ESDS Software Solution IPO

About the company

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

GMP trend (Grey Market Premium by date)

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   28 Aug 2026

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   01 Sept 2026

   Last day to place your bid

3. Basis of Allotment

   Completed
   03 Sept 2026

   Share allotment finalised

4. Refund Initiation

   Completed
   04 Sept 2026

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   05 Sept 2026

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   04 Sept 2026

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.

Date-wise daily subscription (all categories)

Date-wise cumulative subscription figures per category, refreshed each bidding day.