Excelsoft Technologies Limited is gearing up for its public debut, and the IPO has already drawn attention because of its niche positioning in the vertical SaaS EdTech market. The company provides AI-enabled learning, assessment, and digital content solutions to global clients — a space that has seen rapid adoption across corporate, academic, and certification ecosystems.
With Swastika Investmart’s in-depth research backing the IPO note, this article breaks down the business fundamentals, valuation, risks, and whether investors should apply.
Excelsoft Technologies is a global vertical SaaS company specializing in the learning, assessment, and education technology ecosystem. Their products are used by academic institutions, corporates, government bodies, and certification agencies across multiple geographies.
A recurring-revenue, SaaS-driven platform model catering to global education and training markets — with long-term sticky clients.
IPO Size: ₹500 crore
Fresh Issue: ₹180 crore
OFS: ₹320 crore
Price Band: ₹114–₹120
Market Lot: 125 shares
Face Value: ₹10
Listing: BSE, NSE
Market Cap at Upper Band: ₹1,381.01 crore
Issue Opens: 19 Nov 2025
Issue Closes: 21 Nov 2025
Listing Date26 Nov 2025
Funds will be used for:
This signals expansion capacity and infrastructure strengthening — key for SaaS scale-ups.
The company is clearly moving toward improving profitability while scaling.
EdTech, assessments, and learning automation are gaining traction globally — especially post-digital transformation.
76 clients across multiple continents.
Long-term contracts promote predictable recurring revenue.
Experienced team and mature product suite — SARAS, OpenPage, EnablED — built on agile and flexible technology.
AI-enabled proctoring, remote assessment, and digital exams are now standard for institutions and certification bodies.
This is the biggest red flag.
Any renegotiation or loss of this client can materially impact revenue.
Operating across countries brings complex regulatory exposure.
Given sensitive student data and assessment records, any cyber breach can hurt trust & revenue.
Subscription-based revenue shifts can delay recognition.
Renewal risks remain — despite repeat business.
Conclusion:
The pricing looks aggressive, considering the:
Overall Verdict: Neutral
1. What is the size of Excelsoft Technologies’ IPO?
Total size is ₹500 crore including ₹180 crore fresh issue + ₹320 crore OFS.
2. What are the key strengths of the company?
Strong global SaaS presence, long-term client relationships, AI-enabled products, and a healthy financial profile.
3. What is the biggest risk of investing in this IPO?
Excelsoft depends heavily on one client — Pearson — contributing ~59% of revenue.
4. Is the IPO fairly priced?
At P/E ~35×, it appears on the expensive side relative to risk factors.
5. What is Swastika Investmart’s view?
A Neutral rating, indicating moderate prospects and valuation concerns.
The much-awaited IPO of the largest insurance company will be coming at the end of the current financial year. This can only be done after the government finishes the process of disinvestment of at least three PSUs.
As per the economic time’s reports, three companies National Fertilizers Limited, Mishra Dhatu Nigam Limited and Rashtriya Chemical and Fertilizers Limited will get divested through a simpler method called to offer for sale or OFS before the launching of LIC IPO.
A senior finance ministry official has declared that the LIC’s IPO will hit the market in the next year, adding that other issues will be completed before all necessary applications are in place.
It may be noted that LIC had got principle approval from the cabinet committee on the economic affairs before the launching of LIC IPO.
As per the news source, it is estimated that the 10% stake sale of LIC would generate a whopping amount of Rs 1 Crore to 1.5 Crore. To launch the LIC IPO, the government has already started working towards strategic disinvestment in major companies such as Air India and BPCL.
The price band of LIC IPO is estimated at Rs 400-600 shares taking into account total capital and valuation. The paid-up capital is reported as Rs 25000 Crore while the total valuation of the IPO would be between 10 -15 Lakh Crore.
LIC policyholders who have brought over 28.9 crore policies have now got reason to be amazed. This is because the government has decided to allocate a 10% of the issue size for LIC policyholders. Also, they would receive a fair discount on the floor price.
Life Insurance Corporation Rules of 2021 said that any reservation made by the corporation in favor of its policyholders on a competitive basis on a public issue should be made in a manner similar to that applicable to a reservation on a competitive basis for employees in a public issue under any regulation made and issued by Security Exchange Board of India.
