IPO Calendar: Excelsoft to lead a quiet week as mainboard action slows, but listings galore

Next week’s IPO calendar is relatively light, with just two offerings opening on November 19. The mainboard spotlight is firmly on Excelsoft Technologies, while the SME segment will see the launch of Gallard Steel. Activity has eased after a packed run of issues, leaving Excelsoft as the only mainboard listing for investors to track closely.

However, as many as 8 listings from the IPOs which have closed in the week gone by or those which are currently open will keep Dalal Street busy. Important debuts to watch out for include Fujiyama Power, PhysicsWallah, Capillary Technologies among others.

Excelsoft Tech IPO

Excelsoft Technologies, a global vertical SaaS company specialising 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 Rs 180 crore fresh issue and a Rs 320 crore offer 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 its existing Mysore unit, and Rs 54.63 crore for strengthening IT infrastructure, with the rest going towards general corporate purposes.

Backed by more than two decades in the education-technology space, Excelsoft serves 76 clients across 19 countries, including the US, UK, Singapore, Australia, Japan and the UAE. Its client roster 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 list on both the BSE and NSE.

Alongside Excelsoft, the SME platform will see the launch of Gallard Steel’s Rs 37.5 crore IPO, also opening on November 19 and closing on November 21. Priced at Rs 142–150 per share, the company will list on the BSE SME exchange. The SME issue is significantly smaller in size but adds to the week’s limited pipeline.

With just one mainboard and one SME listing, the upcoming week marks a quieter phase for the primary market. All eyes will be on Excelsoft’s subscription trend to gauge investor appetite as the year winds down.

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