ESDS Shares Close 112% Above Issue Price on Market Debut
Enterprise cloud and AI company ESDS Software Solution saw its shares surge on its market debut, closing 112% higher than its IPO price. The company's market capitalization reached approximately $1.1 billion at the end of the trading session.
ESDS Software Solution, an Indian enterprise cloud and AI company, experienced a strong market debut on September 4. The company's shares closed their first trading session at ₹908.4 on the National Stock Exchange (NSE), marking an increase of 111.7% from its issue price of ₹429.
On the Bombay Stock Exchange (BSE), the stock finished at ₹895.5, up 108.7% from the IPO price. ESDS's market capitalization reached ₹10,647 crore (approximately $1.1 billion) by the end of the trading day. The stock hit the 20% upper circuit limit shortly after listing and remained locked at that level.
The IPO, which raised ₹720 crore through a fresh issue of shares, was heavily oversubscribed, indicating significant investor demand. ESDS plans to utilize ₹576 crore of the net proceeds to purchase and install cloud computing equipment and enhance infrastructure at its existing data centers. The company also reported substantial financial growth, with net profit more than doubling to ₹120.8 crore in the last fiscal year, while operating revenue increased by 30.7%.
Founded in 2005 and based in Nashik, ESDS provides cloud computing, data center, managed services, and AI-driven digital solutions. This listing marks ESDS's second attempt to go public, having initially filed IPO papers in 2021 before refiling in March 2025.