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ESDS Software Solution IPO Sees Strong Demand on Second Day of Bidding

The ESDS Software Solution IPO received strong investor response on its second day of bidding, with a subscription of 24.49 times. The QIB portion saw limited participation, while retail and NII portions saw strong demand. The company aims to raise ₹720 crore, with a price band of ₹408–₹429 per share. Grey market signals point toward optimistic expectations for the stock's listing.

By Tertius News AI Desk 2 distinct · 2 mastheads · 2 articles Version 1 Coverage Aug 31, 2026 Published 1h ago

Subscription Details

ESDS Software Solution's initial public offering (IPO) entered its second day of bidding on Monday, 31 August. The mainboard IPO, which received a strong response from investors, is subscribed 2.10 times on the first day. The company has set a price band of ₹408–₹429 per share for its ₹720-crore initial public offering. The mainboard IPO will close on Tuesday, 1 September.

On the first day, the retail portion was subscribed 2.69 times, the NII (non-institutional investor) portion 3.51 times, and the QIB portion 0.01 times. On the second day, the ESDS Software IPO received bids for 30.25 crore shares against its offer of 1.23 crore shares, reflecting an oversubscription of 24.49 times. The non-institutional investor segment witnessed high investor interest, with an oversubscription of 69.73 times. The retail investor segment witnessed strong participation as well, being subscribed 4.4 times. The QIB segment is yet to be fully subscribed, with a subscription of 0.72 times.

Company and Offer

The company, established in 2005, offers cloud, managed services, and data centre infrastructure. The issue is entirely a fresh issue of 1.68 crore shares, with the remaining funds for general corporate purposes.

The ESDS Software Solution IPO has reserved 50% for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail investors. The company will use the proceeds to procure and deploy cloud computing equipment and other infrastructure for its data centres.

Brokerage Recommendations

Kantilal Chhaganlal Securities has advised investors to subscribe to the ESDS Software Solution IPO with a long-term perspective. The brokerage noted that the issue is valued at around 41.8x FY26 price-to-earnings (P/E) and 21.5x adjusted EV/EBITDA. Despite relatively high valuation, it sees potential in the company's growth prospects and sizeable AI contract that could support long-term expansion. However, customer concentration, intense competition, and the risk of technology becoming obsolete remain key concerns for investors to monitor. Beacon Capital Advisors has also recommended investors apply for the IPO.

GMP and Expectations

In the unlisted market, shares are trading at a grey market premium of ₹335, implying a 78.09% premium over the upper price band of ₹429. The grey market trends indicate that the IPO's GMP moved upward today, pointing to positive sentiment and optimistic expectations for the stock's listing. However, it is important to note that GMP is not a regulated indicator of the listing price and is vulnerable to price manipulation.

The ESDS Software Solution IPO has set a price band of ₹408–₹429 per share for its ₹720-crore issue. The issue will close on Tuesday, 1 September, and the share allotment process is likely to be completed by September 2. Beneficiaries are likely to be credited with their shares and refunds by September 3, and the company is expected to list on BSE and NSE on September 4. DAM Capital Advisors and Systematix Corporate Services are the book-running lead managers, with MUFG Intime India as the registrar.

How each outlet told it

A framing line is our reading of that outlet's own text — an interpretation, not a quotation and not a fact we assert. Check it against what the outlet published.

The Financial Express

Framing: The headline emphasizes the strong overall subscription (24.49x) while highlighting that the QIB portion remains undersubscribed.

as of Aug 31, 2026, 3:47 PM UTC

Facts Included:

The issue was subscribed 24.49x on Day 2.
The QIB portion was still undersubscribed on Day 2.
The share price band is fixed at Rs 408 to Rs 429.
The bidding window closes on September 1; allotment likely by September 2; shares and refunds by September 3; listing on NSE and BSE expected on September 4.
DAM Capital Advisors and Systematix Corporate Services are the investment bankers; MUFG Intime India is the registrar.

