Excelsoft Technologies IPO subscribed 45 times on Day 3
What's the story
Excelsoft Technologies' initial public offering (IPO) has been oversubscribed by a whopping 45.46 times on Day 3 of the bidding process. The ₹500 crore issue, which opened for subscription from November 19 to November 21, has received bids for over 132.6 crore shares against the offered size of about 2.92 crore shares. Non-institutional investors showed strong interest in the IPO with their portion being oversubscribed by over 107 times.
Investor response
Institutional investors show strong interest in Excelsoft's IPO
The Qualified Institutional Buyers (QIB) segment also showed similar enthusiasm, with its portion being booked by 50 times. The retail quota was subscribed by 16.44 times. The IPO comprises a fresh issue of 1.5 crore shares worth ₹180 crore and an offer for sale of 2.67 crore shares worth ₹320 crore at a price band of ₹114-120 per share.
Upcoming dates
Excelsoft Technologies's IPO allotment and listing schedule
The allotment for the IPO will be finalized on Monday, November 24. The company will process refunds for non-allottees on November 25 and shares will be credited to allotted investors' accounts on the same day. The mainboard IPO is expected to list on both NSE and BSE, tentatively on Wednesday, November 26. Excelsoft Technologies plans to use the proceeds from this issue for capital expenditure toward a new building at its Mysore property among other upgrades.
Company profile
Excelsoft Technologies's business model and market presence
Founded on June 12, 2000, Excelsoft Technologies is a global vertical SaaS company focused on the learning and assessment market. The company provides technology-based solutions across various learning and assessment segments through long-term contracts with enterprise clients worldwide. Their platforms are cloud-based with open and industry standards-compliant APIs ensuring scalability across organizations and users while maintaining security and performance as core to their product offerings.