As Excelsoft Technologies moved into the final day of its initial public offering (IPO), all eyes are now on how the subscription trend and the grey-market indicators that in some way shape the expectations for its market debut next week. However, it is important to note that GMP is not an official indicator as it fluctuates based on market sentiment.
Let’s take a look at the key factors to watch out for this IPO ahead of its listing next week –
Excelsoft Technologies IPO: Grey market slips – What it means for listing price
One of the biggest talking points around this IPO has been the rotation in the grey market premium (GMP).
The GMP had touched a high of Rs 30 on November 15 but has steadily eased since then. The most recent indications put the unofficial premium between Rs 14 to Rs 15.
Based on this, the stock is expected to list near Rs 134-135.5 per share, roughly an 11% to 13% upside from the upper price band of Rs 120.
As said, GMP is not an official indicator and changes as per maker conditions
Excelsoft Technologies IPO: Final day of bidding
The IPO, which opened on November 19 and closes today, has been priced between Rs 114-120 per share. At the top end, the company is valued at around Rs 1,380 crore.
The share allocation follows the usual split, that is, half the issue placed for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs), and the remaining 35% for retail buyers.
As of the latest, at 12:00 PM IST (Day 3), the IPO is subscribed 14.95 times overall so far.
Excelsoft Technologies IPO: Key dates – From allotment to listing
The allotment of shares will be completed on November 24. Refunds for applicants who do not receive shares will be processed on November 25, and successful bidders will see the shares deposited into their dematerialised (demat) accounts on the same day.
Excelsoft Technologies is set to list on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on November 26.
Excelsoft Technologies IPO: Issue structure and other key details of the issue
The company plans to raise Rs 180 crore through fresh shares, while its promoter entity, Pedanta Technologies, will sell shares worth up to Rs 320 crore through an offer-for-sale (OFS).
Anand Rathi Advisors is managing the issue as the sole book-running lead manager, while MUFG Intime India is the registrar.
Excelsoft Technologies: Overview of the company
Excelsoft has been in the education-technology space for more than two decades, offering digital learning and assessment services to global institutions. Its long-term clients include Pearson Education, American Qualifications Authority (AQA), Colleges of Excellence, Brigham Young University, and several others across Asia, the Middle East, Europe, and the United States.