Read the source article →

Livemint

Framing: The headline emphasizes subscription status, grey market premium indicating a potential listing pop, and poses an investment question to the reader.

as of Aug 31, 2026, 5:19 AM UTC

Facts Included:

ESDS Software Solution IPO is in its second day of bidding on Monday, 31 August.
The IPO is subscribed 2.10 times so far, with the issue opening on Friday.
The price band is ₹408–₹429 per share for the ₹720-crore IPO.
The IPO will close on Tuesday, 1 September.
Bids received for 2,59,78,006 shares against 1,23,52,942 shares on offer.
Kantilal Chhaganlal Securities and Beacon Capital Advisors have advised subscribing to the IPO.
Brokerages note high valuation but see growth potential, with concerns over customer concentration and competition.
The IPO is a fresh issue of equity shares with no offer-for-sale component.
Proceeds will be used to procure and deploy cloud computing equipment and data centre infrastructure.
The issue reserves 50% for QIBs, 15% for NIIs, and 35% for retail investors.
DAM Capital Advisors and Systematix Corporate Services are lead managers; MUFG Intime India is the registrar.
Listing is expected on BSE and NSE on September 4.
ESDS was established in 2005 and offers cloud, managed services, and data centre solutions.

Read the source article →

What was claimed, and who backed it

AI-extracted; can misattribute a claim — see Methodology.

Each row is one claim, attributed to the outlet whose wording states it most clearly. Confidence rates how directly the source text states the claim — explicit and unhedged rates high; hedged, pieced-together, or internally inconsistent statements rate lower. It does not measure whether the claim is true. Status is Contested when two claims on this page negate each other; otherwise it counts the distinct outlets we found asserting that specific claim — so a single-source claim can still show high confidence, and a multi-source claim can show medium. Every one of those outlets is named beside the status, so you can check the count against the list. For claims extracted before we began storing that list, the row says so: it names the outlet the claim is quoted from and states that we have not recorded which outlets backed it. Outlets wrote at different times, so a figure that evolves — a casualty count, for example — can legitimately differ between rows; check the "as of" time next to each claim's source.

