ESDS Software Solution IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 274.97x |
| NII | 202.87x |
| sNII (₹2L–₹10L) | 169.43x |
| bNII (above ₹10L) | 219.59x |
| Retail (RII) | 41.68x |
| Total | 142.88x |
Bidding day 5 · final figures at close of bidding: 4 Sept 2026, 6:30 pm IST
IPO Details
- Open Date
- 28 Aug 2026
- Close Date
- 1 Sept 2026
- Listing Date
- 4 Sept 2026
- Face Value
- ₹1
- Fresh Issue
- ₹720 Cr
- OFS
- ₹0 Cr
- Listing On
- NSE, BSE
- Registrar
- —
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 34 | ₹14,586 |
| Retail (Max) | 14 | 476 | ₹2,04,204 |
| B-HNI (Min) | 69 | 2,346 | ₹10,06,434 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 50,34,964 | 30% |
| QIB (ex-anchor) | 33,56,643 | 20% |
| NII | 25,17,483 | 15% |
| — sNII (< ₹10L) | 8,39,161 | 5% |
| — bNII (> ₹10L) | 16,78,322 | 10% |
| Retail | 58,74,126 | 35% |
| Total | 1,67,83,216 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 292.14 | 13.61 | 101.88 | 206.36 | 547.71 | 149.04 | — |
| FY 2025 | 376.64 | 55.61 | 154.89 | 405.55 | 655.95 | 62.71 | — |
| FY 2026 | 480.65 | 120.82 | 234.23 | 528.81 | 1,937.9 | 42.92 | 12.03 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 35.66x
- P/E (post-issue)
- 41.61x
- RoNW
- 22.85%
- RoE
- 25.12%
- RoCE
- 32.78%
- Debt / Equity
- 0.08
- EPS (pre-issue)
- ₹12.03
- EPS (post-issue)
- ₹10.31
- EBITDA Margin
- 49.6%
- PAT Margin
- 25.59%
- P/BV
- 8.15x
- NAV / share
- ₹52.66
- Market Cap
- ₹5,028.35 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Purchase and installation of cloud computing and other equipment and infrastructure for Data Centres. | ₹576 Cr |
| General Corporate Purposes | ₹91.05 Cr |
| Issue Expenses | ₹52.95 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Fees payable to the BRLMs and commissions (including underwriting commission, brokerage and selling commission | ₹21.36 Cr |
| Commission/processing fee for SCSBs and Sponsor Banks. Brokerage, underwriting commission and selling commission, uploading charges and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | ₹3.6 Cr |
| Fees payable to the Registrar to the Issue | ₹0.76 Cr |
| Advertising and marketing expenses | ₹4.52 Cr |
| Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | ₹9.34 Cr |
| Printing and distribution of stationery | ₹0.71 Cr |
| Fees payable to legal counsels | ₹7.37 Cr |
| Fees payable to Statutory Auditors, practicing company secretary, IT consultant and industry service provider in relation to the Issue | ₹1.76 Cr |
| Miscellaneous | ₹3.54 Cr |
Promoters & Shareholding
Promoters: <p>Piyush Prakashchandra Somani, Komal Piyush Somani, P.O.Somani Family Trust</p>
- Holding (pre-issue)
- 46.06%
- Holding (post-issue)
- 39.47%
- Dilution
- 6.59%
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| MERU INVESTMENT FUND PCC-CELL 1 | Other | 2,33,104 | ₹429 | 100 | 4.63% |
| MOTILAL OSWAL DIGITAL INDIA FUND | Other | 10,25,644 | ₹429 | 44 | 20.37% |
| BANDHAN FOCUSED FUND | Other | 6,52,698 | ₹429 | 28 | 12.96% |
| QSIF HYBRID LONG-SHORT FUND | Other | 5,59,436 | ₹429 | 24 | 11.11% |
| QSIF ACTIVE ASSET ALLOCATOR LONG-SHORT FUND | Other | 5,59,436 | ₹429 | 24 | 11.11% |
| BANDHAN SMALL CAP FUND | Other | 4,66,174 | ₹429 | 20 | 9.26% |
| SANSHI FUND-I | Other | 2,33,070 | ₹429 | 10 | 4.63% |
| ITI LARGE & MIDCAP FUND | Other | 2,09,780 | ₹429 | 9 | 4.17% |
| JM FLEXICAP FUND | Other | 1,86,490 | ₹429 | 8 | 3.7% |
| COGNIZANT CAPITAL DYNAMIC OPPORTUNITIES FUND | Other | 1,39,808 | ₹429 | 6 | 2.78% |
| BAJAJ GENERAL INSURANCE LTD.-POLICYHOLDERS EQUITY | Insurance | 1,30,543 | ₹429 | 5.6 | 2.59% |
| CP Capital Ltd. | Other | 1,16,660 | ₹429 | 5 | 2.32% |
| ITI LARGE CAP FUND | Other | 1,16,552 | ₹429 | 5 | 2.31% |
| SAMCO SMALL CAP FUND | Other | 1,16,552 | ₹429 | 5 | 2.31% |
| MOTILAL OSWAL CONTRA FUND | Other | 93,228 | ₹429 | 4 | 1.85% |
| BAJAJ GENERAL INSURANCE LTD.-SHAREHOLDERS EQUITY | Insurance | 55,947 | ₹429 | 2.4 | 1.11% |
| ITI BUSINESS CYCLE FUND | Other | 46,614 | ₹429 | 2 | 0.93% |
| ITI BHARAT CONSUMPTION FUND | Other | 46,614 | ₹429 | 2 | 0.93% |
| ITI BALANCED ADVANTAGE FUND | Other | 46,614 | ₹429 | 2 | 0.93% |
Anchor bidding took place on 27 Aug 2026. Anchor lock-in: 50% of shares unlock on 2 Oct 2026, the remainder on 1 Dec 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| ESDS Software Solution | 12.03 | 52.66 | — | 22.85% | — | Consolidated |
| E2e Networks Ltd | -0.78 | 81.97 | -804.97x | -0.92% | 7.69x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | May Apply |
Third-party analyst views on the ESDS Software Solution IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Listing Performance
About the ESDS Software Solution IPO
The ESDS Software Solution mainboard IPO opens for subscription on 28 Aug 2026 and closes on 1 Sept 2026, offered at a price band of ₹408–429 per share, and is set to list on NSE and BSE. In total, the issue aims to mobilise ₹720 crore. Retail investors bid in lots of 34 shares, a minimum application of ₹14,586.
