Excelsoft Tech IPO subscribed 1.45 times on Day 1; Check GMP, other key details

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Excelsoft Tech IPO saw robust subscription in the primary as the issue got fully subscribed on the first day of share sale on Wednesday.

The Rs 500-crore IPO of Excelsoft Technologies, a vertical SaaS (software-as-a-service) company focused on the learning and assessment market received bids for 4.45-crore shares against 3.07 crore shares on offer, translating to 1.45 times subscription, as per details available with the NSE.

Among investor categories, non-institutional investors' portion fetched 2.45 times subscription while the quota for Retail Individual Investors (RIIs) received 1.85 times subscription.

Earlier, it garnered Rs 150 crore from anchor investors on November 18.

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According to platforms tracking the grey market activities, the shares of Excelsoft Tech are commanding a GMP of 10 percent in the unregulated market. Investorgain quoted a GMP of Rs 12 for the shares of the company, indicating a listing gain of 10 perent. IPO Watch quoted a GMP of 13 percent.

The IPO with a price band of Rs 114 to Rs 120 per share will conclude on November 21.

The company proposes to utilise 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.

Excelsoft Tech will be listed on both NSE and BSE on November 26, while the allotment is expected by November 24.