Excelsoft Tech shares debut 12.5 pc higher

New Delhi, Nov 26 (PTI) Shares of Excelsoft Technologies Ltd on Wednesday listed with a premium of 12.5 per cent against the issue price of Rs 120.

The stock made its market debut at Rs 135, rallying 12.5 per cent from the issue price on both the BSE and NSE.

Later, the stock surged 18.87 per cent to Rs 142.65 on the BSE.

The company's market valuation stood at Rs 1,600.25 crore during the morning trade.

The initial public offer of Excelsoft Technologies Ltd received 43.19 times subscription on the closing day of bidding on Friday last week.

Excelsoft Technologies is a vertical SaaS (software-as-a-service) company focused on the learning and assessment market. The Rs 500-crore IPO had a price band of Rs 114-120 per share.

The Initial Public Offer (IPO) had a fresh issue aggregating up to Rs 180 crore and an offer for sale aggregating up to Rs 320 crore.

The company plans to utilise Rs 61.76 crore from the fresh issue for the purchase of land and construction of a new building at the Mysore Property, Rs 39.51 crore for upgradation and external electrical systems of its existing facility at Mysore, Rs 54.63 crore for funding upgradation of the company's IT Infrastructure and the balance towards general corporate purposes.

With over two decades of experience, Excelsoft provides technology-based solutions across diverse learning and assessment segments through long-term contracts with enterprise clients worldwide.

Some of its prominent clients are Pearson Education, Inc., AQA Education, Colleges of Excellence, NxGen Asia PTE LTD, Pearson Professional Assessments Ltd, Sedtech for Technology Education & Learning WLL, Ascend Learning LLC, Brigham Young University--IDAHO, Training Qualifications UK, Surala Net Co Ltd, Excel Public School and The Chartered Quality Institute. PTI SUM SUM DR DR