Excelsoft Technologies cuts IPO target to Rs 500 cr; public offer to open on Nov 19

New Delhi, Nov 12 (PTI) Excelsoft Technologies, a global vertical SaaS company, is set to launch its truncated Rs 500-crore initial public offering on November 19.

The total size of the issue, however, is lower than the earlier proposed issue of up to Rs 700 crore.

The IPO will open for public subscription on November 19 and conclude on November 21. Bidding for anchor investors will open for a day on November 18, as per the red herring prospectus (RHP) filed on Tuesday.

The initial public offering (IPO) is a mix of a fresh issue of equity shares aggregating up to Rs 180 crore and an offer for sale of shares aggregating up to Rs 320 crore by the promoter -- Pedanta Technologies Pvt Ltd.

Proceeds from the fresh issue worth Rs 61.76 crore will be used to fund the purchase of land and construction of a new building at the Mysore Property, and Rs 39.51 crore for upgradation including external electrical systems of its existing facility at Mysore.

Funds worth Rs 54.63 crore will also be used 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.

Karnataka-based Excelsoft actively implements artificial intelligence (AI) in its products and services. It includes building LLMs (proprietary and hybrid), small LLMs that are device specific, and AI agents that provide intelligent user experience in both learning and assessment products.

The company's long-standing clients are Pearson Education, AQA Education, Colleges of Excellence, NxGen Asia Pte Ltd, Pearson Professional Assessments, Brigham Young University – IDAHO, Training Qualifications UK, and Excel Public School and The Chartered Quality Institute.

On the financial front, Excelsoft reported revenue from operations of Rs 233.29 crore with a profit after tax of Rs 34.69 crore in FY25.

The equity shares of the company are proposed to be listed on the BSE and NSE.

Anand Rathi Advisors Ltd is the sole book running lead manager to the issue. PTI HG HVA