ESDS Listing Pushes New-Age Tech Stocks’ Market Cap Past $170 Bn

The market capitalization of India's new-age technology companies has surpassed $170 billion following the recent listing of ESDS Software Solution. The enterprise cloud, data centre, GPU, and AI infrastructure provider debuted on Monday, with its shares initially rising 74–76.5% above its issue price on the BSE and NSE, quickly hitting the 20% upper circuit on its first day of trading.

ESDS's entry brings the total number of listed new-age tech companies in India to 63. The company's market capitalization of approximately $1.11 billion, when added to the existing 62 firms, pushed the aggregate market value to around $170.50 billion. Despite this significant expansion in recent years, these tech companies represent just over 3% of India's total stock market capitalization.

This past week saw a mixed performance among listed new-age tech stocks, with many experiencing declines. The edtech startup Klassroom emerged as the biggest loser, with its shares falling 15.37%. Other companies like FirstCry, Ola Electric, Delhivery, Nykaa, and Swiggy also ended the week lower. Conversely, several firms, including Lenskart, Ather Energy, and LEAP India, reached new all-time highs.

Significant corporate developments also occurred. Info Edge-backed Meritto filed its IPO papers, and furniture and appliance rental startup RentoMojo is set to open its public issue next week. Furthermore, institutional investors continued to divest stakes in listed new-age tech companies, with notable block deals involving Meesho and Pine Labs.

More broadly, Indian equity markets extended their decline for the fourth consecutive week. The Nifty 50 index fell 1.15% and the Sensex dropped nearly 1%. Market sentiment was weighed down by rising crude oil prices, geopolitical tensions, and uncertainty surrounding global interest rates. Brent crude oil prices increased by approximately 7% during the week.