• Non-Institutional Investors portion subscribed 69.73 times on Day 2
  • Issue closes on Tuesday, September 1, 2026, for bidding

Mumbai: The Initial Public Offering of ESDS Software Solution Limited was subscribed 24.49 times on the second day of bidding, demonstrating strong demand from retail and non-institutional investors for this IPO.

The issue received bids of 30,25,13,368 equity shares against the offered 1,23,52,942 equity shares, according to data available on the stock exchanges.

Retail Portion and Non-institutional portion were subscribed 18.68 times and 68.69 times, respectively. Qualified Institutional Buyers (QIB) was subscribed 0.72 times.

The issue kicked off for subscription on Friday, August 28, 2026, and will close for subscription on Tuesday, September 01, 2026.

A day before the opening of the issue, ESDS Software Solution Limited had raised nearly Rs 216 crore from anchor investors.

Brokerage houses recommend company

Leading brokerage firms like Adroit Financial, Anand Rathi, BP Wealth, Marwadi Shares and Finance, SBI Securities and Ventura Securities have given their “Subscribe” recommendation to ESDS Software Solution Limited, which is an end-to-end AI-enabled cloud, managed services, data centre infrastructure and software solutions provider in India.

BP Wealth highlights the company is a cloud infrastructure, managed services and software solutions provider, offering an integrated portfolio comprising Infrastructure-as-a-Service (IaaS), managed services and Software-as-a-Service (SaaS).

On the valuation front, at the upper price band of Rs.429, the issue is valued at approximately 36.4 times FY26 diluted EPS of Rs.11.8. Considering the company’s strong growth prospects, recommend a “Subscribe” rating for long-term investment horizon.

SBI Securities highlights the company operates five tier 3 data centres across India, covering over 75,266 sq ft., supported by redundant power, disaster recovery infrastructure and 24/7 services.

On the valuation, at the upper price band of Rs 429, the company is valued at FY26 P/E of 41.6 times and and EV/EBITDA multiple of 13.2 times on post issue capital. The company is well positioned to benefit from India’s rapidly growing cloud and data centre industry, with the Indian data centre market expected to grow at a compounded annual growth rate of nearly 20.7% during FY26-FY30, driven by increasing cloud adoption, AI workloads, data localisation requirements and ongoing digital transformation initiatives.  Recommend “Subscribe” at the Cut-Off Price.