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ESDS Software Solution IPO
158.04xsubscribed

ESDS Software Solution IPO

IT - Software
listed
₹13,872Min. investment

ESDS Software Solution Limited IPO Details

SectorIT - Software
Price range₹408 – ₹429
IPO type
Regular
Lot size34 shares
Issue size₹720Cr
Red Herring Prospectus
Read
Market cap
₹5,028CrLower than sector avg
RevenueApr 2025 - Mar 2026
₹472.21CrLower than sector avg
Growth rate3Y CAGR
28.38%Higher than sector avg

ESDS Software Solution IPO Subscription Status

Date
QIB
NII
Retail
Total
28-Aug-26
0.01 times (X)
8.18 times (X)
1.94 times (X)
1.82 times (X)
31-Aug-26
0.38X
187.55X
14.76X
24.37X
01-Sep-26
168.15X
575.8X
38.92X
158.04X

As on 28-Aug-26, 5:30 PM

ESDS Software Solution IPO Timeline

  1. Pre-apply
    27 Aug 2026
  2. Bid start
    28 Aug 2026
  3. Bid end
    1 Sep 2026
  4. Allotment
    2 Sep 2026
  5. Release of funds
    3 Sep 2026
  6. Demat transfer
    3 Sep 2026
  7. Listing
    4 Sep 2026

About ESDS Software Solution Limited

ESDS Software Solution (ESDS) is a technology infrastructure company offering cloud computing, managed services, data centre infrastructure and software solutions.
Incorporated in 2005, the company provides Infrastructure-as-a-Service (IaaS), managed services and Software-as-a-Service (SaaS) to enterprises, government organisations and BFSI customers. ESDS is one of the only two players in India providing the entire spectrum of GPU-as-a-Service (GPUaaS), cloud, managed services, data centre infrastructure and software solutions.
IaaS is the company's largest business, contributing ₹207.20 crore or 43.8% of revenue from operations in FY26. Within this, cloud services and cloud computing contributed ₹167.89 crore or 35.5%, while colocation and data centre services contributed ₹39.31 crore or 8.3%. Managed services contributed ₹194.59 crore or 41.2%, while SaaS accounted for ₹70.42 crore or 14.91%.
ESDS operates five Tier-3 data centres across India, with a combined area of more than 75,266 sq. ft., and served 2,501 customers in FY26. Its data centres are located in Nashik and Navi Mumbai in Maharashtra, Bengaluru, Mohali and Noida. The company caters to enterprises, government organisations and BFSI customers, and its services cover cloud infrastructure, cybersecurity, IT infrastructure and network management, backup and disaster recovery, database management and DevOps.
The company also has an international presence, with offshore data centre capacity across Australia and the Nordics. In Australia, ESDS is deploying a dedicated AI infrastructure cluster comprising approximately 8,208 NVIDIA B300 GPUs, with revenue from the associated agreement expected to begin in Q3FY27. The company has also entered into a five-year AI cloud infrastructure agreement, with an option for a further two years, having an aggregate potential contract value of $1.25 billion.
ESDS has developed proprietary technology platforms such as SWARAJ Cloud, earlier known as eNlight Cloud and rebranded in June 2026. The platform integrates more than 30 services and 80 capabilities across hybrid and multi-cloud environments. The company also offers SWARAJ AI for AI/ML, Generative AI and large language model workloads, along with GPUaaS through dedicated, multi-instance, time-sliced and bare-metal configurations.
Going ahead, ESDS plans to expand its cloud computing and data centre infrastructure and increase its presence in AI infrastructure. The company is also looking to scale its GPU capacity to support its AI cloud business as demand for high-performance computing increases.
India's data centre market was valued at ₹114 billion in FY26 and is expected to reach ₹242 billion by FY30, growing at a 20.70% CAGR. Data centre capacity stood at 1,545 MW as of March 31, 2026, with enterprises and hyperscalers accounting for around 75% of demand. The market is being driven by rising data usage, wider cloud adoption, digitalisation and the growing use of AI.
The Indian cloud services market is expected to grow from ₹651 billion in FY25 to ₹1,876 billion by FY30, implying a CAGR of 23.56%. The market composition is also changing, with IaaS accounting for 50% of revenue in FY26 compared with 70% in FY20, while PaaS increased to 28% from 13%. AI is opening up another area of growth for the cloud industry. India’s cloud GPU services market was estimated at US$67.31 million in FY25 and is expected to reach US$513.67 million by FY30, a CAGR of around 50.15%. The increase is being driven by wider adoption of AI/ML, Generative AI and large language models, all of which require substantial computing capacity.
ESDS has exposure to the growing demand for cloud computing through its GPUaaS, cloud and managed services businesses. As more companies move workloads to the cloud, demand for computing capacity should increase without customers having to make the same level of investment in their own infrastructure. Its presence among government and BFSI customers is also relevant, given the importance of data security, localisation and regulatory compliance in these sectors.
Growing data localisation and cybersecurity requirements are supporting domestic cloud demand. ESDS’s India-based data centres and focus on data residency, security and compliance are relevant for BFSI and government customers.
Now, ESDS Software Solution is launching its initial public offering (IPO), comprising a fresh issue of ₹720 crore. The price band has been fixed at ₹408 to 429 per share, and the issue will open on August 28, 2026 and close on September 1, 2026. The shares are proposed to be listed on the NSE and BSE.

