Excelsoft Technologies IPO: A Deep Dive into Allotment, Market Debut, and Long-Term Prospects 

The Excelsoft Technologies IPO allotment has been finalized following an overwhelmingly subscribed public issue, with the overall book subscribed 43.19 times, led by a massive 101.69 times demand from non-institutional investors, signaling strong market confidence; however, the subdued grey market premium (GMP) of ₹6 points to a modest estimated 5% listing gain, reflecting a more tempered and realistic short-term sentiment despite the company’s solid fundamentals as a SaaS-based EdTech provider with a global clientele and long-standing relationships, though investors are cautioned by a significant single-client concentration risk where revenue from Pearson Education Group constitutes nearly 59% of total income, presenting a potential vulnerability that could impact future stability and growth despite the planned strategic use of proceeds for infrastructure and IT expansion.

Excelsoft Technologies IPO: A Deep Dive into Allotment, Market Debut, and Long-Term Prospects 

The Excelsoft Technologies IPO has captured significant investor attention, concluding its subscription period with overwhelming response rates across all investor categories. With the allotment finalised on November 24, 2025, and the stock set to list on November 26, investors are keenly analysing the company’s potential. This analysis goes beyond the basic steps of checking allotment status to explore the substance behind the subscription numbers, the implications of the grey market premium, and the fundamental strengths and risks that could shape the company’s journey on the public markets. 

How to Check Your Excelsoft Technologies IPO Allotment Status 

With the allotment process complete, investors can determine their allocation through multiple official channels. The process is straightforward and can be completed online within minutes. 

Through the Registrar – MUFG Intime India 

As the official registrar for the IPO, MUFG Intime India is the primary platform for checking allotment status . 

• Visit the MUFG Intime IPO status page: https://in.mpms.mufg.com/Initial_Offer/public-issues.html . 

• From the dropdown menu labeled “Select Company,” choose “Excelsoft Technologies Limited” . 

• You can identify yourself using one of several details: your PAN number, Application Number, DP Client ID, or Demat Account Number . 

• Enter the required information and click “Search” or “Submit.” 

• The subsequent screen will clearly display your allotment status, showing the number of shares allocated to your application. 

Through BSE (Bombay Stock Exchange) 

The BSE website provides a reliable alternative for checking your status . 

• Go to the BSE allotment status page: https://www.bseindia.com/investors/appli_check.aspx . 

• Under “Issue Type,” select “Equity” . 

• From the “Issue Name” dropdown, select “Excelsoft Technologies Limited” . 

• Enter either your Application Number or your PAN . 

• Complete any CAPTCHA verification and click “Search” to view your status . 

Through NSE (National Stock Exchange) 

The process on the NSE portal is similarly user-friendly . 

• Navigate to the NSE’s IPO bid verification page. 

• Select the option for “Equity and SME IPO bids” . 

• Choose “Excelsoft Technologies Limited” from the list of issues . 

• You will need to provide both your PAN and your Application Number . 

• Click “Submit” to see the result of your application . 

Table: Excelsoft Technologies IPO Key Dates at a Glance 

Unpacking the Market Frenzy: Subscription and GMP Analysis 

Record-Breaking Subscription Numbers 

The Excelsoft Technologies IPO was met with exceptional demand, closing with an overall subscription of 43.19 times the shares on offer . This headline figure, however, masks the even more explosive interest from certain investor classes, offering deeper insights into market sentiment. 

• Non-Institutional Investors (NIIs): This category, comprising high-net-worth individuals and corporate bodies, was subscribed a staggering 101.69 times . This overwhelming demand suggests strong confidence among sophisticated investors in the company’s growth trajectory and valuation. 

• Qualified Institutional Buyers (QIBs): The portion reserved for institutions like mutual funds and banks was booked 47.55 times , indicating robust institutional appetite. 

