Upcoming IPO, March 2 -- Global vertical SaaS company Excelsoft Technologies, on March 2, said that it has filed draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (SEBI) to raise Rs.700 crore through an initial public offering (IPO).

As per the DRHP, the Karnataka-based company's proposed IPO consists of a fresh equity issue totaling up to Rs.210 crore and an offer for sale (OFS) of shares worth up to Rs.490 crore by the promoter selling shareholders, Pedanta Technologies Private Limited and Dhananjaya Sudhanva.

Excelsoft Technologies plans to allocate the net proceeds from the fresh issue towards capital expenditure, including the purchase of land and construction of a new buildin...