SEBI gives green signal to Excelsoft Technologies, VMS TMT draft papers to float IPOs

SEBI Approves Excelsoft Technologies, VMS TMT IPOs

Excelsoft Technologies, and VMS TMT have received approval from the capital markets regulator SEBI to raise funds via initial public offering (IPO).

SEBI had issued observation letter on draft papers of both companies on July 21. The issuance of observation letter means the company can float its IPO within the next one year from the receipt of the said letter.

Excelsoft Technologies, the SaaS company focused on learning and assessment solutions, filed preliminary papers with the regulator on February 28 this year to raise up to Rs 700 crore via initial share sale.

The IPO will consist of fresh issuance of equity shares worth Rs 210 crore, and an offer-for-sale of shares worth Rs 490 crore via offer-for-sale by promoters.

The Karnataka-based firm plans to utilise fresh issue proceeds for purchase of land and construction of a new building, and upgradation and external electrical systems of existing facility at Mysore,, Karnataka. Further, funds will also be used for upgradation of IT infrastructure, and general corporate purposes.

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Meanwhile, thermo mechanically treated steel bars manufacturer VMS TMT refiled its draft papers with the SEBI on March 27 this year for its IPO, after withdrawing earlier papers in October 2024. The IPO will consist of an entirely fresh issue of 1.5 crore equity shares.

The Gujarat-based company plans to utilise Rs 115 crore out of net IPO proceeds for repaying debt and the remainder for general corporate purposes.

The sole merchant banker managing the Excelsoft Technologies IPO will be Anand Rathi Advisors, and in case of VMS TMT, Arihant Capital Markets will manage the public issue.