | — |
| Shruthi Sudhanva | Promoter | 0.46% | — |
| Pedanta Technologies Private Limited | Corporate Promoter | 94.14% | — |
| Dhananjaya Sudhanva | Promoter | — | — |
| Lajwanti Sudhanva | Promoter | — | — |
| Shruthi Sudhanva | Promoter | — | — |
| Pedanta Technologies Private Limited | Promoter | 43.12% | [●] |
| Dhananjaya Sudhanva | Promoter | 38.81% | [●] |
| Lajwanti Sudhanva | Promoter | 11.75% | [●] |
| Shruthi Sudhanva | Promoter | 0.46% | [●] |
| Adarsh M S | Promoter Group | 0.46% | [●] |
| Pedanta Technologies Private Limited | Promoter | — | — |
| Dhananjaya Sudhanva | Promoter | — | — |
| Lajwanti Sudhanva | Promoter | — | — |
| Shruthi Sudhanva | Promoter | — | — |
| Dhananjaya Sudhanva | Promoter | 38.81% | — |
| Lajwanti Sudhanva | Promoter | 11.75% | — |
| Pedanta Technologies Private Limited | Promoter Group/Corporate Promoter | — | — |
| Pedanta Technologies Private Limited | Corporate Promoter | 43.12% | — |
| Dhananjaya Sudhanva | Individual Promoter | 38.81% | — |
| Lajwanti Sudhanva | Individual Promoter | 11.75% | — |
| Shruthi Sudhanva | Individual Promoter | 0.46% | — |
| Pedanta Technologies Private Limited | Promoter | — | — |
| Pedanta Technologies Private Limited | Promoter Selling Shareholder | — | — |
Leadership
Dhananjaya Sudhanva · Chairman and Managing Director
Shruthi Sudhanva · Whole-time Director
Subramaniam Ravi · Chief Financial Officer
Venkatesh Dayananda · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.