Excelsoft Technologies Makes Volatile Market Debut
Excelsoft Technologies experienced a roller-coaster ride on its stock market debut today, November 26, 2025. The company's shares opened strong but eventually succumbed to selling pressure, closing significantly lower from their listing price while still maintaining gains from the IPO price.
Listing Day Performance Details
The educational technology firm made an impressive entry into the Indian stock market, with shares listing at ₹135 per share on both BSE and NSE. This represented a healthy 12.50% premium over the issue price of ₹120 per share. The positive momentum continued initially as the stock rallied further to touch an intraday high of ₹142.65 on the BSE, marking an 18% gain from the IPO price.
However, the celebration was short-lived as profit-booking emerged at higher levels. The stock reversed its gains and declined sharply, falling as much as 5.48% from its listing price to hit a low of ₹127.60 per share. By 1:35 PM, Excelsoft Technologies share price was trading at ₹128.15 on the BSE, down 5.07% from its listing price but still up 6.79% from its issue price.
Analyst Recommendations and Company Fundamentals
According to Shivani Nyati, Head of Wealth at Swastika Investmart Ltd., "While Excelsoft Technologies IPO listing was healthy, it largely aligns with expectations of modest listing gains. Investors allotted shares may consider booking partial profits while holding the rest for medium-term growth, supported by the company's SaaS model, global presence, and strong financial momentum."
Nyati advised maintaining a stop-loss near ₹130 to manage downside risk effectively. The company operates in the high-growth learning and assessment SaaS segment, serving educational institutions, corporate L&D, and government bodies. With 76 global clients, Excelsoft benefits from predictable, recurring revenues through multi-year contracts.
Risk Factors and IPO Subscription Details
Despite strong fundamentals, analysts highlighted significant risks. Client concentration with Pearson, which contributes approximately 59% of revenue, poses a major disruption risk in case of any contract loss or slowdown. Additionally, the IPO valuation appeared aggressive with a Pre-IPO P/E of around 35, leaving limited room for sharp near-term upside.
The company demonstrated impressive financial performance with FY25 PAT growth of 172%, supported by operating leverage and expanding digital adoption across markets. The ₹500 crore IPO, which was open from November 19 to 21, witnessed overwhelming response from investors, getting subscribed 43.19 times in total.
Anand Rathi Advisors Ltd. served as the book running lead manager, while MUFG Intime India acted as the IPO registrar for the public offering. The actual listing performance exceeded Street estimates, which had predicted a more modest listing premium based on the grey market premium signals.