Claim	Confidence	Status
ClaimThe ESDS Software Solution IPO entered its second day of bidding on Monday, 31 August.	ConfidenceHigh	StatusSingle-source via Livemint as of Aug 31, 2026, 5:19 AM UTC
ClaimThe ESDS Software Solution IPO received 2.10 times subscription on its first day of bidding.	ConfidenceHigh	StatusSingle-source via Livemint as of Aug 31, 2026, 5:19 AM UTC
ClaimThe ESDS Software Solution IPO first-day subscription was 2.10 times overall, with the retail portion subscribed 2.69 times, the NII portion 3.51 times, and the QIB portion 0.01 times.	ConfidenceHigh	StatusContested via Livemint as of Aug 31, 2026, 5:19 AM UTC
ClaimThe ESDS Software Solution IPO has set a price band of ₹408–₹429 per share for its ₹720-crore initial public offering.	ConfidenceHigh	StatusMulti-source (2 outlets · 2 distinct) via Livemint as of Aug 31, 2026, 5:19 AM UTC, The Financial Express as of Aug 31, 2026, 3:47 PM UTC
ClaimThe ESDS Software Solution IPO will close on Tuesday, 1 September.	ConfidenceHigh	StatusMulti-source (2 outlets · 2 distinct) via Livemint as of Aug 31, 2026, 5:19 AM UTC, The Financial Express as of Aug 31, 2026, 3:47 PM UTC
ClaimThe grey market premium (GMP) for the ESDS Software Solution IPO stands at ₹335, implying a 78.09% premium over the upper price band of ₹429.	ConfidenceHigh	StatusSingle-source via Livemint as of Aug 31, 2026, 5:19 AM UTC
ClaimKantilal Chhaganlal Securities has advised subscribing to the ESDS Software Solution IPO, noting a P/E of 41.8x and adjusted EV/EBITDA of 21.5x based on FY26 estimates.	ConfidenceHigh	StatusSingle-source via Livemint as of Aug 31, 2026, 5:19 AM UTC
ClaimBeacon Capital Advisors has advised subscribing to the ESDS Software Solution IPO.	ConfidenceHigh	StatusSingle-source via Livemint as of Aug 31, 2026, 5:19 AM UTC
ClaimThe ESDS Software Solution IPO is entirely a fresh issue of equity shares with no offer-for-sale component, aiming to raise ₹720 crore.	ConfidenceHigh	StatusMulti-source (2 outlets · 2 distinct) via Livemint as of Aug 31, 2026, 5:19 AM UTC, The Financial Express as of Aug 31, 2026, 3:47 PM UTC
ClaimESDS Software Solution will use IPO proceeds to procure and deploy cloud computing equipment and other infrastructure for its data centres, with the remaining funds for general corporate purposes.	ConfidenceHigh	StatusSingle-source via Livemint as of Aug 31, 2026, 5:19 AM UTC
ClaimThe ESDS Software Solution IPO has reserved 50% of the issue for qualified institutional buyers (QIBs), 15% for non-institutional investors, and 35% for retail investors.	ConfidenceHigh	StatusSingle-source via Livemint as of Aug 31, 2026, 5:19 AM UTC
ClaimDAM Capital Advisors and Systematix Corporate Services are the book-running lead managers for the ESDS Software Solution IPO, and MUFG Intime India is the registrar.	ConfidenceHigh	StatusMulti-source (2 outlets · 2 distinct) via Livemint as of Aug 31, 2026, 5:19 AM UTC, The Financial Express as of Aug 31, 2026, 3:47 PM UTC
ClaimThe ESDS Software Solution IPO is expected to list on the BSE and NSE on September 4.	ConfidenceHigh	StatusMulti-source (2 outlets · 2 distinct) via Livemint as of Aug 31, 2026, 5:19 AM UTC, The Financial Express as of Aug 31, 2026, 3:47 PM UTC
ClaimESDS Software Solution was established in 2005 and offers cloud, managed services, and data centre infrastructure.	ConfidenceHigh	StatusSingle-source via Livemint as of Aug 31, 2026, 5:19 AM UTC
ClaimThe ESDS Software Solution IPO was subscribed 24.49 times overall on day 2, with the QIB portion receiving 72% subscription, the NII portion 214.58 times, and the retail portion 35.0 times.	ConfidenceHigh	StatusContested via The Financial Express as of Aug 31, 2026, 3:47 PM UTC
ClaimThe QIB portion of the ESDS Software Solution IPO remained under-subscribed on day two, receiving bids of 0.72x.	ConfidenceHigh	StatusSingle-source via The Financial Express as of Aug 31, 2026, 3:47 PM UTC
ClaimThe non-institutional investor portion of the ESDS Software Solution IPO was oversubscribed 69.73 times on day two.	ConfidenceHigh	StatusSingle-source via The Financial Express as of Aug 31, 2026, 3:47 PM UTC
ClaimThe retail investor portion of the ESDS Software Solution IPO was subscribed 4.4 times on day two.	ConfidenceHigh	StatusSingle-source via The Financial Express as of Aug 31, 2026, 3:47 PM UTC
ClaimThe ESDS Software Solution IPO aims to raise ₹720 crore by issuing 1.68 crore fresh equity shares.	ConfidenceMedium	StatusMulti-source (2 outlets · 2 distinct) via The Financial Express as of Aug 31, 2026, 3:47 PM UTC, Livemint as of Aug 31, 2026, 5:19 AM UTC
ClaimThe ESDS Software Solution IPO received bids for 30.25 crore shares against an offer of 1.23 crore shares on day two.	ConfidenceHigh	StatusSingle-source via The Financial Express as of Aug 31, 2026, 3:47 PM UTC

Transparency & Audit Trail

2 distinct · 2 mastheads · 2 articles consulted: The Financial Express, Livemint 20 claims extracted 1 editorial revision Version 1 Written 2026-08-31