ESDS Software Solution IPO
Listed +76.5%28 Aug – 1 Sep 2026
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Our IPO analysis
What stands out in the offer document
The five questions
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1How it makes money₹58 of every ₹100 of sales comes from its "IaaS" segment. ₹74 of every ₹100 comes from India.
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2Is it growing, and is profit turning into cash?Sales rose 47% from 2022 to 2024 (₹195 cr → ₹287 cr). Over 3 years it made −₹11.5 cr of profit and brought in ₹160 cr of cash from operations.
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3How much cushion does it have?It owes ₹0.72 for every ₹1 of its own money. The line for it services / software is ₹0.5.
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4What you pay, and who gets the moneyAll the money raised goes to the company. It made a loss last year, so there is no profit to compare the price with.
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5Who controls it, and what is on record?Promoters own 46% before the IPO. The document discloses 2 legal matters.
From the draft document. The final prospectus may change it.
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Latest update:
Listed at ₹757 vs ₹429 issue price (+76.5%) · Day-one close ₹908 · GMP before listing +53.6% implied, 22.9 pp below the actual open · Subscribed 135.88× (QIB 261.5× · NII 192.9× · Retail 39.6×) · Price band ₹408–₹429 · Closed 1 Sep 2026 · Listed 4 Sep 2026 (Confirmed)
How it actually listed
₹757 on open, against a ₹429 issue price +76.5%
It ended its first day at ₹908 (+111.7% against the issue price), per the NSE's price archive.
On the BSE it opened at ₹746 and closed at ₹896, per the BSE's price archive.
Before it listed, the grey market implied +53.6%. The shares opened 22.9 pp above what that implied. It pointed the right way on whether they would open above the issue price. GMP is unregulated and self-reported.
What ESDS Software Solution does
Our Company is an end-to-end AI-enabled cloud, managed services, data centre infrastructure and software solutions provider, offering comprehensive platform of cloud infrastructure and software solutions consisting of (1) infrastructure as a service, divided into colocation and data centre services, cloud services and cloud computing (2) managed services and (3) software as a service.
ESDS Software Solution financials
Rs crore · Annual| 2022 | 2023 | 2024 | H1 FY25 | ||
|---|---|---|---|---|---|
| Sales | 195 | 208 | 287 | 172 | |
| Operating Profit | 59 | 47 | 102 | 74 | |
| OPM % | 30.1% | 22.9% | 35.6% | 42.9% | |
| Net Profit | -3 | -22 | 14 | 24 | |
| Total Debt | 133 | 165 | 149 | 164 |
ESDS Software Solution IPO offer structure
Fresh issue: ₹720 cr
The fresh issue alone, not the total raise: the document we read does not state the offer-for-sale part.
Size and split come from a public aggregator rather than the exchange, cross-checked against a second.
Use of proceeds- Purchase and installation of cloud computing and other equipment and other infrastructure for our Data Centres: ₹481 cr
- General corporate purposes
ESDS Software Solution promoters and holding
- Piyush Prakashchandra Somani: Managing Director and Chairman
- Komal Piyush Somani: Whole-time Director
- P.O. Somani Family Trust: Promoter Trust
ESDS Software Solution risks and strengths
- If we fail to innovate in response to new technological changes and technological innovations, or adapt to technological developments or evolving industry standards, our business, financial condition, and results of operations could be adversely affected. (p.30)
- Our revenue, directly or indirectly, from government entities and government projects represented a significant portion of our revenue from operations. (p.30)
- We made a loss for the year for Fiscals 2023 and 2022. (p.30)
2 more the company lists
- Our Material Subsidiary, ESDS Cloud FZ-LLC, has a loss for the period/year for the six months ended September 30, 2024, Fiscal 2024, Fiscal 2023, and Fiscal 2022. (p.30)
- Any unauthorized access to our network or data could harm our reputation, create additional liability and adversely affect our financial condition, results of operations and cash flow. (p.31)
- We are a leading player offering end-to-end cloud, managed services, Data Centre infrastructure and software solutions in India. (p.213)
- Our comprehensive Security-as-a-Service (SECaaS) framework enables businesses to proactively manage threats and achieve robust security and compliance objectives. (p.214)
- We have long-term relationships with well-established banks and other businesses. (p.215)
ESDS Software Solution peer comparison: DRHP median P/E 156.4x
DRHP data only| Company | CMP | P/E | OPM% | ROE% | Source |
|---|---|---|---|---|---|
| E2E Networks Limited | — | 156.4x | — | — | DRHP |
P/E from offer document where live data unavailable. Not a fair-value judgement.
ESDS Software Solution market and competition
We are an end-to-end AI-enabled cloud, managed services, Data Centre infrastructure and software solutions provider in India. We are one of the only two players in India providing the entire spectrum of cloud, managed services, Data Centre infrastructure and software solutions in India.
ESDS Software Solution outlook, as the document states it
Our multi-pronged expansion strategy aims to enhance infrastructure capabilities, while ensuring operational efficiency, and customer-centric innovation. We are increasing our focus on AI research and development, creating autonomous solutions that enhance operational efficiency across industries.
ESDS Software Solution IPO: common questions
When does the ESDS Software Solution IPO open and close?
The ESDS Software Solution IPO is open from 28 Aug 2026 to 1 Sep 2026.
What is the ESDS Software Solution IPO price band?
The price band is ₹408–₹429 per share.
What is the lot size and minimum investment for the ESDS Software Solution IPO?
One lot is 34 shares, and a retail application must be at least one lot. That is about ₹14,586 at the upper end of the band. An HNI application starts above Rs 2 lakh, so the minimum is higher for that category.
How much is the ESDS Software Solution IPO subscribed?
As of 12 Oct 2026 the total subscription is 135.88×.
When does the ESDS Software Solution IPO list?
The listing date is 4 Sep 2026.
How do I check the ESDS Software Solution IPO allotment status?
On the allotment status page published by MUFG Intime India, this issue's registrar, and on the exchange's basis of allotment. Those are the primary sources. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. We do not hold allotment data and cannot look yours up. How allotment is actually decided →
ESDS Software Solution IPO allotment status
Listed 4 Sep 2026. Allotment is decided and published by the registrar, not by us. This issue's registrar is MUFG Intime India.
Check your allotment on the registrar's own page ↗
We do not hold allotment data and cannot look yours up. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. How allotment is actually decided →