IPO · Enterprise Software & IT

ESDS lists with 76% premium, stock surges 300.1%

By Startup Enthusiast · 9 September 2026

What they do

ESDS provides cloud computing, data centre, managed services and GPU-as-a-Service

Its ₹720 crore IPO was oversubscribed 135.88X to 143X and listed on 4 Sep 2026

The stock rose 300-306% in a week, making it the biggest gainer among new-age tech stocks

ESDS Software Solution listed on the BSE and NSE on 4 September 2026.
The ₹720 crore IPO was a fresh issue of shares with a price band of ₹408 to ₹429 per share.
The IPO was oversubscribed 135 times overall.
Anchor investors, including Motilal Oswal Mutual Fund and Bandhan Mutual Fund, invested ₹216 crore.
On listing day, the stock opened at ₹755 on NSE (76% premium) and hit the upper circuit at ₹908.40.
The stock hit the upper circuit for six consecutive trading sessions after listing.
By 11 September 2026, the stock was up 300% from the IPO price, reaching an intraday high of ₹1,740.40.
The BSE sought clarification on the sharp price movement; ESDS said there was no undisclosed reason.

India's cloud services market is expected to grow at 23.6-24.1% CAGR between FY26 and FY30.
India's cloud GPU market is projected to grow at ~50% CAGR through FY30.
ESDS has a $1.25 billion AI infrastructure contract with Australia-based Sharon AI.
Choice Institutional Equities initiated coverage with a 'Buy' rating and target price of ₹1,550.

ESDS is an enterprise cloud and AI infrastructure company founded in 2005 and based in Nashik.
It offers cloud computing, data centre, managed services, AI-led digital solutions, and GPU-as-a-Service (GPUaaS).
Revenue mix: IaaS 44%, managed services 41%, SaaS 15%.
Customer segments: enterprise 55.1%, government 27.4%, BFSI 17.5%.
ESDS claims to be one of only two Indian players offering the full spectrum of GPUaaS, cloud, managed services, data centre and software solutions.
It has a $1.25 billion AI infrastructure contract with Australia-based Sharon AI.

IPO proceeds of ₹576 crore will be used for cloud computing equipment and data centre infrastructure in Airoli, Bengaluru, Mohali and Nashik.
The remainder will be used for general corporate purposes.