ESDS Software IPO

ESDS Software Solution Limitedesds.co.in

ListedMainboardInformation TechnologyNSE · BSE

Price band: ₹408 – ₹429
Issue size: ₹720 Cr
Lot size: 34 sh
Bidding: 28 Aug – 1 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

ESDS Software Solution runs cloud hosting and data centre services from five Tier 3 data centres at Nashik, Navi Mumbai, Bengaluru, Mohali and Noida; the record states it served 2,501 customers in Fiscal 2026 and had 993 employees at 30 June 2026. Revenue from operations was Rs 286.52 Cr in FY24, Rs 361.34 Cr in FY25 and Rs 472.21 Cr in FY26, with EBITDA of Rs 101.88 Cr, Rs 154.89 Cr and Rs 234.23 Cr and profit after tax of Rs 13.61 Cr, Rs 55.61 Cr and Rs 120.82 Cr over the same three years. The Rs 720 Cr issue was entirely fresh capital, with the offer-for-sale component recorded at Rs 0 Cr, and the book stood at 135.88 times overall on the closing day. It listed at Rs 757 against a band top of Rs 429 and last traded at Rs 1,231.70 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

88Exceptional

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for ESDS Software, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2005 · Nashik, Maharashtra, India · 993 employees

ESDS Software Solution runs cloud hosting and data centre services for organisations that want their computing kept in India. It operates five Tier 3 data centres — Nashik and Navi Mumbai in Maharashtra, plus Bengaluru, Mohali and Noida — covering over 75,266 square feet in aggregate. Customers rent infrastructure (colocation and data centre services, cloud computing, and a community cloud run on a multi-tenant basis for groups of organisations with shared data-privacy and compliance requirements), hand day-to-day IT administration over as managed services, or buy packaged software on subscription. It served 2,501 customers in Fiscal 2026, across banking, financial services and insurance, central and state government departments and PSUs, and private enterprises. The company was incorporated in Nashik in August 2005 and had 993 employees at 30 June 2026.

Revenue is recurring service fees. In Fiscal 2026 revenue from operations was ₹472.21 crore, split infrastructure-as-a-service 43.88%, managed services 41.21%, software-as-a-service 14.91%. Costs are largely fixed: of ₹313.23 crore total expenses, employee benefits were ₹104.42 crore, depreciation and amortisation ₹63.46 crore and other expenses ₹133.56 crore (including ₹21.17 crore of power and fuel). Utilisation therefore drives margin — EBITDA margin rose from 35.56% in Fiscal 2024 to 49.60% in Fiscal 2026. The structural constraint is capital: capacity must be bought ahead of demand, and ₹576 crore of the ₹720 crore raised was earmarked for cloud computing equipment. Concentration is real — the top ten clients were 45.36% of Fiscal 2026 revenue.

The company on paper

Legal name: ESDS Software Solution Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 18 Aug 2005
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U72200MH2005PLC155433
Sector: Information Technology · Cloud hosting, data centre colocation and managed IT services for Indian banks, government bodies and enterprises
Employees: 993
Registered office: Nashik, Maharashtra, India
Promoters: Piyush Prakashchandra Somani, Komal Piyush Somani, P.O. Somani Family Trust
Promoter holding, pre-issue: 45.9%
Promoter holding, post-issue: 39.2%
Website: esds.co.in

The numbers

Financial performance

Revenue has compounded at 28.4% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹720 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹720 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 6.6% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription135.88×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹429.00
Listed at: ₹757.00
Listing gain: up 76.5%
Since listing: up 53.2%
Against the issue price: up 170.4%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 34
At cut-off price: ₹429.00
Amount blocked: ₹14,586

One lot is 34 shares at ₹14,586. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~3%

chance of one lot, per application

Retail subscription: 39.64×
Applicants per share available: 39.6× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹757.00

listed at, 76.5% against the issue price

Issue price: ₹429.00
Premium said: —
If allotted 34 shares: ₹11,152

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue from operations was Rs 286.52 Cr in FY24, Rs 361.34 Cr in FY25 and Rs 472.21 Cr in FY26 — rises of 26.11% and then 30.68%, and 64.81% across the two years taken together. EBITDA of Rs 101.88 Cr, Rs 154.89 Cr and Rs 234.23 Cr against those revenues works out at margins of 35.56%, 42.86% and 49.60%.
Profit after tax was Rs 13.61 Cr in FY24, Rs 55.61 Cr in FY25 and Rs 120.82 Cr in FY26 — rises of 308.60% and then 117.26%. Set against revenue of Rs 286.52 Cr, Rs 361.34 Cr and Rs 472.21 Cr, that is a net margin of 4.75%, 15.39% and 25.59%.
Total borrowings were Rs 149.04 Cr in FY24 and fell to Rs 62.71 Cr in FY25 and Rs 42.92 Cr in FY26, while net worth was Rs 206.36 Cr in FY24 and rose to Rs 405.55 Cr and then Rs 528.81 Cr. Borrowings were therefore 0.72, 0.15 and 0.08 times net worth across the three years on record.
The whole Rs 720 Cr issue was fresh: the offer-for-sale component is recorded as Rs 0 Cr at both ends of the band. Promoter holding is recorded at 45.86% before the issue and 39.23% after, a fall of 6.63 percentage points.

What to weigh against it

The record states that the top ten clients were 45.36% of Fiscal 2026 revenue.
Fiscal 2026 revenue from operations of Rs 472.21 Cr is recorded as infrastructure-as-a-service 43.88%, managed services 41.21% and software-as-a-service 14.91% — 85.09% of it from the first two lines together.
The record describes the cost base as largely fixed. Of Rs 313.23 Cr of total expenses in Fiscal 2026, employee benefits were Rs 104.42 Cr, depreciation and amortisation Rs 63.46 Cr and other expenses Rs 133.56 Cr (including Rs 21.17 Cr of power and fuel) — Rs 301.44 Cr, or 96.24% of total expenses, across those three lines.
The shares last traded at Rs 1,231.70 on 23 October 2026: 187.11% above the Rs 429 band top, and 35.59% above the Rs 908.40 listing-day close. The record carries no valuation block and no peer set against which to place that price.

Easy to miss in the prospectus

The record carries a single subscription row, for the closing day of 1 September 2026: QIB 261.51 times, NII 192.94 times, retail 39.64 times and 135.88 times overall. No earlier day is recorded, the employee figure is null, and there is no anchor book or category allocation in the record.
Rs 576 Cr of the Rs 720 Cr raised was earmarked for cloud computing equipment per the record — 80.00% of the issue. The offer-objects list is empty, so no itemised use of proceeds is carried.
In the financials table, expenses, total assets and cash flow from operations are null for all three years; the Rs 313.23 Cr total-expenses figure for Fiscal 2026 appears only in the business-model description, and no such figure is recorded for FY24 or FY25.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Abridged ProspectusThe statutory summary that goes out with the application form — a dozen pages, not the full filing.Opens on sebi.gov.in

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: DAM Capital Advisors Limited, Systematix Corporate Services Limited
RegistrarAllotment status is checked on the registrar's own site: MUFG Intime India Private Limited (formerly Link Intime India Private Limited)

How these figures were checked

Reconciled to ESDS Software's own prospectus and to exchange disclosures, then cross-checked against 8 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

ESDS Software Solution Limited — Abridged Prospectus (SEBI) · read 15 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 28 Aug 2026
Closes: 1 Sep 2026
Allotment: 2 Sep 2026
Lists: 4 Sep 2026
Revenue (FY26): ₹472 Cr
Profit (FY26): ₹121 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.