After weeks of nonstop IPO activity, India’s primary market is hitting pause — with just two offerings opening next week, and none on the horizon after that. Excelsoft Technologies Ltd and Gallard Steel Ltd are the only companies set to go public during the week of November 17–21, 2025. It’s a sharp contrast to the previous fortnight, when investors juggled five or six new listings at once. Here’s the thing: this isn’t just a lull. It’s a signal. After a frenzy of capital raising, the market may be catching its breath — and investors are watching closely.
Excelsoft Technologies: A SaaS Giant With a Big Risk
Excelsoft Technologies is the star of the week. The Mysore-based SaaS company, founded over two decades ago, is launching a ₹500 crore mainboard IPO — the largest of the year so far in the education tech space. The offering includes a ₹180 crore fresh issue and a ₹320 crore offer for sale by existing investors. Shares are priced between ₹114 and ₹120, with a minimum lot of 125 shares. Anand Rathi Investment Banking is the sole book-runner, and MUFG Intime India will handle allotments.The company’s financials look strong: ₹233.29 crore in revenue and ₹34.69 crore in profit for FY25. But here’s the twist — and it’s a big one. In the first quarter of FY26, 59.2% of its revenue came from just one client: Pearson Education Group. That’s not just concentration. That’s dependence. If Pearson cuts back — or walks away — Excelsoft’s growth engine stalls. Business Standard flagged this as a red flag, and rightly so. Investors are betting on AI-driven learning tools and global expansion, but the safety net is thin.
The funds raised will go toward building a new facility in Mysore (₹71.9 crore), upgrading electrical systems (₹39.5 crore), and beefing up IT infrastructure (₹54.6 crore). The rest? General corporate use. It’s not flashy, but it’s necessary. The company serves 76 clients across 19 countries — including the U.S., U.K., Japan, and the UAE — but its future hinges on diversifying beyond Pearson. Can it? That’s the million-dollar question.
Gallard Steel: Precision Engineering in the National Spotlight
While Excelsoft grabs headlines, Gallard Steel Ltd is quietly making its case as a manufacturing success story. The Ahmedabad-based precision engineering firm is launching a ₹37.5 crore SME IPO — entirely a fresh issue of 25 lakh shares at ₹142–150 apiece. No selling shareholders. No dilution. Just growth.Its H1 FY26 numbers tell a compelling story: ₹31.6 crore in revenue and ₹4.3 crore in profit. That’s momentum. And it’s not random. Gallard makes high-tolerance components for industrial machinery, automotive systems, and defense applications — sectors India is pushing hard to localize under Make in India. The IPO proceeds will go toward expanding production capacity and strengthening its balance sheet. Seren Capital is managing the issue; Ankit Consultancy Pvt. Ltd. is the registrar.
Unlike Excelsoft, Gallard doesn’t have a single client dependency. Its customer base is spread across multiple industries, reducing risk. But it’s also smaller, less known, and trading on the SME platform — which means less liquidity and fewer institutional buyers. Still, for investors looking for undervalued manufacturing plays, this could be a sleeper.
Seven Listings, One Quiet Market
While IPOs are scarce, listings are plentiful. Seven companies — including PhysicsWallah, Emmvee Photovoltaic, and Capillary Technologies — will debut on the BSE and NSE between November 18 and 21. That’s a lot of fresh supply hitting the secondary market all at once. And it’s not just noise. PhysicsWallah, for instance, is a household name in Indian edtech. Its listing could set the tone for how investors view high-growth, high-burn companies.Meanwhile, the primary market is quiet. After a flurry of IPOs in October — including three mainboard and four SME offerings — the pace has dropped off. The Economic Times called it "a quieter week ahead" after "a hectic spell." That’s an understatement. This isn’t just a pause. It’s a recalibration. Are companies holding back because valuations are too high? Are investors tired of sifting through prospectuses? Or is the market simply waiting for better conditions?
What’s Next? The Big Picture
The next few weeks will tell us whether this slowdown is temporary or a sign of deeper fatigue. Analysts point to rising interest rates, global volatility, and investor caution as key factors. The fact that only two IPOs are opening — one massive, one modest — suggests issuers are being selective. They’re not rushing. And neither are investors.For retail investors, this week is a test of patience. Excelsoft offers scale and sector tailwinds but carries a dangerous concentration risk. Gallard offers stability and alignment with national manufacturing goals, but limited liquidity. Both list on November 26, 2025 — same day, different exchanges. That’s symbolic. One is for the mainstream. The other, for the niche.
And here’s what’s missing: no new IPOs announced beyond November 21. No filings. No rumors. Just silence. In a market that’s been buzzing for months, that’s the loudest sound of all.
Frequently Asked Questions
Why is the primary market slowing down after so many IPOs?
After a busy October with seven IPOs, the market is experiencing a natural cooldown. Rising interest rates, investor fatigue, and caution around valuations — especially for companies with high customer concentration like Excelsoft — have made issuers hesitant. Many firms are waiting for more favorable market conditions before filing their prospectuses.
How risky is Excelsoft Technologies’ reliance on Pearson Education Group?
Extremely. With 59.2% of Q1FY26 revenue coming from Pearson, any contract renegotiation or termination could slash revenue by nearly two-thirds. While Excelsoft has global clients, its growth strategy appears tied to one partner. Investors should monitor whether the company is actively diversifying its client base — or if it’s betting everything on Pearson’s continued loyalty.
What makes Gallard Steel’s SME IPO different from Excelsoft’s mainboard offering?
Gallard’s IPO is smaller (₹37.5 crore vs. ₹500 crore), has no offer-for-sale component, and lists on the BSE SME platform — meaning lower liquidity and fewer institutional buyers. But it’s also less risky: no single-client dependency, steady growth, and alignment with India’s manufacturing push. It’s a slower, steadier play compared to Excelsoft’s high-stakes bet on edtech.
When will the shares from both IPOs start trading?
Allotments are scheduled for November 24, 2025, with both companies listing on November 26, 2025. Excelsoft Technologies will debut on the BSE and NSE, while Gallard Steel will list on the BSE SME platform. Retail investors should check their demat accounts on the 26th to confirm holdings.
How do these IPOs compare to other education tech listings like PhysicsWallah?
PhysicsWallah, which lists on November 18, is a consumer-facing edtech giant with massive brand recognition but high operating losses. Excelsoft, in contrast, is a B2B SaaS provider with profitability and global clients — but extreme client concentration. They’re different business models: one’s a media brand, the other’s a tech infrastructure provider. Investors should treat them as apples and oranges.
What should retail investors watch for in the coming weeks?
Watch for filings from other SaaS and manufacturing firms — especially those with diversified revenue. If no new IPOs are announced by early December, it could signal a broader market pause. Also, monitor how Excelsoft performs on its listing day. A strong debut might encourage more edtech firms to go public; a weak one could chill the sector for months.
