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ESDS Software Solution IPOLISTED

NSE, BSEMainboardBook Built Issue

ESDS Software Solution Limited is an AI-enabled cloud, Data Centre, managed services and software solutions provider, serving 2,501 customers across BFSI, Government and enterprise segments.

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Listing price

₹757

Listing gain

+76.46%

Current

₹757

Listed

04 Sept 26

Opens

28 Aug 26

Closes

01 Sept 26

Allotment

02 Sept 26

Refund

03 Sept 26

Demat

03 Sept 26

Listing

04 Sept 26

Listed at

₹757

+76.46% on 04 Sept 26

Min. investment₹14,586

GMP₹255 · +59.4%

Subscribed142.88x

Track in the app

Overview

Price band

₹408-429

Lot size

34 shares

Min. investment

₹14,586

Issue size

₹720.00 Cr

1.68 Cr shares

Fresh issue

₹720 Cr

1.68 Cr shares

Face value

₹1 / share

Issue type

Book Built Issue

Listing at

NSE, BSE

Reservation

Anchor Investor 30%QIB 20%B-HNI 10%S-HNI 5%Individual 35%

Category	Shares offered	% of issue
Anchor Investor	50,34,964	30%
QIB	33,56,643	20%
NII (HNI)	25,17,483	15%
B-HNI	16,78,322	10%
S-HNI	8,39,161	5%
Individual	58,74,126	35%
Total	1,67,83,216	100%

Lot size & investment

Application	Lots	Shares	Amount
Retail (Min)	1	34	₹14,586
Retail (Max)	13	442	₹1,89,618
S-HNI (Min)	14	476	₹2,04,204
S-HNI (Max)	68	2,312	₹9,91,848
B-HNI (Min)	69	2,346	₹10,06,434

Listing performance

NSE/BSE: ESDS

Listing gain

+76.46%

Gain per retail lot

₹11,152

Latest vs issue

—

GMP was

₹255 (+59.44%)

₹429

₹684+59.44%

₹757+76.46%

Issue price

GMP estimate

Listing price

Latest price appears here during market hours.

ESDS Software Solution Live GMP

GMP₹255

Est. Price₹684

Est. Gain59.44%

Latest GMP

₹255

All-time high

₹335

All-time low

₹240

GMP × retail lot ₹8,670GMP × S-HNI min ₹1,21,380Expected listing ~ ₹684GMP is unofficial and changes often. Data as of 02 Sept, 12:00 am.

Subscription

02 Sept, 12:00 am

Oversubscribed 142.88 times · 63,01,696 applications

QIB

274.97x

NII (HNI)

202.87x

S-HNI

169.43x

B-HNI

219.59x

Retail

41.68x

Total

142.88x

Total applications

63,01,696

Total bid amount

₹72,010 Cr

Category breakdown

Category	Shares offered	Shares bid	Times	Bid amount
QIB	33,56,643	92,29,92,424	274.97x	₹39,596 Cr
NII (HNI)	25,17,483	51,07,16,856	202.87x	₹21,910 Cr
B-HNI	16,78,322	36,85,36,268	219.59x	₹15,810 Cr
S-HNI	8,39,161	14,21,80,588	169.43x	₹6,100 Cr
Retail	58,74,126	24,48,54,060	41.68x	₹10,504 Cr
Total	1,17,48,252	1,67,85,63,340	142.88x	₹72,010 Cr

Application-wise breakup

Category	Applications reserved	Applied	Times
B-HNI	3,526	1,53,354	43.49x
S-HNI	1,763	2,83,809	160.98x
Retail	1,72,768	58,48,356	33.85x

Allotment chance per application is roughly 1 ÷ times for the category (lottery for retail and S-HNI).

Financials

(₹ in crores)

Key performance indicators

As of 31 Mar 2026

ROE

25.12%

PAT Margin

25.59%

ROCE

32.78%

EBITDA Margin

49.6%

Debt to Equity Ratio

0.08

Price to Book Value

8.15

RoNW

22.85%

Valuation vs listed peers

EPS Pre IPO

₹12.03

EPS Post IPO

₹10.31

P/E Pre IPO

35.66

P/E Post IPO

41.61

Price-to-earnings

ESDS Software Solution (post-issue)

41.61×

E2E Networks Limited

404.00×

Company	P/E	P/B	RoNW	Face value
E2E Networks Limited	404	—	—	—

Peer median P/E 404.0× · Ratios as disclosed in the offer document.

Buzz AI analysis

From this IPO's filings and market data · educational, not investment advice

Revenue growth FY24 → FY26

+64.5%

Profit growth FY24 → FY26

+787.7%

P/E vs peer median

41.6× vs 404.0×

PAT margin 25.6% and ROCE 32.8%.
Priced below its listed-peer median P/E.
Price-to-book of 8.2× leaves little room for an earnings miss.

Strengths & risks

End-to-end portfolio of cloud, managed services, Data Centre and software solutions.
Early mover in India's cloud technology and Data Centre industry.
Diversified customer base across BFSI, Government and Enterprise segments.
Strong cross-selling capabilities across IaaS, managed services and SaaS.
Proprietary technology platforms supporting its AI and cloud offerings.

7.1/10

Buzz score · Solid

From GMP, subscription and issue size

Financials7.4

Growth8.2

Business6.5

Demand8.7

Risk7.2

Objects of the issue

Purpose	Amount (₹ Cr)
Purchase and installation of cloud computing and other equipment and infrastructure for Data Centres.	576
General Corporate Purposes.	-

Company & documents

ESDS Software Solution Limited is an AI-enabled provider of cloud, managed services, Data Centre infrastructure and software solutions in India. It offers an end-to-end portfolio of IaaS, managed services and SaaS, serving customers across the BFSI, Government and Enterprise segments.

The Company's cloud and infrastructure portfolio includes public, private, virtual private, hybrid and community cloud solutions, along with GPU-as-a-Service (GPUaaS). ESDS is one of the only two players in India offering the entire spectrum of GPUaaS, cloud, managed services, Data Centre infrastructure and software solutions.

The Company was also among the early adopters of cloud technology in India, having established its first Data Centre in Nashik in 2010 and launched its cloud services in 2011.

Its managed services include cloud and Data Centre management, cybersecurity, IT infrastructure and network management, and backup and disaster recovery. The Company also offers proprietary technology solutions, including the SWARAJ Cloud platform and other software products.

In Fiscal 2026, the Company served 2,501 customers and reported revenue from operations of ₹4,722.10 million.

As of June 30, 2026, the Company had 993 employees across various functions and operations.

Registrar

MUFG Intime India Pvt. Ltd.

Phone: 022-49186000

Email: esdssoftware.ipo@in.mpms.mufg.com

Web: https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Company contact

ESDS Software Solution Ltd.

Plot No. B- 24 & 25, NICE Area, MIDC, Satpur, Nashik, Maharashtra, 422007

Phone: +91 253 711 2244

Email: secretarial@esds.co.in