The ESDS Software Solution IPO is a book-built issue valued at ₹720.00 crore. The entire issue consists of a fresh issue of 1.68 crore shares.
Subscription for the ESDS Software Solution IPO opened on August 28, 2026, and will close on September 1, 2026. Share allotment for the IPO is expected to be finalized on September 2, 2026. The IPO will be listed on the NSE and BSE, with the tentative listing date set for September 4, 2026.
The price band for the ESDS Software Solution IPO has been fixed at ₹408 to ₹429 per share. The lot size for the application is 34 shares. The minimum investment required for an individual (retail) investor is ₹14,586 (for 34 shares), based on the upper price band.
DAM Capital Advisors Limited is the book-running lead manager, and MUFG InTime India Private Limited is the registrar for the issue.
ESDS Software Solution Subscription Status
| Category | Offered | Applied | Times |
|---|---|---|---|
| Total | 11748252 | 298428948 | 25.4 |
| QIBs | 3356643 | 1423750 | 0.42 |
| HNIs | 2517483 | 181790588 | 72.21 |
| HNIs 10+ | 1678322 | 119146676 | 70.99 |
| HNIs 2+ | 839161 | 62643912 | 74.65 |
| Retail | 5874126 | 115214610 | 19.61 |
| Application-Wise Breakup (Approx. no. of Apps) | |||
|---|---|---|---|
| Category | Reserved | Applied | Times |
| Total Applications: 2906241 | |||
| © IPO Premium | |||
| HNIs (10L+) | 3526 | 49541 | 14.05 |
| HNIs (2-10L) | 1763 | 124602 | 70.68 |
| Retail | 172768 | 2732098 | 15.81 |
Subscription Demand (in ₹ crore) | |||
|---|---|---|---|
| Category | Offered | Demand | Times |
| QIBs | 144 | 61.08 | 0.42 |
| FIIs | - | 10.49 | - |
| DIIs | - | 0.43 | - |
| Mutual funds | - | 0.24 | - |
| Others | - | 49.92 | - |
| HNIs | 108 | 7798.82 | 72.21 |
| HNIs 10+ | 72 | 5111.39 | 70.99 |
| HNIs 2+ | 36 | 2687.42 | 74.65 |
| Retail | 252 | 4942.71 | 19.61 |
| Total | 504 | 12802.6 | 25.4 |
| QIB Interest Cost per share (7 Days) | |||||
|---|---|---|---|---|---|
| @7% ₹0.2 | @8% ₹0.3 | @9% ₹0.3 | @10% ₹0.3 | @11% ₹0.4 | @12% ₹0.4 |
Day-wise Subscription
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIBs | 0.01 | 0.42 | 0.42 |
| HNIs | 3.73 | 72.21 | 72.21 |
| HNIs 10+ | 2.52 | 70.99 | 70.99 |
| HNIs 2+ | 6.14 | 74.64 | 74.65 |
| Retail | 2.91 | 19.61 | 19.61 |
| Total | 2.26 | 25.4 | 25.4 |
Lot Size & Investment
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| Retail | 1 | 34 | 14586 | 172768 |
| sHNI | 14 | 476 | 204204 | 1763 |
| bHNI | 69 | 2346 | 1006434 | 3526 |
Share Reservation
| Category | Shares Offered | % |
|---|---|---|
| Total | 16783216 | 100% |
| Anchor | 5034964 | 30% |
| QIB | 3356643 | 20% |
| HNI | 2517483 | 15% |
| Retail | 5874126 | 35% |
About the Company
IPO Details
| Total Issue Size | 1,67,83,216 shares (aggregating up to ₹720.00 Cr) |
| Fresh Issue | 1,67,83,216 shares (aggregating up to ₹720.00 Cr) |
| Face Value | ₹1/- Per Share |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE , NSE |
| Share Holding Pre Issue | 100,427,753 shares |
| Share Holding Post Issue | * shares |
Key Performance Indicators (KPI)
| KPI | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| ROE | 25.12% | 17.27% | 6.23% |
| ROCE | 32.78% | 24.73% | 14.53% |
| EPS (BASIC) | 12.03 | 5.83 | 1.35 |
| P/E Pre IPO | 35.66 | ||
| P/E Post IPO |
Company Financial (In ₹Crore)
| Period Ended | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Assets | 1937.90 | 655.95 | 547.71 |
| Total Income | 480.65 | 376.64 | 292.13 |
| Profit After Tax | 120.82 | 55.61 | 13.61 |
| EBITDA | 234.23 | 154.88 | 101.88 |
| NET Worth | 528.81 | 405.55 | 206.35 |
| Reserves and Surplus | 533.61 | 407.54 | 216.62 |
| Total Borrowing | 42.92 | 62.71 | 149.04 |
Peer Comparison (Valuation)
| Company | P/E (x) | CMP*(₹) | Face value (₹) |
|---|---|---|---|
| ESDS Software Solution Limited | 35.66 | 429.00 | 1.00 |
| E2E Networks Limited | -804.97 | 623.85 | 1.00 |
Peer Comparison (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| ESDS Software Solution Limited | 52.66 | 22.85 | 12.03 |
| E2E Networks Limited | 81.97 | -0.92 | -0.78 |
About Company
ESDS Software Solution Limited was incorporated in 2005 and converted into a public limited company in 2021. The Company is an AI-enabled end-to-end IT service provider with over two decades of experience in building and managing IT infrastructure.
