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ESDS Software Solution IPO

ESDS Software Solution IPO

IT - Software
open
₹13,872Min. investment
  1. Pre-apply
    27 Aug
  2. Bid start
    28 Aug
  3. Bid end
    1 Sep
  4. Allotment
    2 Sep
  5. Release of funds
    3 Sep
  6. Demat transfer
    3 Sep
  7. Listing
    4 Sep

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 Limited IPO Overview

ESDS Software Solution IPO Open Date

ESDS Software Solution IPO will open for subscription on August 28, 2026, and the closing date for the IPO is September 01, 2026. After this, investors are expected to be updated about the allotment status on September 02, 2026.

Investors who have been allotted shares can expect them to be credited to their demat account on September 03, 2026. The shares will be listed on the NSE and the BSE on Friday, September 04, 2026.

ESDS Software Solution IPO price band

ESDS Software Solution IPO is complete fresh issue of over 1.67 crore shares. The IPO price band has been set between ₹408 and ₹429 per share. Interested investors can choose a price within this band to apply.

The IPO is a book-building issue, comprising a fresh issue of ₹720 crore. PESDS Software Solution IPO listing price will be determined on Sept 4, 2026. The listing price is the price at which a company’s shares debut on the stock exchanges.

ESDS Software Solution IPO lot size

ESDS Software Solution Limited IPO details have been declared. The minimum lot size for an application is 34 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹720 crore.

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

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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹472.21Cr
This sector
₹2,461.47Cr
Compare with companies
3Y growth
Strong 3-year growth shows consistent progress and potential
This IPO
28.38%
This sector
0.05%
Compare with companies
PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹120.82Cr
This sector
₹373.09Cr
Compare with companies
Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹5,028Cr
This sector
₹14,720.51Cr
Compare with companies
P/E ratio
Lower ratio usually means stock is undervalued
This IPO
35.66
This sector
148.01
Compare with companies
D/E ratio
Lower ratio usually means fewer liabilities
This IPO
0.08
This sector
0.31
Compare with companies

Objectives

Purchase and installation of cloud computing
80.00%
General corporate purposes
20.00%

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.

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

Frequently asked questions

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.
Ipo opens on 28 Aug 2026, 10:00 AM