However, if any company made an allotment of equity shareholders against any reservation made in their favor should be done in consultation with the stock exchanges.
As per the IPO norms, an issuer company offers shares to its employees with a maximum discount of 10% at which the shares are offered to other categories.
Disinvestment of equity shares has recently been approved by the Union Cabinet minister.
Also, they allow merchant bankers to launch their IPOs. The lot size of LIC shares will decide the finance ministry and in conversation with the Finance minister Nirmala Sitaraman, a panel has decided that it will take full responsibility for the size share of LIC IPO.
For the upcoming LIC IPO, the government has decided to amend the LIC Act of 1956. To get the IPO launched, LIC has appointed Arijit Basu. After the amendment, the corporation is now governed by the Companies Act and SEBI Act in order to prepare its quarterly balance sheet with P&L and make public-key developments.
Even if the government offers a 10% discount to LIC policyholders, the post-issue market capitalization of LIC would go up to Rs 15 lakh Crore valuation once the valuation gets known. According to the new SEBI rule, for a 10 lakh Crore market capitalization, LIC will have to make an issue of Rs 55000 Crore (Rs 10,000 Crore plus 5% of Rs 9 lakh Crore)
Many investors think that LIC policyholders would get less bonus after launching its IPO. However, this is not so true. The sources said that LIC will find new ways to offer the same bonus.
The main concern of LIC is the pricing of the issue. If we look at the past then we get to know that two general insurance companies - General Insurance Corporation of India and New India Assurance Co Limited which were listed in 2017, are now trading at Rs 174.60 and Rs 161.
Since the GOI performed disinvestment of two major companies, it is very important for the government to meet its disinvestment target especially at the time when the government plans to make two PSB banks a privatized banks and one insurance firm.
The government’s main objective is to mop up Rs 1.75 Lakh Crore in the current fiscal from privatization. Out of this, Rs 1.75 Lakh Crore is supposed to come up from selling its share in public sector banks and other financial institutions, while Rs 75000 Crore comes as a CPSE disinvestment receipt.
Why Should Investors Look Forward to It?
According to investors, the LIC IPO will be a turning point for many as the largest life issuers company is all set to launch its IPO for the very first time. Also, LIC covers a total market share of 66% with the first-year premium of Rs 1.84 Lakh Crore. The company has 2.9 lakh employees with a network of 22.78 lakh agents.
As per the internal source, if the 22 lakh agents sell only one extra policy to the people, it will make a huge volume. Apart from it, LIC is considered the biggest institutional investor in India and has a huge investment portfolio that can generate outstanding returns in the future.
A marginal per employee business productivity improvement every year is quite more than the few sized insurance firms; according to a stock market trading expert.
Life Insurance Corporation is a top-notch insurance company that offers many insurance covers to people. The company is known for providing high term benefits to its shareholders.
Also, LIC provides maturity benefits to its shareholders which means if a policyholder completes the maturity of the policy, he/she will receive 40% of the basic sum assured added with bonus and extra bonus.
Now, the company is all set to launch its IPO which will provide many benefits to its shareholders and other investors. Don’t miss out on a chance to subscribe to the LIC IPO.
