SEBI has finally given its nod to two very different entities in the Indian capital market space — Excelsoft Technologies, a Mysuru-based global SaaS player and VMS TMT, an Ahmedabad-based TMT bar manufacturer. Both approvals have been given on 21 July 2025 and now the companies can list in the coming months.
Excelsoft Technologies IPO Approval
Excelsoft Technologies filed its Draft Red Herring Prospectus (DRHP) with SEBI on 6 March 2025. The company is looking to raise INR 700 crore through a fresh issue of INR 210 crore and an offer-for-sale (OFS) of INR 490 crore by promoters Pedanta Technologies and founder Dhananjaya Sudhanva.
- Use of Proceeds: The new capital will be used for capacity expansion at the Mysuru campus, IT infrastructure and a new facility. The company will also be investing in a technology stack to support growth in EdTech SaaS verticals across 17 countries.
- Industry Context: Excelsoft operates in the fast-growing learning and assessment solutions space, serving educational institutions, government agencies and corporate clients. With SaaS in EdTech expected to accelerate post COVID, listing will help to increase visibility among institutional investors looking for scalable IP-led technology plays.
- Regulatory Milestone: SEBI observations issued on 21 July 2025, now the process moves to finalise the price band in the next few weeks. Listing will be on NSE and BSE and Anand Rathi Advisors is the sole Book Running Lead Manager.
VMS TMT IPO Approval
In contrast, VMS TMT operates in the cyclical but high-demand steel manufacturing sector. The company refiled its DRHP on 1 April 2025 after an earlier withdrawal, and has now secured SEBI’s approval to raise approximately INR 115 crore through a pure fresh equity issue of 1.50 crore shares.
- Use of Proceeds: The funds will primarily be deployed towards debt repayment and working capital requirements, with a portion earmarked for plant modernisation and capacity enhancement. Given the company’s relatively high leverage, debt reduction will directly improve interest coverage and strengthen the balance sheet.
- Market Position: VMS TMT has carved out a strong retail presence, with around 77% of revenues derived from Gujarat’s dealer and distributor network. Its products, marketed under the “Kamdhenu” brand, cater largely to the housing and infrastructure segments — sectors poised to benefit from government-led capital expenditure and urbanisation trends.
- Capital Market Trajectory: The issue will be managed by Arihant Capital Markets, with a proposed dual listing on NSE and BSE. SEBI’s clearance on 21 July 2025 sets the stage for the company’s first foray into public ownership.
Analyst’s Take
The approval of these two IPOs reflects the diversity of India’s capital markets pipeline. Excelsoft represents a scalable, technology-led growth story in the SaaS/EdTech space, while VMS TMT offers a manufacturing and infrastructure-linked play. Both will appeal to different investor bases: one targeting growth-focused investors comfortable with technology valuations, the other offering a more traditional, asset-backed industrial investment.
In a market that has been moving up since 2025, these approvals mean there is still appetite for both innovation and the real economy. Execution, pricing and market at the time of launch will be key to their listing day performance. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.