ESDS Software Solution Limited IPO
ListedMainboardIT - Software
142.88×
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
Listing gain
+76.46%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Strong5 of 7 dimensions read
The disclosed numbers are strong — 4 of 6 signals read positive
Strength78/100
- Demanding valuation36.3× earnings at the upper band, with no peer set published to compare against
- 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
- High return on equityROE of 22.2%
- Conservative balance sheetDebt/equity of 0.08×
- Institutions bid heavilyQIB portion subscribed 274.97×
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. 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 institutionalQIB274.97x
Non-institutionalNII / HNI202.87x
Big NIIabove ₹10L219.59x
Small NII₹2L – ₹10L169.43x
Retail individualRII41.68x
63,01,696 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 01 Sept 2026.
Chance of allotment
Retail41.68× subscribed
~1 in 41.7
Minimum 1 lot · 34 shares · ₹14,586 blocked
Retail is 41.68× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 41.7 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII202.87× subscribed
~1 in 202.9
Minimum 14 lots · 476 shares · ₹2,04,204 blocked
HNI is 202.87× subscribed. This category is allotted proportionately, so a bid receives roughly 1/202.9 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.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹372+86.7%
over the upper band · last seen 08 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
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
Anchor investorsAllotted
Company & valuation
P/E at upper band36.33×
EPS₹8.18pre-issue
NAV per share₹52.66
Return on equity22.22%
Debt / equity0.08×
ROCE32.78%
RoNW22.85%
PAT Margin25.59%
EBITDA Margin49.60%
NAV52.66
Price to Book Value8.15
ISININE0DRI01029
RegistrarLINK
Lead managersDAM CAPITAL ADVISORS LIMITED, SYSTEMATIX CORPORATE SERVICES LIMITED
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 83,91,607 | — |
| Anchor Investor | 50,34,964 | — |
| QIB (Ex. Anchor) | 33,56,643 | — |
| NII (HNI) | 25,17,483 | — |
| bNII > ₹10L | 16,78,322 | 3525.00% |
| sNII < ₹10L | 8,39,161 | 1762.00% |
| Retail | 58,74,126 | 172768.00% |
Total issue 1,67,83,216 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,5861 lot · 34 sh
Retail (Max)₹1,89,61813 lots · 442 sh
S-HNI (Min)₹2,04,20414 lots · 476 sh
S-HNI (Max)₹9,91,84868 lots · 2,312 sh
B-HNI (Min)₹10,06,43469 lots · 2,346 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted50,34,964
Anchor portion₹216 Cr
Bid date27 Aug 2026
Lock-in ends (50%)02 Oct 2026
Lock-in ends (rest)01 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
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 purposes₹91.05 Cr
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 286.518 | — | 13.609 | 225.912 | — |
| 2025 | 361.335 | — | 55.612 | 417.583 | — |
| 2026 | 472.21 | — | 120.823 | 543.659 | — |
Revenue CAGR 28.4%PAT CAGR 198.0%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| E2E Networks Limited | — | 819.78 | — | — |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
mediumIf we fail to innovate in response to new technological changes or adapt to technological developments, our business, financial condition, and results of operations could be adversely affected.
mediumOur cloud computing infrastructure may become obsolete due to the development of new systems to deliver power to or eliminate heat from servers or as a result of the development of new server technology, and our power and cooling systems are difficult and expensive to upgrade.
mediumAny changes in government policies or budgetary allocations or our ability to satisfy eligibility and selection criteria in relation to outsourcing of services may adversely affect our business, financial condition, results of operations and cash flows.
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. Pre-litigation notices received by any of the Relevant Parties or Group Companies from third parties (excluding those notices issued by any regulatory, government, tax or statutory authorities or notices threatening criminal action) shall, unless otherwise decided by the Board, not be considered as outstanding material litigation.
Positives the filing discloses (3)
Low leverage
Debt-to-equity of 0.08x.
Strong revenue growth
Restated revenue CAGR of 28.4%.
Healthy return on equity
ROE of 22.2%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+4.5%
Listed up
6 of 8
Best
+65.4%
Orient Cables (India) Limited
Worst
-2.3%
Vishal Nirmiti Limited
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
Orient Cables (India) Limitedsame segment
92.3× sub+65.4%
German Green Steel and Power Limitedsame segment
29.0× sub+2.2%
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
What is the ESDS Software Solution Limited IPO GMP today?
The most recent grey-market premium recorded for ESDS Software Solution Limited is ₹372 per share — about 86.7% over the ₹429 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the ESDS Software Solution Limited IPO subscribed?
ESDS Software Solution Limited is subscribed 142.88× overall (QIB 274.97×, NII 202.87×, retail 41.68×). 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 41.68×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 42. 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.