Saas company Excelsoft Technologies shares are set for debut on the BSE and NSE on November 26, after its IPO attracted massive interest from investors last week. This would be the 11th company scheduled for listing in the current month, from the mainboard segment.
The Rs 500-crore maiden public issue saw 43.19 times subscription during November 19-21 with non-institutional investors leading the support, picking 101.69 times their allotted quota. The portions set aside for qualified institutional buyers and retail investors were subscribed 47.55 times and 15.62 times, respectively.
Even after healthy subscription numbers, Excelsoft IPO shares could not attract strong premium in the grey market, trading in the single digit premium over the final offer price.
According to the market observers, IPO shares traded at around 6 percent premium in the grey market, which is an unofficial platform for trading in IPO shares till listing on the bourses.
Generally, the participants look at the grey market to know about potential listing gains or price of the company.
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Excelsoft Technologies, the global vertical SaaS company focussing on the learning and assessment market and valued at Rs 1,381 crore, has fixed the final issue price at the upper end of price band of Rs 114-120 per share.
The IPO was comprised of fresh issuance of shares worth Rs 180 crore, and an offer-for-sale of Rs 320 crore worth shares by promoter entity Pedanta Technologies.
The Karnataka-based company that focusses on assessment market through AI-based assessment & proctoring solutions will spend Rs 61.7 crore of net fresh issue proceeds (Rs 164.9 crore) for purchase of land and construction of new building at the Mysore property, and Rs 39.5 crore for upgradation including external electrical systems of existing facility at Mysore.
Further, Rs 54.6 crore will be used for upgradation of company’s IT infrastructure, and the remainder funds amounting to Rs 8.98 crore for general corporate purposes.
Anand Rathi Advisors acted as the merchant banker for the Excelsoft Technologies IPO.
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