• Retail Individual Investors (RIIs): The retail segment saw a healthy subscription of 15.62 times , demonstrating widespread public interest and confidence in the company’s prospects. 

The Story of the Grey Market Premium (GMP) 

The Grey Market Premium (GMP), while an unofficial metric, often reflects the market’s short-term expectations. For Excelsoft, the GMP narrative has been one of moderation. After the allotment was finalised, the GMP was reported to be around ₹6 per share . With the IPO’s upper price band set at ₹120, this points to an estimated listing price of ₹126, a modest 5% gain . 

This tempered GMP, especially following such explosive subscription numbers, suggests a balanced and realistic market sentiment. It hints at expectations of a steady debut rather than a spectacular, volatile pop, potentially offering a more stable entry point for investors who did not receive an allotment but are considering participating post-listing. 

Beyond the Hype: A Strategic Look at Excelsoft Technologies 

Core Business and Competitive Strengths 

Founded in 2000, Excelsoft Technologies is a global vertical SaaS (Software-as-a-Service) provider focused exclusively on the learning and assessment sector . Its business is built on several key pillars: 

• AI-Driven Platform Portfolio: The company offers a suite of proprietary platforms, including SARAS for learning management, EasyProctor for remote proctoring, and EnablED LXP for learning experience, all infused with AI capabilities . 

• Long-Standing Client Relationships: A significant strength is the depth of its client partnerships. The company’s top 10 clients have an average tenure of 10.5 years, with 24 clients maintained for over a decade . This provides revenue stability and a strong competitive moat. 

• Global Footprint: Excelsoft serves 76 clients across 19 countries, including educational institutions, publishers, and corporations, diversifying its geographic and client risk . 

A Critical Risk: Client Concentration 

However, a deep dive into the company’s profile reveals a significant risk factor that investors must consider. The company’s operations are heavily reliant on a single client, the Pearson Education Group . 

Revenue from Pearson accounted for 58.79% of total revenue in FY25, a substantial increase from 41.89% in FY23 . This growing dependency represents a substantial vulnerability. Any deterioration in the relationship with Pearson, whether due to contractual disputes or a failure to renew agreements, could have a “severe adverse impact” on the company’s financial health and operations . 

Utilization of IPO Proceeds and Growth Strategy 

The ₹500 crore IPO comprised a fresh issue of ₹180 crore and an offer for sale (OFS) of ₹320 crore by existing shareholders . The fresh capital raised will be deployed to fuel growth in a structured manner: 

• Infrastructure Expansion: ₹71.97 crore (39.98%) is allocated for purchasing land and constructing a new building in Mysore . 

• Facility and IT Upgrade: ₹39.51 crore (21.95%) will upgrade the existing Mysore facility, and ₹54.63 crore (30.35%) will strengthen the company’s IT infrastructure . 

• Strategic Focus: The company plans to leverage this infrastructure to further its transition to a SaaS-led model, which promises more scalable growth and better margins . It also aims to identify and enter untapped geographic markets and continue developing AI-driven applications in education . 

Conclusion: To Hold or to Fold on Listing Day? 

The Excelsoft Technologies IPO has successfully navigated the primary market, evidenced by its stellar subscription numbers. The company possesses foundational strengths in its proprietary technology, long-term client relationships, and a clear vision for the EdTech space. 

For allottees, the decision on listing day will hinge on investment horizon and risk appetite. The modest GMP suggests limited short-term gains, making a quick profit less likely. However, for investors with a long-term perspective, Excelsoft’s strategic positioning in the growing EdTech sector, its shift to a SaaS model, and its planned infrastructure investments could justify holding the stock to capture potential future growth. 

For those who did not receive an allotment, the moderated GMP and focus on a stable market debut might present a calculated opportunity to enter the market post-listing, after carefully weighing the pronounced risk of high client concentration against the company’s solid underlying fundamentals. As with any investment, due diligence and a clear understanding of one’s risk tolerance remain paramount.