Mysore/Mysuru: Mysuru-based Software as a Service (SaaS) company, earlier known as Excelsoft Technologies Private Limited and now known as Excelsoft Technologies Limited, has gone public with Initial Public Offering (IPO) opening for bidding this morning. 

The company aims to raise Rs. 500 crore through IPO, which includes a fresh issue of 1.50 crore shares worth Rs. 180 crore and Offer of Sale (OFS) of 2.67 crore shares worth Rs. 320 crore.

The window for subscription will be open till Nov. 21 from today (Nov. 19) and the allotment is expected on Nov. 24.

The shares are also likely to be listed at the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on Nov. 26.

Speaking to Star of Mysore, Excelsoft Technologies Limited Chairman and Managing Director Dhananjaya Sudhanva, said “the company had been through a journey of raising venture capital as well as getting partners. By the time the company exited them, the business was on stable mode and growing. We have visibility into next two years on the order book which gave us the confidence that it was a good time to do an IPO. This is purely from where we began to the time we decided to an IPO.”

Price band for the IPO has been set between Rs. 114 and Rs. 120 with investors bidding for a minimum of 125 shares and in multiples thereof.

Excelsoft Technologies will utilise proceeds for purchase of land and construction of new building in Mysuru and for upgradation of existing facility.