Mumbai (Udaipur Kiran). The ₹500-crore IPO of edtech company Excelsoft Technologies Ltd opened for subscription on Tuesday. Investors can bid for the issue until 21 November. After the issue closes, share allotment will take place on 24 November, and the allotted shares will be credited to demat accounts on 25 November. The company’s stock is expected to list on the BSE and NSE on 26 November.
The price band for the IPO has been fixed at ₹114–₹120 per share, with a lot size of 125 shares. Retail investors can submit bids for a minimum of one lot (125 shares), requiring an investment of ₹14,874. They can bid for up to 13 lots, amounting to an investment of up to ₹1,95,000. The IPO consists of 4,16,66,666 equity shares with a face value of ₹10. This includes a fresh issue of 1.50 crore shares worth ₹180 crore and an offer for sale (OFS) of 2,66,66,666 shares worth ₹320 crore.
As per the company’s Draft Red Herring Prospectus (DRHP) filed with SEBI, Excelsoft’s financial performance has seen fluctuations. The company reported a net loss of ₹22.41 crore in FY 2022–23, which narrowed to ₹12.75 crore in FY 2023–24. The company then recorded a sharp turnaround with a profit of ₹34.69 crore in FY 2024–25. In the first quarter of the current fiscal (April–June 2025), Excelsoft posted a net profit of ₹6.01 crore.
Revenue has shown steady growth during the period. Total revenue increased from ₹197.97 crore in FY 2022–23 to ₹200.70 crore in FY 2023–24, rising further to ₹248.80 crore in FY 2024–25. In Q1 FY 2025–26, the company generated revenue of ₹60.28 crore.
The company’s debt levels have declined consistently. Borrowings fell from ₹118.09 crore at the end of FY 2022–23 to ₹76.73 crore in FY 2023–24, and further to ₹26.59 crore in FY 2024–25. However, in Q1 FY 2025–26, total debt stood at ₹37.82 crore.
Reserves and surplus moved unevenly, standing at ₹276.48 crore in FY 2022–23, rising to ₹295.71 crore in FY 2023–24 and easing to ₹269.66 crore in FY 2024–25. In the first quarter of FY 2025–26, reserves improved to ₹274.25 crore.
EBITDA for FY 2022–23 was ₹68.78 crore, dipping to ₹54.97 crore in FY 2023–24, before rising again to ₹73.26 crore in FY 2024–25. In the April–June 2025 quarter, EBITDA stood at ₹10.18 crore.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
