ESDS IPO Fully Subscribed Within Hours On Day 1

Enterprise cloud and AI company ESDS Software Solution’s IPO was fully subscribed within a few hours of opening for bids today, driven by demand from retail and non-institutional investors.

As of 12:27 PM IST, investors had placed bids for 1.26 Cr shares against the 1.24 Cr shares on offer, translating into an overall subscription of 1.02X, according to BSE data.

The portion reserved for retail investors was subscribed 1.4X, with bids for 86.31 Lakh shares against the 61.76 Lakh shares available for the category. 

Meanwhile, non-institutional investors (NIIs) placed bids for 39.76 Lakh shares against the 26.47 Lakh shares on offer, translating into a subscription of 1.5X.

Within the NII category, the portion reserved for investors bidding for more than ₹10 Lakh was subscribed 0.9X. The portion for investors bidding between ₹2 Lakh and ₹10 Lakh was booked 2.7X.

Qualified institutional buyers (QIBs) showed negligible interest during the early hours of bidding, placing bids for only 6,154 shares against the 35.29 Lakh shares available for the category. 

ESDS’ ₹720 Cr fresh issue-only IPO will close on September 1. Its shares are expected to list on the BSE and NSE on September 4. At the upper end of its ₹408-₹429 price band, ESDS is seeking a valuation of about ₹5,028 Cr (about $526 Mn). 

ESDS’s ₹720 Cr fresh issue-only IPO will close on September 1 (Tuesday). ESDS’ shares will tentatively list on the BSE and NSE on September 4 (Friday). At the upper end of its ₹408-₹429 price band, ESDS is seeking a valuation of about ₹5,028 Cr (about $526 Mn).

Founded in 2005, Nashik-based ESDS provides cloud computing, data centre, managed services, and AI-led digital solutions to government and enterprise customers. 

Notably, this is not ESDS’ first attempt at an IPO. It first sought to list on the public markets in September 2021 but did not proceed with the issue due to the pandemic. The company refiled its papers in March 2025.

ESDS plans to deploy ₹576 Cr from the net proceeds towards purchasing and installing cloud computing equipment and other infrastructure at its existing data centres in Airoli, Bengaluru, Mohali, and Nashik. A portion of the proceeds will also be used for general corporate purposes.

Ahead of the IPO, ESDS raised ₹216 Cr from anchor investors by allotting 50.3 Lakh equity shares to 19 entities at ₹429 apiece. The anchor investors included Motilal Oswal Mutual Fund, Bandhan Mutual Fund, Quant Mutual Fund, ITI Mutual Fund, and JM Flexicap Fund, among others.

Bajaj General Insurance, Sanshi Fund-I, Meru Investment Fund, Cognizant Capital Dynamic Opportunities Fund, and CP Capital also participated in the anchor book.

On the financial front, the company reported a consolidated net profit of ₹120.8 Cr in FY26, more than double the ₹55.6 Cr it posted in the previous fiscal year. Its operating revenue rose 30.7% to ₹472.2 Cr from ₹361.3 Cr in FY25.

On the operational front, ESDS claims to have served 2,501 customers in FY26, with an average revenue per customer of around ₹19 Lakh.

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