सोने में पिछले सप्ताह 900 रुपये की गिरावट आने के बाद निचले स्तरों से सुधार दर्ज किया गया और कीमते सप्ताह में सपाट रही। अमेरिकी मुद्रास्फीति के आंकड़े कमजोर रहने के कारण सोने में नीचले स्तरों से अच्छा सुधार देखा गया। छह प्रमुख मुद्राओ का मापक डॉलर में ऊपरी स्तरों पर हल्का दबाव रहा लेकिन सप्ताह में यह 0.18 प्रतिशत मजबूत हुआ है।
सोने में निवेशक फेड की अगली मौद्रिक नीति की प्रतीक्षा में है जिसमे संपत्ति खरीद कार्यक्रम को कम करने के लिए समय की घोषणा हो सकती है। जिससे सोने और चांदी के भाव में लम्बी अवधि के लिए नई दिशा मिल सकती है। लेकिन अमेरिका के कोर कंस्यूमर प्राइस इंडेक्स के आंकड़े अनुमान से कमजोर दर्ज किये गए जिसके कारण संपत्ति खरीद कार्यक्रम को टाले जाने की अटकले निवेशकों में रही और सोने के भाव को पिछले सप्ताह निचले स्तरों पर सपोर्ट रहा।
वही, अमेरिकी प्रोड्यूसर प्राइस इंडेक्स में 1 प्रतिशत की मजबूती दर्ज की गई है जो की एक दशक के किसी महीने में सबसे अधिक है। हालांकि फेड अधिकारियो ने नियंत्रित मौद्रिक नीति पर समय को लेकर विभिन्न विचार दिए है। इस बीच, अमेरिकी आकड़ो के मुताबिक पिछले सप्ताह में 375,000 प्रारंभिक बेरोजगार दावे दायर किए गए, जो पहले दायर किए गए 387,000 दावों से कम थे। घरेलु वायदा सोने में कीमते सप्ताह में सपाट रही जबकि चांदी के भाव में 4 प्रतिशत की मंदी दर्ज की गई है।
इस सप्ताह अमेरिका के प्रमुख आंकड़े है जिनमे : मंगलवार को रिटेल सेल्स, फेड चेयर जेरोम पॉवेल का बयान और बुधवार को फ़ेडरल रिज़र्व की बैठक प्रमुख है।
इस सप्ताह सोने और चांदी में ऊपरी स्तरों पर दबाव रह सकता है। सोने में 47000 रुपये पर प्रतिरोध है और 46000 रुपये पर सपोर्ट है। चांदी में 64000 रुपये पर प्रतिरोध और 61000 रुपये पर सपोर्ट है।
Gold has a great economic, aesthetic and emotional value that transcends national boundaries and time. Gold is a diversified tool for traditional assets and alternative assets and is considered a tool for hedging market risks.
This is the reason why the central bank has increased its gold reserves since 2008, which currently account for a large part of the annual demand for gold.
Implementation of the Central Bank Gold Agreement (1999) and renewal (2014) and The diversification of gold and foreign exchange reserves by central banks in emerging markets since the financial crisis.
Worldwide, the gold enjoys a reputation of being a safe-haven asset during periods of market instability and geopolitical uncertainty.
The United States is still the largest gold reserve, the gold represents more than 75% of its foreign exchange reserves decades before at the height of the Britton Woods system when the United States offered to exchange US dollars for gold in other countries, it was reported that between 90% and 95% of the world's gold reserves were stored in US vaults.
German gold reserves are stored in the German Federal Bank in Frankfurt am Main, that is, the Federal Reserve of the United States, the bank's New York branch and the Bank of England in London.
Germany completed a four-year repatriation operation in 2017, returning 674 tons of gold from the Bank of France and the Federal Reserve Bank of New York to its own vault.
Ranked fourth in the world with 2,451.8 tons. As a percentage of foreign exchange reserves, gold dominates the Italian investment portfolio, accounting for 70.8%.
The Bank of France vault in Paris is considered to be one of the four designated depository institutions of the International Monetary Fund.
The Central Bank of France has hardly sold gold in recent years. The current reserve includes 100 tons of gold coins and the rest are gold bars, each weighing approximately 12.5 kilograms.
As its global economic ambitions grow, Russia continues to buy gold. Russia has a population of 142 million and a GDP of $ 1.85 trillion, and its gold holdings may grow.
The World Gold Council reports that Russia has added more gold, so reserves may increase again. Previous data show that Russia had purchased tons of gold. it is moving towards becoming an economic superpower.
An interesting fact about China's gold is, if distributed equally, every 17 people in China will have 1 ounce of gold. The People's Republic of China attaches great importance to the intrinsic value of gold and its reserves are believed to be approximately 1948.3 tones.
Switzerland is known for its banking, tax exemption and geopolitical neutrality. Although was plagued by rumors of gold theft by the Nazis at the end of World War II, Switzerland has a reputation for financial expertise and the promotion of international trade.
Japan is the world's third-largest economy and the eighth largest gold hoarding country. Its central bank has always been one of the most active practitioners of quantitative easing. In January 2016, it lowered interest rates to below zero, which helped boost global demand for gold.
