IPOs in India next week: Excelsoft leads a quieter lineup
What's the story
Next week, the Indian primary market will witness a lull with just two initial public offerings (IPOs) on the calendar. Excelsoft Technologies and Gallard Steel will open their IPOs on November 19. The main focus of the market will be on Excelsoft's ₹500 crore issue. Despite the slowdown in primary activity, eight listings from recently closed or ongoing IPOs are expected to keep Dalal Street busy.
IPO specifics
Excelsoft's IPO details and future plans
Excelsoft Technologies, a global vertical SaaS company specializing in learning and assessment solutions, will open its ₹500 crore IPO on November 19. The issue comprises a fresh issue of ₹180 crore and an offer for sale of ₹320 crore. The price band is fixed at ₹114-120 per share. The company intends to use the funds to acquire land and build a new facility in Mysore, upgrade its existing unit there, strengthen IT infrastructure among other things.
Business overview
Excelsoft's global presence and financial performance
With over two decades of experience in the ed-tech space, Excelsoft serves 76 clients across 19 countries. Its client base includes Pearson Education, AQA Education, Ascend Learning and Brigham Young University - Idaho. For FY25, the company reported a revenue of ₹233.29 crore and a profit of ₹34.69 crore. The rapid growth of vertical SaaS globally is highlighted in its RHP with AI-enabled learning and proctoring tools being key growth drivers.
SME listing
Gallard Steel's IPO and market expectations
Along with Excelsoft, Gallard Steel will launch its ₹37.5 crore IPO on the SME platform on November 19. The issue is priced at ₹142-150 per share and will be listed on the BSE SME exchange. Despite being smaller in size, it adds to the week's limited pipeline of new listings. With just one mainboard and one SME listing, next week is a quieter period for the primary market.