Excelsoft Tech debuts with 5% premium

New Delhi: Shares of Excelsoft Technologies Ltd on Wednesday ended with a premium of nearly 5 per cent against the issue price of Rs 120.The stock made its market debut at Rs 135, rallying 12.5 per cent from the issue price on both the BSE and NSE.

During the day, the stock surged 18.87 per cent to Rs 142.65 on the BSE. It finally ended at Rs 125.95 per share, up 4.95 per cent. On the NSE, shares of the firm ended at Rs 125.97 apiece, registering a jump of 4.97 per cent.

The company’s market valuation stood at Rs 1,449.49 crore. The initial public offer of Excelsoft Technologies Ltd received 43.19 times subscription on the closing day of bidding on Friday last week. Excelsoft Technologies is a vertical SaaS (software-as-a-service) company focused on the learning and assessment market.

The Rs 500-crore IPO had a price band of Rs 114-120 per share. The Initial Public Offer (IPO) had a fresh issue aggregating up to Rs 180 crore and an offer for sale aggregating up to Rs 320 crore.

The company plans to utilise Rs 61.76 crore from the fresh issue for the purchase of land and construction of a new building at the Mysore Property, Rs 39.51 crore for upgradation and external electrical systems of its existing facility at Mysore, Rs 54.63 crore for funding upgradation of the company’s IT Infrastructure and the balance towards general corporate purposes.