Excelsoft files papers for Rs 700-crore IPO

New Delhi: Excelsoft Technologies, a vertical SaaS (software-as-a-service) company focused on the learning and assessment market, has filed draft papers with capital markets regulator Sebi to raise ₹700 crore through an initial public offering (IPO).

The proposed IPO of the Karnataka-based company is a combination of a fresh issue of shares valued ₹210 crore and an offer for sale (OFS) of shares worth ₹490 crore by the promoters - Pedanta Technologies and Dhananjaya Sudhanva, according to the draft red herring prospectus (DRHP). The company may consider mobilising up to ₹270 crore in pre-IPO round.

"If the pre-IPO placement is undertaken, then the amount raised from the pre-IPO placement will be reduced from the fresh offer size and/or the offer for Sale portion," the company said. Excelsoft reported a revenue from operations at ₹198.3 crore in FY24, with a profit after tax of ₹12.75 crore. As per draft papers, there are no listed companies or peers in India that have business composition and segment contribution similar to it.