India has been a stable buyer of gold. Since the government needs to back its currency, this situation can continue even if the economy is unstable.
India became an active buyer in 2009 when it spent nearly $ 7 billion to buy 200 tons of gold, and the IMF sold the gold to raise funds. For the economy to support 1.2 billion people, the central bank must have gold and hard assets.
The Indian population is a large consumer of gold for jewellery and there is a great demand for precious metals that are used to store wealth. Therefore, India will continue to buy gold in the coming years.
The Central Bank of the Netherlands bank recently repatriated a large amount of gold from the US announced the transfer of its treasury from Amsterdam to the New Amsterdam camp, approximately an hour's drive from the city, citing the heavy burden of its current location security measures.
Contemporary countries might have stayed quiet away from the gold standard, but most central banks still hold gold reserves. The reason is simple; gold is the most accepted currency everywhere. Gold serves Gold helps support the intrinsic value of currencies by setting a lower cap on the valuation of global markets.
Windlas Biotech founded in 2001, is one of India's top pharmaceutical formulations contract development and manufacturing organisations (CDMOs).
From product discovery to product development, licencing, and commercial manufacture of generic products, including complex generics, the firm provides a full spectrum of CDMO services.
The company's current emphasis is on the development of complicated generic medicines in the chronic therapeutic category for lifestyle-related diseases.
CDMO Products and Services, Domestic Trade Generics, and Over-the-Counter (OTC) Market (Nutraceutical and Health Supplement Product) are the three verticals in which the company works. It also offers its own branded products in the generics and over-the-counter (OTC) sectors.
The SME IPO consists of a fresh issue of Rs 165 crore and an offer for the sale of 51,42,067 equity shares by existing selling shareholders.
The offer for sale consists of promoter Vimla Windlass selling 11.36 lakh equity shares and investor Tano India Private Equity Fund II selling 40,06,067 equity shares. Tano India Private Equity Fund would leave the firm through an offer for sale, selling its whole 22 per cent share.
Windlas Biotech will use the net proceeds from its new issue to acquire equipment for capacity expansion of the current facility at Dehradun Plant – IV, as well as adding injectable dosage capabilities to the existing facility at Dehradun Plant-II (Rs 50 crore).); working capital requirements (Rs 47.56 crore); and repayment of certain borrowings (Rs 20 crore). The firm is currently in debt to the tune of Rs 30 crore. The debt is expected to be reduced by Rs 10 crore following the IPO:
Subscription Dates 4 – 6 August 2021 Price BandINR448 – 460 per share Fresh issueINR165 crore Offer For Sale5,142,067 shares (INR230.36 – 236.53 crore) Total IPO sizeINR395.36 – 401.53 crore Minimum bid (lot size)30 shares Face Value INR5 per share Retail Allocation 35% Listing On NSE, BSE
The firm is concentrating on developing and launching complicated generic medicines in the chronic therapeutic category for lifestyle-related diseases.
The company supplies seven of India's top ten pharmaceutical companies.
In terms of revenue, it is one of the top five companies in India's domestic pharmaceutical formulations contract development and manufacturing organization (CDMO) market-consistent revenue growth the company has a negligible amount of net debt (around Rs 20 lakh) and its interest-coverage ratio was around 42 times as of FY21.
We recommend subscribing to this IPO. Multi-drug therapy has gained relevance in the healthcare industry over the last few years and is projected to help the expansion of pharmaceutical consumption.it is one of India's major contract development and manufacturing firms (CDMO) for pharmaceutical formulations.
It also intends to enhance its capacity with the funds obtained, which will benefit the firm in the long run.
Exxaro Tiles is a company that specializes in the marketing and production of vitrified tiles. It was founded in 2008. Exxaro Tiles has a product range that includes over 1000 distinct tile designs in six sizes.
The firm's well-known products include the Galaxy Series, Topaz Series, and High Gloss Series. The firm produces glazed vitrified tiles composed of ceramic elements such as quartz, clay, and feldspar, as well as double charge vitrified tiles (double layer pigment).
Large infrastructure projects, such as educational, hotels, educational institutions, government, and hospitals, are also served by the firm.
A pre-IPO placement of up to 22 lakh shares may potentially be considered by the firm.
