ESDS Software Solution shares extended their post-listing rally on Tuesday, September 8, hitting the 20% upper circuit for the third straight trading session. The stock reached Rs. 1,308.05 on the NSE, taking its gain to about 205% over the IPO issue price of Rs. 429.
On the BSE, ESDS Software shares touched a high of Rs. 1,289.55, nearly 201% above the IPO price. The stock had closed at Rs. 1,074.65 in the previous session before opening higher on Tuesday.
ESDS Software made its stock market debut on September 4 at Rs. 757 on the NSE. The listing price represented a premium of 76.46% over the IPO issue price of Rs. 429. On the BSE, shares opened at Rs. 746.30, a premium of about 73.95%.
Buying continued after the listing. The stock reached its upper trading limit during the listing session and again on Monday. It then touched another 20% upper circuit on Tuesday, extending the rally to a third session.
ESDS Software raised Rs. 720 crore through its IPO, which ran from August 28 to September 1. The company offered shares in a price band of Rs. 408 to Rs. 429 each.
The IPO was subscribed 135.88 times overall. Qualified institutional buyers subscribed their portion 261.51 times, while non-institutional investors subscribed 192.94 times. The retail investor category recorded 39.64 times subscription.
The high subscription levels were followed by a strong market debut. At Tuesday's NSE upper circuit of Rs. 1,308.05, the stock traded at more than three times its Rs. 429 issue price.
ESDS Software reported revenue from operations of Rs. 472.21 crore in FY26, up from Rs. 361.3 crore in the previous financial year. Net profit increased to Rs. 120.82 crore from Rs. 55.6 crore during the same period.
The company has also entered into a five-year AI cloud infrastructure agreement linked to SharonAI Holdings. The agreement carries a total potential contract value of about $1.25 billion and includes an option for a two-year extension.
Under the agreement, about 8,200 NVIDIA B300 GPUs are planned for an AI infrastructure cluster in Australia. Revenue linked to the project is expected to begin during the third quarter of FY27, based on information disclosed around the IPO.
Nashik-based ESDS Software provides cloud services, managed services, data-centre infrastructure and software solutions. Its customers include companies and organisations across banking, financial services, government and enterprise sectors.
Choice Institutional Equities expects ESDS revenue to rise from Rs. 472 crore in FY26 to Rs. 5,092 crore by FY29. The brokerage also estimates profit after tax could increase from Rs. 120.8 crore to Rs. 719 crore over the same period.
The rapid share-price increase has brought ESDS Software into focus following its IPO. Investors will now track the company's quarterly financial performance, execution of the AI infrastructure agreement, revenue growth and data-centre expansion as the newly listed stock continues trading on the NSE and BSE.
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