Excelsoft Technologies files for IPO with SEBI

Excelsoft Technologies Limited, a vertical software-as-a-service (SaaS) company focused on the learning and assessment market, has filed draft papers with capital markets regulator, Securities and Exchange Board of India (SEBI) to raise `700 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 `210 Crore and an offer for sale (OFS) of shares worth `490 Crore by the promoters – Pedanta Technologies and Dhananjaya Sudhanva, according to the draft red herring prospectus (DRHP).