According to the DRHP, the SME IPO would be for up to 1.34 crore shares, with a fresh issuance of 1.12 crore shares and a Dixit kumar Patel offer for the sale of up to 22.38 lakh shares.
The fresh issue's net proceeds would be used to repay debt, finance working capital requirements, and for general company reasons.
Up to 50% of the shares will be allocated for qualified institutional purchasers, while 15% will be designated for non-institutional investors; the remaining 35% will be reserved for retail investors.
Employees will be entitled to a part of the offer.
Subscription Dates4 – 6 August 2021 Price Band INR 118 – 120 per share Fresh issue 11,186,000 shares Offer For Sale 2,238,000 shares Total IPO size 13,424,000 shares Minimum bid (lot size) 125 shares Face Value INR10 per share Retail Allocation 35% Listing On NSE, BSE
In the fiscal year ending March 2021, the company's top five customers contributed 36.34 per cent of revenue, while the top ten customers accounted for 40.76 per cent of the top line. The Group continues to work to improve its position in the business world by establishing successful verticals.
Through its more than 2,000 registered dealers, it generates over 86 per cent of its income from the domestic retail and institutional market.
The remaining 13.88 per cent of total income comes from exports, the firm has no long-term commitments with any of its institutional clients, resulting in a hazy picture of its order book in the future.
The firm requires a significant quantity of operating capital to continue expanding.
The company's failure to manage its working capital requirements might have a detrimental impact.
We advocate investing in the Stock IPO for the reasons stated above.
कच्चे तेल की कीमतों में ओपेक देशो द्वारा अगस्त से उतपादन बढ़ाए जाने की सहमती और वैश्विक स्तर पर कोवीड डेल्टा संस्करण के मामले बढ़ने के कारण बिकवाली का दबाव देखा गया है। कच्चा तेल मार्च के बाद से अपनी सबसे बड़ी साप्ताहिक गिरावट के लिए ट्रैक पर है क्योंकि कोवीड डेल्टा संस्करण के प्रसार को रोकने के लिए यात्रा प्रतिबंध, ईंधन की मांग को लेकर चिंता बढ़ा रहे हैं।
अमेरिकी कच्चा तेल वायदा सप्ताह में 4 डॉलर घट कर 69.4 डॉलर प्रति बैरल पर है। जबकि ब्रेंट क्रूड फ्यूचर्स सप्ताह में 3 डॉलर से ज्यादा फिसल कर 72 डॉलर प्रति बैरल हो गया है।
पिछले सप्ताह ब्रेंट और अमेरिकी कच्चे तेल में 5 प्रतिशत से ज्यादा की गिरावट देखि गई है, जो मार्च 2021 के बाद से सबसे अधिक है।जापान में आपातकालीन प्रतिबंधों को अधिकतर प्रान्तों में विस्तारित करने के लिए तैयार है, जबकि दुनिया के दूसरे सबसे बड़े तेल उपभोक्ता चीन ने कुछ शहरों में प्रतिबंध लगा दिए हैं और उड़ानें रद्द कर दी हैं, जिससे ईंधन की मांग को खतरा बढ़ने लगा है। संयुक्त राज्य अमेरिका में दैनिक नए कोवीड मामले छह महीने के उच्च स्तर पर पहुंच गए हैं।
हालांकि, इजरायल और ईरान के बीच बढ़ते तनाव पर चिंता ने कीमतों में गिरावट को सीमित कर दिया और सप्ताह के अंत तक कीमतों में कुछ सुधार रहा।संयुक्त राज्य अमेरिका में कच्चे तेल की आपूर्ति में सुधार करके, तेल की तेजी को भी सीमित कर दिया है।
घरेलु वायदा कच्चे तेल पिछले सप्ताह 5500 रूपए के उच्च स्तरों से फिसल कर 5044 रुपये के निचले स्तरों को छू गया और कीमते 5200 रुपये प्रति बैरल के करीब रही।
घरेलु वायदा कच्चे तेल की कीमतों में इस सप्ताह बिकवाली का दबाव रह सकता है। इसमें 5350 रुपये पर प्रतिरोध और 5000 रुपये पर सपोर्ट है।
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