ESDS Software Solution IPO
ESDS Software Solution IPO is a mainboard IPO raising ₹720 Cr at ₹408 – ₹429 a share. It listed on 4 Sept 2026 at ₹757, +76.5% against its issue price of ₹429, and trades at ₹1,582 today (+268.8% since issue). It was subscribed 136× in total.
135.9 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
ESDS is an India-based provider of cloud infrastructure, managed IT services, data centre services and software (SaaS) solutions. It operates five Tier-3 data centres in Nashik, Navi Mumbai, Bengaluru, Mohali and Noida, and sells infrastructure-as-a-service (colocation, public/private/hybrid/community cloud and GPU-as-a-Service), managed services (cloud management, security, backup, DevOps) and SaaS products to BFSI, government and enterprise customers.
How it earns
Primarily through subscription, pay-per-consumption, pay-per-branch, pay-per-transaction and custom usage-based billing across its IaaS, managed services and SaaS portfolios, plus colocation fees and a recently signed ~USD 1,250 million (₹118,312.50 million) AI-infrastructure hosting contract with an Australia-based neocloud.
Who buys
2,501 customers in Fiscal 2026 (up from 1,465 in Fiscal 2024); average revenue per customer ₹1.89 million (~₹0.19 crore). Mix by industry in Fiscal 2026: Enterprise 55.09% (₹2,601.62 million / ~₹260.16 crore), Government 27.37% (₹1,292.58 million / ~₹129.26 crore), BFSI 17.53% (₹827.90 million / ~₹82.79 crore). As at June 30, 2026: 115 banks/financial institutions on BFSI community cloud across 1,045 branches, 104 government clients, 113 SAP HANA community cloud customers, 6 smart cities. Long-term key counterparties named include Software Technology Parks of India (STPI) and an Australia-based neocloud AI compute provider under a ~USD 1,250 million, 5+2-year AI-infrastructure hosting deal. Specific top-customer revenue-concentration percentages are not disclosed.
Scale
5 Tier-3 data centres in India covering over 75,266 sq ft (Nashik, Navi Mumbai, Bengaluru, Mohali, Noida); 993 employees as at June 30, 2026; 2,501 customers in Fiscal 2026; 3 subsidiaries; 2 new data centres planned (Kolkata by Q3 Fiscal 2027, Sahibabad by Q1 Fiscal 2028).
What it says sets it apart
- One of only two Indian players offering the entire spectrum of GPUaaS, cloud, managed services, data centre infrastructure and software solutions, and the largest by revenue from operations in Fiscal 2026 (₹4,722.10 million / ~₹472.21 crore)
- Holds the only India-granted patent for vertical autoscaling cloud technology (SWARAJ Cloud), granted in the US (November 2015) and India (June and November 2022); globally Google Cloud, AWS and Azure also offer auto vertical scaling
- Pioneered community cloud in India with vertical-specific offerings for BFSI (115 banks), Government (104 clients), SAP HANA (113 customers) and Smart Cities (6)
- Security-as-a-Service (SECaaS) framework monitoring 7,175+ devices across 123+ customers, with SIEM analysing 5,143+ security alerts and 3,163+ critical incidents in H1 Calendar 2026
- MeitY STQC empanelled for public cloud, virtual private cloud and government community cloud; operates 3 of STPI's 6 Tier-3 data centres (Bengaluru, Mohali, Noida)
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs429 / stated EPS Rs11.81 (Fiscal 2026 diluted EPS (face value Rs 1), restated consolidated). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
How its cohort has done
63 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
QIB: 262× their allocation. Retail: 40×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
Led by DAM Capital Advisors Limited — median +2.9% across the 36 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 13 Oct 2026.
Track ESDS SOFTWARE SOLUTION L
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