Issue structure
The IPO is structured entirely as a fresh issue of ₹720 crore, so the full proceeds flow to the company to fund its stated objects of the issue.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward purchase and installation of cloud computing and other equipment and infrastructure for data centres. (₹576 crore), alongside general corporate purposes (₹91.05 crore). In all, 3 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, ESDS Software Solution reported revenue of ₹480.65 crore and a net profit of ₹120.82 crore. Revenue grew from ₹292.14 crore in FY2024 to ₹480.65 crore in FY2026 (+65.0%). Net worth stood at ₹528.81 crore at the end of FY2026. At the upper band, that puts the issue at roughly 35.7× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 41.61× post-issue earnings and 8.15× book value, against a return on net worth of 22.85% and a debt-to-equity ratio of 0.08. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Piyush Prakashchandra Somani, Komal Piyush Somani, P.O.Somani Family Trust</p>. Promoter holding stands at 46.06% before the issue and comes down to 39.47% after listing.
Grey market premium (GMP)
In the unofficial grey market, ESDS Software Solution shares are quoted at a premium of ₹247 implying an expected listing around ₹676, about +57.6% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The ESDS Software Solution IPO was subscribed 142.88 times overall. The strongest demand came from qualified institutional buyers (QIB) at 274.97 times, with non-institutional investors (NII) at 202.87× and retail investors at 41.68×.
Listing performance
ESDS Software Solution listed on 4 Sept 2026 at ₹746.3, a premium of +74.0% over the issue price of ₹429.
What to weigh
When evaluating the ESDS Software Solution IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About ESDS Software Solution
Incorporated in 2005, ESDS Software is a leading managed cloud service and end-to-end multi-cloud requirements provider in India. The company provides one-stop solutions to its customers for cloud adoption. The company's offerings can be divided into - Cloud Computing Infrastructure as a Service (IaaS), which includes the company's patented vertically auto-scalable cloud technology platform, 'eNlight Cloud' Software as a Service (SaaS), and Managed Services. ESDS Software offers products across diversified industries including government ministries & companies and corporate entities across sectors such as BFSI, manufacturing, IT and ITES, telecom, real estate, pharmaceuticals, retail, and education and in several countries across the APAC region, Europe, Middle East, the Americas, and Africa. The company operates its business through 3 data centres in India, one each in Navi Mumbai, Nashik, and Bengaluru. The data centres cover an aggregate area of over 50,000 sq. feet and are connected on a 10 Gbps backbone network. Competitive Strengths: "One stop shop" for customer's cloud adoption A robust and scalable business model with multiple levels of growth Innovative billing solutions for customers One of the leading cloud service providers of India Experienced senior management
ESDS Software Solution — Contact Details
- Registered office
- Plot No. B- 24 & 25,, NICE Area, MIDC,, Satpur, Nashik, Maharashtra, 422007
- Phone
- +91 253 711 2244
- Website
- www.esds.co.in/
- Registrar (IPO queries)
- esdssoftware.ipo@in.mpms.mufg.com
Frequently asked questions
- What is the ESDS Software Solution IPO price band?
- The ESDS Software Solution IPO price band is ₹408 to ₹429 per share, with a lot size of 34 shares.
- What was the ESDS Software Solution IPO GMP before listing?
- The final grey market premium recorded before the ESDS Software Solution IPO listed was ₹247. The IPO listed on 4 Sept 2026 at ₹746.3, +74.0% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the ESDS Software Solution IPO open and close?
- The ESDS Software Solution IPO opens on 28 Aug 2026 and closes on 1 Sept 2026.
- When is the ESDS Software Solution IPO allotment and listing date?
- Allotment is expected on 2 Sept 2026. The shares are scheduled to list on 4 Sept 2026 on NSE and BSE.
- How many times was the ESDS Software Solution IPO subscribed?
- The ESDS Software Solution IPO was subscribed 142.88 times in total across all investor categories.
- What is the reservation split in the ESDS Software Solution IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of ESDS Software Solution and what is their holding?
- The promoters are <p>Piyush Prakashchandra Somani, Komal Piyush Somani, P.O.Somani Family Trust</p>. Promoter holding is 46.06% before the issue and 39.47% after listing.
- What is the P/E ratio of the ESDS Software Solution IPO?
- At the upper price band, the ESDS Software Solution IPO is valued at 35.66× pre-issue earnings and 41.61× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the ESDS Software Solution IPO?
- The net proceeds go primarily toward purchase and installation of cloud computing and other equipment and infrastructure for data centres., among 3 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the ESDS Software Solution IPO?
- The book-running lead managers are Dam Capital Advisors Ltd., Systematix Corporate Services Ltd..
- Is ESDS Software Solution a Mainboard or SME IPO?
- ESDS Software Solution is a Mainboard IPO, listing on NSE and BSE.