How to apply for ESDS Software Solution IPO?

If you are interested in this investment opportunity but unsure how to apply for ESDS Software Solution IPO, here are the steps that you need to follow.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for ESDS Software Solution IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘ESDS Software Solution IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

Esds Software Solution Limited IPO Analysis

IPO REVIEW

ESDS Software Solution IPO | Analysis Video

Should you apply?

Watch our analysts break down the Esds Software Solution Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

Full-stack, technology-led service portfolio

The company runs infrastructure as a service (IaaS), managed services and software as a service (SaaS) on one platform, backed by its patented SWARAJ Cloud auto-scaling technology and a fully managed GPUaaS offering it launched in November 2025.

Integrated, technology-driven Data Centre network

Five Tier 3 Data Centres in Nashik, Navi Mumbai, Bengaluru, Mohali and Noida cover more than 75,266 sq. ft. and are linked by multi-Gbps fibre-optic backbones, with guaranteed uptime of at least 99.95%. This supports reliable services and efficient operations.

Strong relationships across different companies

Revenue retention stood at 94.9% in FY26, showing that the company is able to retain most of its existing customers. The customer base itself grew from 1,465 to 2,501 between FY24 and FY26, a CAGR of 30.66%.

Reach across customer segments and geography

The company serves a diverse customer base, including 104 government clients, 115 banks and financial institutions with 1,045 branches, 113 SAP HANA community cloud organisations and six smart cities, reducing dependence on any single customer segment.

Objectives of Esds Software Solution Limited IPO

Purchase and installation of cloud computing
80.00%
The company will spend ₹576 crore on cloud computing equipment and data-centre infrastructure.
General corporate purposes
20.00%
Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹472.21Cr28.38%₹120.82Cr₹5,028Cr35.660.08
This sector (avg.)₹2,461.47Cr0.05%₹373.09Cr₹14,720.51Cr148.010.31
₹2,55,324Cr---₹48,797Cr₹11,30,254Cr23.690.10
₹1,62,990Cr---₹26,750Cr₹6,63,897.8Cr24.310.09
₹1,17,055Cr---₹17,399Cr₹4,58,746.3Cr27.940.09

*Revenue for financial year 2025-26. Lower P/E and D/E ratios are generally preferred.

ESDS Software Solution IPO Contact Details

Company NameESDS Software Solution Limited

How to apply for ESDS Software Solution IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Esds Software Solution Limited IPO FAQs

Investors can apply for the ESDS Software Solution IPO through their Demat account via the stock exchange or through their broker.
The issue size of the ESDS Software Solution IPO is 720 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
ESDS Software Solution IPO will be open between 2026-08-28 and 2026-09-01.
ESDS Software Solution IPO allotment date is 2026-09-03. For ESDS Software Solution IPO allotment status check, you can visit the website of the registrar of the IPO.
For ESDS Software Solution IPO, the IPO registrar is MUFG Intime India Private Limited . You can check ESDS Software Solution IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The ESDS Software Solution IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The ESDS Software Solution IPO lot size is 34 and minimum order quantity is 34.
ESDS Software Solution IPO has set the price band for its IPO at 429 per equity share with a face value of 1.