ESDS Stock Hits Upper Circuit For Fourth Straight Day
Indian cloud and AI company ESDS Software Solution's stock has hit the upper circuit for four consecutive trading sessions, rising to over three times its IPO price.
ESDS Software Solution, an Indian enterprise cloud and AI company, saw its stock hit a 10% upper circuit for the fourth consecutive trading session on Monday, September 9. This surge has pushed the stock's value to more than three times its initial public offering (IPO) price.
The stock was trading at ₹1,418.50 on the BSE, giving the company a market capitalization of ₹16,626.38 crore (approximately $1.75 billion). On the NSE, the stock was priced at ₹1,438.85.
At these levels, ESDS shares are trading 3.3 times above its IPO issue price of ₹429. This represents a 90% increase from its listing price of ₹746.30.
ESDS debuted on the stock market on September 4, listing at ₹757 on the NSE and ₹746.30 on the BSE, with premiums of over 74% above its issue price. The company's ₹720 crore IPO comprised entirely of fresh share issuance and was oversubscribed more than 135 times, with ₹216 crore raised from anchor investors prior to the listing.