NewsESDS Software Solution IPO Day 2 Live: Total hits 12.44x, NII books over 36x - Check analysts view and moreESDS Software Solution IPO Day 2 Live: Total hits 12.44x, NII books over 36x - Check analysts view and more
- ESDS Software Solution IPO subscribed 12.44x by mid-day on Day 2.
- NII category leads with 36.67x (bHNI) and 31.15x (sHNI).
- Retail subscription jumped to 10.70x, up from 2.65x on Day 1.
- QIB participation remains low at 0.08x.
- Issue closes on September 1, 2026.
*this image is generated using AI for illustrative purposes only.
ESDS Software Solution IPO is racing ahead on Day 2, with cumulative subscription reaching 12.44x. Non-Institutional Investors (NII) are driving the momentum, booking over 36x, while Retail participation has more than doubled to 10.70x. The issue closes on September 1, 2026.
Subscription Status
The ESDS Software Solution IPO saw a significant jump in interest on Day 2, particularly from the Non-Institutional segment. Here is the progression of the subscription:
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 28-08-2026 | 0.01x | 5.68x | 2.38x | 2.65x | 2.07x |
| Day 2 | 31-08-2026 | 0.08x | 36.67x | 31.15x | 10.70x | 12.44x |
Intra-day timeline on 31-08-2026:
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.03x | 20.49x | 5.52x | 7.23x |
| 12:15 | 0.08x | 36.67x | 10.70x | 12.44x |
The NII category is clearly leading the issue, with bHNI subscribing 36.67x and sHNI at 31.15x. Retail interest has also surged to 10.70x. QIB participation remains minimal at 0.08x.
About the Company
ESDS Software Solution is an AI-enabled cloud, managed services, Data Centre infrastructure, and software solutions provider in India. Founded in 2005, it is one of only two players in India providing the entire spectrum of GPUaaS, cloud, managed services, data centre infrastructure, and software solutions. The company is led by MD Piyush Prakashchandra Somani and CEO Komal Piyush Somani.
Financial Highlights
The company has shown consistent growth in revenue and profit over the last three years.
| Particulars | FY 2026 (₹ crores) | FY 2025 (₹ crores) | FY 2024 (₹ crores) |
|---|---|---|---|
| Revenue from Operations | 472.21 | 361.34 | 286.52 |
| Total Profit (PAT) | 120.82 | 55.61 | 13.61 |
| Total Equity | 544.20 | 417.58 | 226.51 |
Revenue from operations grew from ₹286.52 crores in FY 2024 to ₹472.21 crores in FY 2026. Similarly, total profit surged from ₹13.61 crores to ₹120.82 crores in the same period.
Objects of the Issue
- Purchase and installation of cloud computing equipment: ₹576.00 crores for augmenting compute and storage capacity at Airoli, Bengaluru, Mohali, and Nashik Data Centres.
- General corporate purposes: Balance net proceeds for strategic initiatives, working capital, and repayment of borrowings.
Risk Factors
- Technological Innovation Risk: Cloud infrastructure may become obsolete due to rapid technological changes, requiring significant upgrade costs.
- Government Revenue Dependency: Government entities contributed 34.04% of revenue in FY 2024, making the company sensitive to policy changes.
- Customer Concentration: Top 10 clients accounted for 45.36% of revenue in FY 2026, posing a risk if major clients reduce business.
Key Dates
- IPO Open Date: 28-08-2026
- IPO Close Date: 01-09-2026
- Price Band: ₹408.00000 - ₹429.00000
- Min Bid Qty: 34
How might the significant disparity between high NII/Retail subscription and minimal QIB interest impact the IPO's listing price and initial volatility?
Given the heavy allocation of proceeds to cloud infrastructure expansion, how will ESDS manage the risk of rapid technological obsolescence in its new GPUaaS and data centre assets?
With government entities contributing over 34% of revenue, what is ESDS's strategy to diversify its client base and mitigate risks associated with potential shifts in public sector spending policies?
19
Create Custom Screeners 
Access 200+ Pre-built Filters 
Use 50+ Readymade Screener 
