Excelsoft Technologies initial public offer (IPO) received 43 times subscription on the final day of share sale on Friday.

The Rs 500-crore IPO got bids for over 132-crore shares against 3.07-crore shares on offer, translating to 43.19 times overall subscription, according to details available with the NSE.

The category for non-institutional investors attracted 101.69 times subscription, while the quota for retail individual investors (RIIs) got subscribed 15.62 times. Qualified institutional buyers' (QIBs) portion fetched 47.55 times subscription.


Earlier, Excelsoft Technologies, a vertical SaaS (software-as-a-service) company focused on the learning and assessment market, garnered Rs 150 crore from anchor investors.

According to platforms tracking the grey market activities, the shares of Excelsoft Tech are commanding a GMP of over 7 percent in the unregulated market. Investorgain quoted a GMP of Rs 9 for the shares of the company, indicating a listing gain of 7.5 percent. IPO Watch quoted a GMP of 12 percent.

The price band has been fixed at Rs 114-120 per share, valuing the company at around Rs 1,380 crore at the upper end.

The company proposes to utilise 61.76 crore from the fresh issue for the purchase of land and construction of a new building at the Mysore Property, Rs 39.51 crore for upgradation and external electrical systems of its existing facility at Mysore, Rs 54.63 crore for funding upgradation of the company's IT Infrastructure and the balance towards general corporate purposes.

With over two decades of experience, Excelsoft provides technology-based solutions across diverse learning and assessment segments through long-term contracts with enterprise clients worldwide.

Excelsoft Tech IPO shares will be listed on November 26, while the allotment is expected by November 24.