Excelsoft Tech plans Rs 700- cr IPO

New Delhi: Excelsoft Technologies Ltd, a vertical SaaS (software-as-a-service) company focused on the learning and assessment market, has filed draft papers with capital markets regulator Sebi to raise Rs700 crore through an initial public offering (IPO).

The proposed IPO of the Karnataka-based company is a combination of a fresh issue of shares valued Rs 210 crore and an offer for sale (OFS) of shares worth Rs 490 crore by the promoters -- Pedanta Technologies and Dhananjaya Sudhanva, according to the draft red herring prospectus (DRHP). The company may consider mobilising up to Rs 270 crore in pre-IPO round. “If the pre-IPO placement is undertaken, then the amount raised from the pre-IPO placement will be reduced from the fresh offer size and/or the Offer for Sale portion,” the company said in the draft papers filed on Friday. The company has proposed to utilise the proceeds of the fresh issue towards purchase of land and construction of a new building and for upgradation and external electrical systems of its existing facility in Mysore; funding upgradation of the company’s IT infrastructure and for general corporate purposes. It has over two decades of experience.