ESDS Software Solution shares hit 20% upper circuit after listing at 76% premium on NSE

The stock is listed at ₹757 per share on the National Stock Exchange (NSE), reflecting a premium of 76.46% over the IPO issue price of ₹429 per share.

On the BSE, it started trading at ₹746.30 apiece, up 73.96% from the issue price.

ESDS Software Solution share price: Here's how much investors made per lot

Post listing, the scrip gained 20% to ₹908.40, its upper circuit level, on the NSE. It is currently up 111.75% from the issue price.

The ₹720 crore initial share sale was only a fresh issuance of 1.68 crore shares. There was no offer for sale (OFS) component.

Funds generated to the tune of ₹576 crore will be utilised to purchase and install cloud computing and other equipment and infrastructure for data centres. The remaining funds will be used for general corporate purposes.

"Our company expects that the listing of the equity shares on the stock exchanges will enhance our visibility and our brand image among our existing and potential customers and create a public market for the equity shares of our company," the company said in its red herring prospectus.

The initial public offering was subscribed 135.88 times, as it got bids for 1,67,85,63,340 shares versus 1,23,52,942 shares on offer, according to the NSE data.

Before the IPO, the company collected ₹206 crore from anchor investors, including Motilal Oswal Mutual Fund, Quant Mutual Fund, Bandhan Mutual Fund, Samco Mutual Fund, Bajaj General Insurance, Sanshi Fund-I, CP Capital and Meru Investment Fund PCC-Cell 1.

ESDS Software Solution provides cloud, managed services, data centre infrastructure and solution solutions in India. It offers an end-to-end portfolio like Infrastructure-as-a-Service (IaaS), Software-as-a-Service (SaaS) and managed services, catering to customers in sectors such as BFSI (Banking, Financial Services, and Insurance), Government and enterprise.