Comprehensive IT Solutions
The Company provides Data Centre, Cloud, Colocation, Managed Services and AI Infrastructure solutions to Governments & PSUs, BFSI institutions and enterprises across sectors such as banking, public services, manufacturing, healthcare, retail, energy and logistics.
Strong Data Centre Infrastructure
ESDS operates 5 Tier-III Data Centres across India in Nashik, Navi Mumbai, Bengaluru, Mohali and Noida, supporting diverse infrastructure and workload requirements. It is also expanding with upcoming Data Centres in Kolkata and Sahibabad.
Integrated Technology Portfolio
Its offerings combine compute, storage, networking, cloud and managed IT services across the infrastructure lifecycle, from shared environments to dedicated infrastructure deployments.
AI-Led SWARAJ Platform
ESDS has expanded its AI portfolio through:
- SWARAJ Cloud – Cloud solutions
- SWARAJ Bodhi – AIOps
- SWARAJ Garuda – Application Performance & Observability
- SWARAJ Jatayoo – Database Activity Monitoring
- SWARAJ Nandi – Privileged Access Management
- SWARAJ Hansa – Security Information & Event Management
End-to-End Technology Capability
The Company’s infrastructure, cloud, managed services and AI-led platforms enable organizations to build, operate, secure and scale their IT environments as their requirements evolve.
Strengths
End-to-End Technology Solutions: A leading Indian player offering cloud, managed services, Data Centre infrastructure and software solutions, with early adoption of cloud technology and an integrated end-to-end offering.
Comprehensive SECaaS Capabilities: Provides Security-as-a-Service (SECaaS) to enterprises, BFSI institutions and government organizations, supported by a Security Operations Centre (SOC) for threat monitoring, mitigation and compliance.
Strong Government & Policy Alignment: Well positioned to benefit from data localisation requirements under the Digital Personal Data Protection Act, 2023 and RBI mandates, supporting the growing demand for Data Centre infrastructure in India.
Risk Factors
Technology & Innovation Risk: Failure to innovate, adapt to technological changes or evolving industry standards could adversely affect the Company’s business and financial performance.
Cybersecurity & Data Breach Risk: Unauthorized access or security breaches involving the Company’s cloud platform and data could lead to data loss, litigation, fines, penalties and reputational damage.
Service Disruption Risk: The Company depends on continuous and seamless customer access to its services. Internet downtime, Data Centre disruptions, software or hardware failures, security breaches or other interruptions could adversely affect customers and the Company’s business and financial performance.
Disclaimer
All information regarding the IPO—such as issue size, price band, and timeline—has been sourced from the company's Red Herring Prospectus (RHP) and publicly available data at the time of writing. This blog is intended solely for informational and educational purposes; it does not constitute investment advice. Please carefully read the RHP available on the SEBI website. Investors are advised to conduct their own research and due diligence before investing in any IPO. The author and the platform do not guarantee the accuracy or completeness of the information and shall not be held liable for any financial losses arising from investment decisions based on this content.
Lead Managers
Registered Address
ESDS Software Solution Ltd. Address
Plot No. B- 24 & 25,
NICE Area, MIDC, Satpur,
Nashik – 422007, Maharashtra, India
Nashik, Maharashtra, 422007
Phone: +91 253 711 2244
E-Mail: secretarial@esds.co.in
Website: https://www.esds.co.in/
Registrar
MUFG Intime India Private Limited - Link Intime
esdssoftware.ipo@in.mpms.mufg.com
https://in.mpms.mufg.com/Initial_Offer/public-issues.html
MUFG Intime India Private Limited (Link Intime) Link Intime India Private Ltd, C 101, 247 Park, L.B.S.Marg Vikhroli (West),Mumbai - 400083