Excelsoft Technologies files for ₹700 cr IPO to fund expansion

Excelsoft Technologies Ltd, a SaaS company focused on the learning and assessment market, has filed its draft red herring prospectus (DRHP) with SEBI to raise ₹700 crore through IPO.

The proposed IPO will include a fresh issue of equity shares worth ₹210 crore and an offer for sale (OFS) of ₹490 crore by promoter selling shareholders — Pedanta Technologies Private Ltd and Dhananjaya Sudhanva.

The company plans to utilise the proceeds from the IPO in capital expenditure, including the purchase of land and construction of a new building, as well as upgrading external electrical systems at its Mysore facility, upgrading IT infrastructure, covering software, hardware, and communication & network services, and for general purposes.

Excelsoft serves 71 clients across 17 countries, including the USA, UK, India, Singapore, Australia, Japan, Malaysia, Saudi Arabia, UAE, and Canada. The company reported ₹198.3 crore in revenue from operations in FY24, with a profit after tax (PAT) of ₹12.75 crore.