ESDS Software Solution Limited IPO
ListedMainboardIT - Software
135.42×
Subscribed
Price band
₹429 – ₹429
Lot size
34
1 lot = ₹14,586
Issue size
₹720 Cr
Open – close
28 Aug 2026
to 01 Sept 2026
Listing
04 Sept 2026
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong3 of 7 dimensions read
The disclosed numbers are strong — 3 of 4 signals read positive
Strength78/100
- Strong revenue growthRevenue compounding at 28.4% across the reported years
- Profit growth outpaces salesPAT up 198.0% a year against revenue at 28.4% — check whether that is operating leverage or a one-off before extrapolating it
- Conservative balance sheetDebt/equity of 0.08×
- Institutions bid heavilyQIB portion subscribed 261.51×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed, and is pulled toward neutral to reflect how much the document leaves unsaid. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens28 Aug 2026
- Closes01 Sept 2026
- Allotment02 Sept 2026
- Listing04 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB261.51x
Non-institutionalNII / HNI192.71x
Retail individualRII38.81x
Chance of allotment
Retail38.81× subscribed
~1 in 38.8
Minimum 1 lot · 34 shares · ₹14,586 blocked
Retail is 38.81× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 38.8 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII192.71× subscribed
~1 in 192.7
Minimum 14 lots · 476 shares · ₹2,04,204 blocked
HNI is 192.71× subscribed. This category is allotted proportionately, so a bid receives roughly 1/192.7 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹429 – ₹429
Face value₹1
Lot size34shares
Minimum application₹14,586at cut-off
Total issue size₹720 Cr
Listing atMainboard
Company & valuation
Debt / equity0.08×
ISININE0DRI01029
RegistrarLINK
What the money is for
Stated use of the net proceeds
- 01Purchase and installation of cloud computing and other equipment and infrastructure for our Relevant Data Centres₹576 Cr
- 02General corporate purposesnot stated
Objects with no stated amount — typically general corporate purposes — are funded from whatever remains, so the quantified figures do not sum to the whole issue.
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 286.518 | — | 13.609 | — | — |
| 2025 | 361.335 | — | 55.612 | — | — |
| 2026 | 472.21 | — | 120.823 | — | — |
Revenue CAGR 28.4%PAT CAGR 198.0%
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumOur cloud computing infrastructure may become obsolete due to the development of new systems to deliver power to or eliminate heat from the servers or as a result of the development of new server technology. In addition, our power and cooling systems are difficult and expensive to upgrade. According
mediumOur revenue, directly or indirectly, from government entities and government projects represented 27.37%, 29.52%, and 34.04% of our revenue from operations for Fiscals 2026, 2025 and 2024, respectively. Any changes in government policies or budgetary allocations or our ability to satisfy eligibility
mediumESDS Cloud FZ-LLC, our Company’s subsidiary, had a loss of ₹40.46 million and ₹60.19 million for Fiscals 2025 and 2024, respectively. These losses represented (7.28%) and (44.23%) of our profit for the year for Fiscals 2025 and 2024, respectively. Although ESDS Cloud FZ-LLC had a profit for the year
mediumIf ESDS Cloud FZ-LLC were to experience a loss for the year over continuous fiscal years, especially if the losses were large, its ability to operate its business as a going concern may be adversely affected, which may require it to raise additional financing, which may not be available, and it woul
Litigation
Except as stated below, there are no outstanding (i) criminal proceedings; (ii) actions by regulatory authorities and statutory authorities (including all penalties and show cause notices); (iii) claims relating to direct and indirect taxes; and (iv) other material outstanding proceedings including arbitration proceedings involving the Company, its Promoters, Subsidiaries and Directors. There are no disciplinary actions including penalties imposed by SEBI or stock exchanges against the Promoters in the last five Fiscals. There are no outstanding (i) criminal proceedings involving the Key Managerial Personnel and members of Senior Management; or (ii) actions by statutory and regulatory authorities against the Key Managerial Personnel and members of Senior Management.
Positives the filing discloses (2)
Low leverage
Debt-to-equity of 0.08x.
Strong revenue growth
Restated revenue CAGR of 28.4%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+11.1%
Listed up
6 of 8
Best
+90.0%
Shanti Inorganics
Worst
-0.7%
Mopshop Distribution
Gaja Alternative Asset Management Limitedsame segment
31.2× sub+15.6%
Juniper Green Energy Limitedsame segment
7.9× sub+8.9%
131.8× sub+90.0%
1.6× sub+0.0%
-0.7%
138.6× sub+22.1%
1.5× sub+6.9%
46.2× sub+13.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About ESDS Software Solution Limited
ESDS Software Solution is an artificial intelligence (AI)-enabled cloud, managed services, data centre infrastructure, and software solutions provider in India. Its offerings include infrastructure-as-a-service (IaaS), managed services, and software-as-a-service (SaaS). The IaaS portfolio includes colocation and data centre services, public, private, virtual private, hybrid, and community cloud services, cloud computing, and GPU-as-a-Service (GPUaaS). Its managed services include cloud and data centre management, cybersecurity and compliance, IT infrastructure and network management, backup and disaster recovery, database management, DevOps, and automation services. The company operates five data centres in Nashik, Navi Mumbai, Bengaluru, Mohali, and Noida, covering an aggregate area of over 75,266 square feet. Its SaaS portfolio includes data centre management and monitoring software, vulnerability scanners, web access firewalls, and virtual private network (VPN) solutions. The company also provides services to banking, financial services, and insurance (BFSI) companies, government entities, and enterprises. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Purchase and installation of cloud computing and other equipment and infrastructure for relevant data centres – Rs 576 crore General corporate purposes
Founded 2005MD Mr Piyush SomaniSector IT - Software
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the ESDS Software Solution Limited IPO subscribed?
ESDS Software Solution Limited is subscribed 135.42× overall (QIB 261.51×, NII 192.71×, retail 38.81×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, LINK.
What is the minimum investment in the ESDS Software Solution Limited IPO?
One lot is 34 shares, so a retail application at the ₹429 cut-off price blocks ₹14,586. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the ESDS Software Solution Limited IPO?
The retail portion is subscribed 38.81×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 39. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the ESDS Software Solution Limited IPO allotment date?
Allotment is scheduled for 2026-09-02, with listing on 2026-09-04. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, LINK.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.