ESDS Software Solution IPO
ESDS Software Solution IPO is a Mainboard book-built issue of ₹720.00 crore comprising an entirely Fresh Issue of 1,67,83,216 equity shares. The price band is ₹408 to ₹429 per share, with a lot size of 34 shares.
ESDS Software Solution IPO Details
ESDS Software Solution IPO opened for subscription on 28 August 2026 and will close on 1 September 2026. The basis of allotment is scheduled for 2 September 2026, refunds and Demat credit are scheduled for 3 September 2026, and listing is scheduled for 4 September 2026.
ESDS Software Solution IPO GMP
ESDS Software Solution IPO GMP was reported at around ₹350 on 28 August 2026 against the ₹429 upper price band. This implies an unofficial indicative price of approximately ₹779 per share. GMP is unofficial, unregulated grey-market information and does not guarantee the actual listing price.
ESDS Software Solution IPO Timeline (Tentative)
ESDS Software Solution IPO opened for public subscription on 28 August 2026 and will close on 1 September 2026. The basis of allotment is scheduled for 2 September, refunds and Demat credit are scheduled for 3 September, followed by listing on BSE and NSE on 4 September 2026. Anchor investor bidding took place on 27 August 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Fri, Aug 28, 2026 |
| IPO Close Date | Tue, Sep 1, 2026 |
| Basis of Allotment | Wed, Sep 2, 2026 |
| Initiation of Refunds | Thu, Sep 3, 2026 |
| Credit of Shares to Demat | Thu, Sep 3, 2026 |
| Listing Date | Fri, Sep 4, 2026 |
| Anchor Investor Bidding | 27 August 2026 |
| IPO Opens | 28 August 2026 |
| IPO Closes | 1 September 2026 |
| Basis of Allotment | 2 September 2026 |
| Refund Initiation | 3 September 2026 |
| Credit of Shares to Demat | 3 September 2026 |
| Listing Date | 4 September 2026 |
ESDS Software Solution IPO Lot Size
The ESDS Software Solution IPO lot size is 34 shares. At the upper price band of ₹429 per share, one lot requires a minimum investment of ₹14,586. Retail investors can apply for up to 13 lots, or 442 shares, amounting to ₹1,89,618.
| 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 |
ESDS Software Solution IPO Reservation
The ESDS Software Solution IPO has reserved 50% of the offer for Qualified Institutional Buyers, 15% for Non-Institutional Investors and 35% for Retail Individual Investors. Within the QIB portion, 30% of the total issue was allocated to anchor investors and the remaining 20% was available to QIBs other than anchor investors.
ESDS Software Solution IPO Subscription
ESDS Software Solution IPO was subscribed 2.10x overall on the first day of bidding, 28 August 2026. The QIB portion was subscribed 0.01x, NII 3.51x and Retail 2.69x. The IPO remains open until 1 September 2026, so these are not the final subscription figures.
| Category | Subscription (times) |
|---|---|
| QIB | 0.01x |
| NII | 3.51x |
| RII | 2.69x |
| Total | 2.10x |
About ESDS Software Solution
ESDS Software Solution Limited is an AI-enabled provider of cloud, managed services, data centre infrastructure and software solutions in India. The company offers an end-to-end portfolio covering Infrastructure-as-a-Service (IaaS), managed services and Software-as-a-Service (SaaS). Its offerings include cloud computing, data centre services, cybersecurity, IT infrastructure management, backup and disaster recovery, DevOps, automation and GPU-as-a-Service.
The company was incorporated as ESDS Software Solution Private Limited on 18 August 2005 and subsequently became a public limited company. Its registered office is located at NICE Area, MIDC, Satpur, Nashik, Maharashtra.
ESDS operates data centre infrastructure and provides cloud and managed services to customers across sectors including banking, financial services and insurance, government and enterprises. Its business model includes pay-per-consumption, subscription and pay-per-branch revenue models.
The company has developed proprietary technology for cloud infrastructure and provides services covering multi-cloud, hybrid-cloud and other enterprise requirements. Its technology portfolio also includes AI and GPU-based computing capabilities.
ESDS has reported strong financial growth in recent years. Total income increased from ₹292.14 crore in FY2024 to ₹376.64 crore in FY2025 and ₹480.65 crore in FY2026, while PAT increased from ₹13.61 crore to ₹55.61 crore and ₹120.82 crore during the same period.
Strengths
- AI-enabled cloud, managed services and data centre infrastructure business.
- Integrated portfolio covering IaaS, managed services and SaaS.
- Exposure to cloud computing, data centres, cybersecurity and GPU-as-a-Service.
- Strong growth in revenue and profitability.
- High EBITDA margin of 49.60% in FY2026.
- PAT margin of 25.59% in FY2026.
- Strong ROE and ROCE of 25.12% and 32.78%, respectively.
- Low debt-to-equity ratio of 0.08 as of FY2026.
- Long-term relationships with BFSI, government and enterprise customers.
