IPO Calendar: Excelsoft is leading a quiet week as mainboard action wanes, but there are plenty of entries

Next week’s IPO calendar is relatively light, with only two offerings opening on November 19. The motherboard spotlight is firmly on Excelsoft Technologies, while the SMB segment will see the launch of Gallard Steel. Activity has waned after a series of issues, leaving Excelsoft as the only motherboard list investors can closely monitor.As many as 8 listings of the IPOs that closed in the past week or are currently open will keep Dalal Street busy. Key debuts to watch out for include Fujiyama Power, PhysicsWallah, and Capillary Technologies.

Excelsoft Tech IPO

Excelsoft Technologies, a global vertical SaaS company specializing in learning and assessment solutions, will open its Rs 500 crore IPO on November 19 and close on November 21. The issue consists of a fresh issue of Rs 180 crore and an offer of Rs 320 crore for sale, with a price band of Rs 114-120 per share. The company plans to use Rs 62 crore to purchase land and build a new facility in Mysore, Rs 39.51 crore for upgrading the existing Mysore unit, and Rs 54.63 crore for strengthening IT infrastructure, while the rest will go for general corporate purposes.

Backed by more than two decades of experience in education technology, Excelsoft serves 76 customers in 19 countries, including the US, UK, Singapore, Australia, Japan and the UAE. Its customer base includes Pearson Education, AQA Education, Ascend Learning and Brigham Young University – Idaho.

The company reported Rs 233.29 crore in revenue and Rs 34.69 crore in profit for FY25. The RHP highlights the rapid expansion of vertical SaaS globally, with AI-enabled learning and proctoring tools emerging as a key growth driver.

Anand Rathi Advisors is the sole book-running lead manager and the shares are proposed to be listed on both the BSE and NSE.

Besides Excelsoft, the SME platform will host the Rs 37.5 crore IPO of Gallard Steel, which will also open on November 19 and close on November 21. The company will list at a price of Rs 142-150 per share on the BSE SME exchange. The SME issuance is significantly smaller in size, but adds to this week’s limited pipeline.With only one motherboard and one SME listing, the coming week marks a calmer phase for the primary market. All eyes will be on Excelsoft’s subscription trend to gauge investor appetite as the year comes to a close.

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