“This article expresses my personal analysis based on publicly available financial data and market reports.”
A quiet week, but big choices for investors
The primary market in India is taking a slight breather — only two Upcoming IPOs are opening for subscription this week. And yet, for someone watching closely, these two could be quite meaningful.
One is a large mainboard issue, the other a smaller SME offering. Both open on November 19 and close on November 21, 2025.
Excelsoft Technologies IPO – What’s on the table
The company Excelsoft Technologies Ltd is a global vertical SaaS firm focusing on the learning & assessment market, with over 20 years in business.
Key details:
- Issue size: ~ ₹500 crore, comprising a fresh issue of ~₹180 cr and an offer-for-sale (OFS) ~₹320 cr.
- Price band: ₹114 to ₹120 per share.
- Lot size: 125 shares (minimum investment around ₹15,000) for retail.
- Listing date: Tentatively November 26, 2025.
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Why this one stands out:
- It is one of the few large mainboard IPOs in this quieter week.
- The business has global reach (clients across 19 countries, per disclosures) and healthy growth in FY25: revenue ~₹249 crore, PAT ~₹34.69 crore.
Risks and things to consider:
- In the IPO review, analysts point out that while fundamentals are strong, valuation seems on the higher side given the price band.
- SaaS in education/assessment is competitive and depends on client renewals and scaling.
- If an investor is looking for quick listing gain, there may be hope — but long-term commitment also demands patience.
Gallard Steel IPO – The SME alternative
For those willing to step into the SME segment, Gallard Steel Ltd offers the next opportunity. The company manufactures engineered steel castings for sectors like railways, defence, and power generation.
Key details:
- Issue size: ~ ₹37.50 crore. The entire issue is fresh.
- Price band: ₹142 to ₹150 per share.
- Lot size: 2,000 shares; minimum investment around ₹3,00,000 for the retail category.
- Listing on BSE SME is likely on November 26, 2025.
Why it might appeal:
- Engineering manufacturing is tied to heavy infrastructure (railways/defence), which has tailwinds in India’s investment climate.
- Smaller size means potentially higher upside if the business executes well and the market likes it.
But watch out for:
- SME issues tend to be more volatile and carry a higher risk.
- Minimum ticket size is quite high (₹3 lakh) for many retail investors.
- According to Kotak Securities, as with many smaller firms, dependency on a few key clients, input costs (metals), and manufacturing risks matter a lot. The IPO document flags these.
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What this tells us about the IPO market in 2025
In 2025 so far, the IPO pipeline has seen peaks and troughs. This week, the flow is light: only these two issues are open for subscription, though several others are getting ready to list.
Key trend:
- Investors are more selective now; mainboard issues are fewer.
- The SME segment is picking up for those willing to take more risk.
- Focus on companies with clear global exposure or niche manufacturing fits the “India growth + global clients” narrative.
- For retail investors: this may be a window to pick one of the two depending on your risk appetite — but it’s not an open-and-shut win.
My take
If I had to pick, I would find Excelsoft more attractive for someone looking for a blend of growth and moderate risk. Its SaaS model, global footprint and better size make it a more ‘mainstream’ play. That said, the price band is already aggressive, so investors should temper expectations if they apply.
Gallard Steel offers excitement but also demands comfort with higher uncertainty and a large ticket size. If you’re comfortable with that, it could be a splashy bet.
In short: This week’s Upcoming IPOs mirror the broader 2025 theme — fewer but more refined opportunities. Don’t rush; read the RHP, check your risk tolerance, and ensure the investment fits you, not just the hype.
FAQs About Upcoming IPOs
1. When are the upcoming IPOs this week opening?
Ans.: The upcoming IPOs this week, including Excelsoft Technologies and Gallard Steel, will open for subscription between November 19 and November 21, 2025.
2. What is the issue size of the Excelsoft Technologies IPO?
Ans.: The Excelsoft Technologies IPO has an estimated issue size of around ₹500 crore, including a fresh issue and an offer for sale.
3. What is the price band for the Gallard Steel IPO?
Ans.: The Gallard Steel IPO price band is expected to be between ₹142 and ₹150 per share, according to early market details.
4. Are these upcoming IPOs suitable for retail investors?
Ans.: Excelsoft Technologies IPO may appeal to moderate-risk retail investors, while the Gallard Steel IPO targets higher-risk investors due to its SME nature and larger minimum investment.
5. Which IPO is better for long-term investment?
Ans.: Excelsoft Technologies appears better suited for long-term investment due to its global SaaS business model, while Gallard Steel may offer potential upside but comes with higher volatility.
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Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not US News Weeks. We advise investors to check with certified experts before making any investment decisions.
Source : The Economic Times & Kotak Securities - Upcoming IPOs This Week
✍️ Written by Nikhil Singh
Market & IPO Analyst | Business News Writer | Tech-Auto Observer
Nikhil has been tracking Indian IPOs, consumer brands, tech & automobile overview, and financial trends since 2019. His writing style blends market insight with a relatable human voice — making complex data simple for everyday investors.