- Proprietary technology and AI-driven product development.
Risks to Consider
- The company operates in a highly competitive and rapidly changing technology and data centre industry.
- Data centre infrastructure requires substantial capital expenditure.
- Rapid technological changes may result in technology obsolescence and require continued investment.
- Revenue is concentrated among a limited number of customers, with the top 10 customers accounting for 45.36% of FY2026 revenue from operations.
- The business depends on the availability and cost of specialised equipment, including computing and GPU infrastructure.
- The company has operational dependence on certain data centre facilities and related arrangements.
- International operations expose the company to geopolitical and regulatory risks.
- Expansion of data centre capacity requires significant capital and successful execution.
- Any disruption to data centre operations, cybersecurity or network infrastructure could adversely affect the business.
ESDS Software Solution Financials (₹ Cr)
ESDS Software Solution reported total income of ₹292.14 crore in FY2024, ₹376.64 crore in FY2025 and ₹480.65 crore in FY2026. PAT increased from ₹13.61 crore in FY2024 to ₹55.61 crore in FY2025 and ₹120.82 crore in FY2026. Net worth increased from ₹206.36 crore in FY2024 to ₹528.81 crore in FY2026.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 292.14 | 13.61 | 547.71 | 206.36 |
| FY2025 | 376.64 | 55.61 | 655.95 | 405.55 |
| FY2026 | 480.65 | 120.82 | 1,937.90 | 528.81 |
KPIs & Valuation
At the upper IPO price band of ₹429, ESDS Software Solution has a pre-issue P/E of 35.66x based on FY2026 EPS of ₹12.03. The post-issue EPS is ₹10.31, resulting in a post-issue P/E of 41.61x. FY2026 ROE was 25.12%, ROCE was 32.78%, RoNW was 22.85% and NAV was ₹52.66 per share.
Objects of the Issue
The net proceeds from the ESDS Software Solution IPO are proposed to be used primarily for purchasing and installing cloud computing and other equipment and infrastructure for the company's relevant data centres. The remaining proceeds are proposed to be used for general corporate purposes.
- The company proposed to utilise the IPO proceeds for:
- Purchase and installation of cloud computing and other equipment and infrastructure for Data Centres – ₹576.00 crore.
- General Corporate Purposes – Balance Amount.
Promoters, Lead Managers & Registrar
ESDS Software Solution Limited is promoted by Piyush Prakashchandra Somani, Komal Piyush Somani and P.O. Somani Family Trust. DAM Capital Advisors Limited and Systematix Corporate Services Limited are the Book Running Lead Managers, while MUFG Intime India Private Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MUFG Intime India Private Limited |
|---|---|
| Phone | +91 8108114949 |
| esdssoftware.ipo@in.mpms.mufg.com | |
| Website | https://in.mpms.mufg.com/ |
ESDS Software Solution IPO Review
ESDS Software Solution has demonstrated strong growth in both revenue and profitability. Total income increased from ₹292.14 crore in FY2024 to ₹376.64 crore in FY2025 and ₹480.65 crore in FY2026. PAT increased sharply from ₹13.61 crore in FY2024 to ₹55.61 crore in FY2025 and ₹120.82 crore in FY2026.
The company's business is positioned around cloud computing, managed services, data centre infrastructure and software solutions. Its expansion into AI and GPU-as-a-Service provides exposure to the growing demand for computing infrastructure.
Profitability is a major strength. EBITDA increased to ₹234.23 crore in FY2026, with an EBITDA margin of 49.60%. PAT margin stood at 25.59%, while ROE and ROCE were 25.12% and 32.78%, respectively.
At the upper IPO price of ₹429, ESDS Software Solution is valued at a pre-issue P/E of 35.66x based on FY2026 EPS of ₹12.03. The post-issue EPS is ₹10.31, resulting in a post-issue P/E of 41.61x.
The company proposes to deploy ₹576 crore of the net IPO proceeds towards cloud computing equipment and infrastructure for its relevant data centres. This indicates that a substantial portion of the issue proceeds is directed towards capacity expansion rather than debt repayment.
Investors should also consider customer concentration, capital expenditure requirements, technology obsolescence, data centre operational risks and the relatively high valuation before making an investment decision.
As of 28 August 2026, the IPO had received 2.10x overall subscription. Since bidding remains open until 1 September 2026, the final subscription figure may be different.
How to Apply
ESDS Software Solution IPO applications can be made through the ASBA process and UPI-supported IPO applications. The minimum application consists of one lot of 34 shares, requiring ₹14,586 at the upper price band of ₹429.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select ESDS Software Solution IPO.
- Enter the number of lots you want to apply for.
- Select the bid price. Retail investors can generally choose Cut-off when available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
ESDS Software Solution has published its IPO-related documents through its investor relations section. SEBI records the company's Red Herring Prospectus dated 25 August 2026. The company's official investor page provides access to the RHP and other investor documents.
Last updated Aug 29, 2026.