Excelsoft Tech Raises Rs 150 Cr from Anchor Investors

New Delhi, Nov 18 (PTI) Excelsoft Technologies, a vertical SaaS (software-as-a-service) company focused on the learning and assessment market, on Tuesday said it has garnered Rs 150 crore from anchor investors ahead of its initial public offering (IPO).

Some of the anchor investors who were allocated shares included Bengal Finance & Investment, 360 One Equity Opportunity Fund, GKFF Ventures, Societe Generale, Rajasthan Global Securities, BNP Paribas Financial Markets and Bandhan Mutual Fund, according to a circular uploaded on BSE's website.

As per the circular, the Karnataka-based company has allotted 1.25 crore equity shares to these investors at Rs 120 apiece. The Rs 500-crore IPO will open for public subscription on November 19 and conclude on November 21. The price band has been set at Rs 114 to Rs 120 per share, valuing the company at around Rs 1,380 crore at the upper end.

The company proposes to utilise 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.

With over two decades of experience, Excelsoft provides technology-based solutions across diverse learning and assessment segments through long-term contracts with enterprise clients worldwide.

Some of its prominent clients are Pearson Education, Inc., AQA Education, Colleges of Excellence, NxGen Asia PTE LTD, Pearson Professional Assessments Ltd, Sedtech for Technology Education & Learning WLL, Ascend Learning LLC, Brigham Young University--IDAHO, Training Qualifications UK, Surala Net Co Ltd, Excel Public School and The Chartered Quality Institute.