The ESDS Software share price was locked at the 5 per cent lower circuit for a seventh session in a row on Tuesday, 6 October 2026, at ₹1,292.15 on the BSE, as per a Livemint report. The stock is down 18.55 per cent in a week. It is also still about three times the ₹429 price at which it sold shares in its IPO five weeks ago.
Read the two numbers together
Livemint reports the stock down 18.55 per cent over the past week and 24.15 per cent over two weeks, and up 44.29 per cent over the past month. Both sets of figures are true at the same time. The shares ran up hard through late September and have given part of it back in seven sessions.
A 5 per cent lower circuit is the exchange limit for that stock on that day. Once the price falls 5 per cent below the previous close, it cannot trade lower until the next session. Seven of them in a row means sellers have outnumbered buyers at the floor price every day for seven days.
Our tracker shows ₹1,294.30 for ESDS Software Solution, against the ₹1,292.15 Livemint cites on the BSE. The small gap is the usual one between the two exchanges. Here is where that sits against the IPO.
| Stage | Price | Vs issue price ₹429 |
|---|---|---|
| IPO price band | ₹408 to ₹429 | Issue price ₹429 |
| Listing open, 4 September, NSE | ₹757 | +76.46% |
| Listing open, 4 September, BSE | ₹746.30 | +73.96% |
| Post listing upper circuit, NSE | ₹908.40 | +111.75% |
| Price on 6 October (our tracker) | ₹1,294.30 | +201.7% |
One lot in the IPO was 34 shares, which cost ₹14,586 at the upper band of ₹429. At ₹1,294.30 that lot is worth ₹43,006. Anyone who got an allotment is well ahead of the issue price even after seven down days. The 76.46 per cent open on 4 September was the third best of the 98 mainboard listings in 2026, where the median gain was 7.04 per cent.
What triggered the fall
Livemint points to a lock-in expiry. The one month shareholder lock-in ended on Monday, 5 October, which made around 3 million shares eligible to trade. The report puts that at 2 per cent of the total outstanding shares.
Our own anchor lock-in calendar had flagged a release a few days earlier. As we wrote on 1 October, the 30 day anchor lock-in on this IPO was due to end on 2 October, covering 25.17 lakh shares. The two counts are close without being identical, because they cover slightly different sets of locked shareholders. ESDS had raised ₹216 crore from anchor investors before the issue opened, as per the same Livemint report.
What a lock-in expiry does not mean is that the shares get sold. It only makes them eligible for trading. Whether the holders sell, hold or sell a part is their call, and it shows up in the price rather than in any filing on the day.
The June quarter numbers
The other number in the background is the results. For the June quarter, ESDS reported profit of ₹29.27 crore, down 56 per cent from ₹67.41 crore in the March quarter. Revenue from operations fell 20 per cent over the same three months, to ₹133.65 crore from ₹167.5 crore. Compared with the June quarter a year earlier, profit was up 14 per cent and revenue up more than 7 per cent.
So the yearly comparison is still up and the quarterly one is sharply down. For a data centre business that is not unusual, since large orders and capacity additions land unevenly across quarters. It does make the valuation harder to read. At the issue price of ₹429 the IPO was priced at 41.61 times earnings on an EPS of ₹10.31. At ₹1,294.30 the same EPS works out to well above 100 times.
Two rating agencies went the other way
While the price fell, the credit view improved. On 29 September 2026, India Ratings and Research upgraded the long term rating on ESDS Software Solution's ₹50 crore bank loan facilities to IND A with a Stable outlook, from IND BBB+ with a Positive outlook. The short term rating went to IND A1 from IND A2+.
That followed CRISIL Ratings, which on 16 September raised its ratings on the company's bank facilities to Crisil A- with a Positive outlook and Crisil A2+, from Crisil BBB+ with a Positive outlook and Crisil A2.
India Ratings cited a larger and more diversified business through FY24 to FY26, growth in recurring revenue from cloud and managed services, better visibility from the order book and stronger credit metrics. Credit ratings measure the ability to service debt, not the share price. ESDS carried total borrowing of ₹42.92 crore as on 31 March 2026 against a net worth of ₹528.81 crore, so there is not much debt to service.
The IPO in short
ESDS Software Solution raised ₹720 crore in an issue that was entirely fresh shares, with no offer for sale. The book closed at 135.88 times on 1 September, the tenth most subscribed of the 99 mainboard IPOs that closed in 2026 against a median of 24.96 times. Institutions bid 261.51 times, non institutional investors 192.94 times and retail 39.64 times.
Of the ₹720 crore, ₹576 crore goes into cloud computing equipment and data centre infrastructure, with the rest for general corporate purposes. The company runs five Tier 3 data centres across India and sells cloud, managed IT and software services, largely to banks, insurers, government bodies and large enterprises. It served 2,501 customers in FY2026.
One more thing our data shows. The final grey market premium before listing was ₹247, or 57.58 per cent, on 4 September. The stock opened 76.46 per cent up. The grey market understated this one by nearly 19 percentage points. Across the last 10 mainboard listings, the final GMP missed the actual open by 10.68 percentage points on average. GMP is an unofficial dealer quote, not an exchange price, and it says nothing at all about where a stock trades a month later.
What happens next
There are no IPO milestones left. Allotment was on 2 September, refunds and demat credit on 3 September, and listing on 4 September on both exchanges. The next scheduled event is the September quarter result, due later this month, which will show whether the June dip was a one quarter matter.
The full issue record, financials and price history are on our ESDS Software Solution IPO page, and the lock-in dates are in the anchor lock-in note we published on 1 October. For how this debut ranks against every other 2026 issue, see our mainboard IPO listing performance table. The circuit count and the weekly fall come from Livemint's report of 6 October.
Frequently asked questions
What was the ESDS Software IPO price?
The IPO price band was ₹408 to ₹429 and the issue price was ₹429 a share. One lot was 34 shares, so the minimum application at the upper band was ₹14,586.
When did the ESDS Software lock-in expire?
Livemint reports that the one month shareholder lock-in ended on Monday, 5 October 2026, freeing around 3 million shares for trading. Our anchor lock-in calendar had put the 30 day anchor release at 2 October, covering 25.17 lakh shares.
How much did the ESDS Software IPO raise?
₹720 crore, all of it fresh shares. ₹576 crore of that is earmarked for cloud computing equipment and data centre infrastructure.
