ESDS Software Solution has fixed its IPO price band at ₹408–429 per share, with the ₹720 crore issue opening on August 28 and closing on September 1, 2026. At the upper band, the company is valued at around ₹5,028 crore.
The IPO is entirely a fresh issue, meaning the full proceeds will flow to ESDS. Around ₹576 crore is earmarked for purchasing cloud-computing equipment and data-centre infrastructure for FY27–FY28, with the balance for general corporate purposes.
ESDS operates across cloud computing, GPU-as-a-Service, managed services, data-centre infrastructure and software solutions. It currently has data centres across Airoli, Bengaluru, Nashik, Noida and Mohali, with additional facilities planned in Kolkata and Sahibabad.
Financial performance has been strong: FY26 revenue rose 30.7% to ₹472.2 crore, while profit more than doubled to ₹120.8 crore from ₹55.6 crore. The company has also signed a potential US$1.25 billion, five-year AI cloud infrastructure agreement, with revenue expected to begin in Q3 FY27.
The IPO has notable investor backing, with Mukul Agrawal holding 6.99% and Ashish Kacholia holding 2.39% before the issue. This adds visibility to the offering, although the business remains capital-intensive because of its data-centre and cloud infrastructure expansion.
