IPO Listed — 04 Sep 2026
Listing Price: ₹757
ESDS Software Solution IPO GMP History | Listing Price ₹757 & Kostak Rate
ESDS Software Solution IPO has been listed on September 4, 2026 at a listing price of ₹757, against the issue price of ₹429 — a gain of ₹328 (+76.46%). The GMP peaked at ₹372 on 29 August 2026 and reached a low of ₹245 on 2 September 2026. The day-wise GMP trend below shows how grey market sentiment evolved from subscription to listing.
ESDS Software Solution IPO raised ₹720 Cr. through its IPO at a price band of ₹408 to ₹429 per share, with a lot size of 34 shares. The IPO was open for subscription from 28 Aug 2026 to 01 Sep 2026.
GMP Trend Chart
Day-wise GMP Trend
| Date | GMP | ↑↓ | % | Kostak | Sub. Sauda |
|---|---|---|---|---|---|
| 04 Sep 2026 | ₹ 247 | 57.58% | ₹ 0 | ₹ 0 | |
| 03 Sep 2026 | ₹ 247 | 57.58% | ₹ 0 | ₹ 0 | |
| 02 Sep 2026 | ₹ 245 | 57.11% | ₹ 0 | ₹ 0 | |
| 01 Sep 2026 | ₹ 255 | 59.44% | ₹ 0 | ₹ 0 | |
| 31 Aug 2026 | ₹ 316 | 73.66% | ₹ 0 | ₹ 0 | |
| 30 Aug 2026 | ₹ 335 | 78.09% | ₹ 0 | ₹ 0 | |
| 29 Aug 2026 | ₹ 372 | 86.71% | ₹ 0 | ₹ 0 | |
| 28 Aug 2026 | ₹ 360 | 83.92% | ₹ 0 | ₹ 0 | |
| 27 Aug 2026 | ₹ 315 | 73.43% | ₹ 0 | ₹ 0 | |
| 26 Aug 2026 | ₹ 365 | 85.08% | ₹ 0 | ₹ 0 | |
| 25 Aug 2026 | ₹ 275 | 64.10% | ₹ 0 | ₹ 0 |
ESDS Software Solution IPO Dates
| Event | Date |
|---|---|
| Open Date | 28 Aug, 2026 |
| Close Date | 01 Sep, 2026 |
| Allotment Date | 02 Sep, 2026 |
| Refund Date | 03 Sep, 2026 |
| Credit to Demat | 03 Sep, 2026 |
| Listing Date | 04 Sep, 2026 |
ESDS Software Solution IPO Actual Listing Price
| Basis | Value |
|---|---|
| Issue Price | ₹429 |
| GMP-Based Estimate (Pre-Listing) | ₹676 (+57.6%) |
| Actual Listing Price | ₹757 (+76.46%) |
| Listing Gain / Loss | +₹328 per share |
| Listing Date | 04 Sep, 2026 |
Is ESDS Software Solution IPO GMP Reliable?
Grey market premium for ESDS Software Solution IPO should be interpreted with caution. The GMP is an unregulated, unofficial market not governed by SEBI. Here's how to read the current signal:
- Subscription rate matters: A high GMP paired with strong subscription — especially QIB (Qualified Institutional Buyer) oversubscription — is a more reliable bullish signal than GMP alone. Read our in-depth analysis: GMP vs Subscription Data — Which Predicts Listing Gains Better?
- Timing matters: GMP in the first 1–2 days of subscription is less reliable. GMP on the final subscription day and the day before listing tends to be the most accurate predictor.
- Grey market is thin: For smaller IPOs, even a handful of large orders can swing the GMP significantly. Treat low-volume GMP signals with extra caution.
- Cross-check before acting: Review the ESDS Software Solution IPO full review for a fundamentals-based assessment before making any grey market trades.
ESDS Software Solution IPO IPO Kostak Rate Explained
The Kostak rate for ESDS Software Solution IPO was not active during the subscription period, as no grey market premium was established. Kostak is the fixed amount a grey market buyer pays for an IPO application regardless of allotment outcome.
The Subject to Sauda price was not active for this IPO. Subject to Sauda only applies if allotment is confirmed — the buyer pays a premium on top of the issue price per lot allotted.
Grey market trading is unofficial and unregulated by SEBI. Proceed with full awareness of the associated risks.
About ESDS Software Solution IPO
The company offers three things together. Infrastructure as a Service covers colocation and data centre services, along with public, private, virtual private, hybrid and community cloud, and GPU as a Service. Managed services cover cloud and data centre management, cybersecurity, IT infrastructure and network management, backup and disaster recovery, database management and DevOps. Software as a Service covers its own tools such as data centre management software, vulnerability scanners, web access firewalls, VPN solutions and AI powered GPU monitoring.
It runs five Tier 3 data centres across India covering more than 75,266 square feet, with backup power, disaster recovery setup and round the clock service. It has also built its own technology, including SWARAJ Cloud, a patented cloud autoscaling system that has since been developed into an AI enabled cloud platform focused on data sovereignty, security and compliance. As on 30 June 2026 it had 993 employees.
Strengths & Risks
Strengths
- ✓ Profit has grown very fast, from Rs 13.61 crore in FY2024 to Rs 55.61 crore in FY2025 and Rs 120.82 crore in FY2026.
- ✓ Sales have grown steadily, from Rs 292.14 crore in FY2024 to Rs 376.64 crore in FY2025 and Rs 480.65 crore in FY2026.
- ✓ EBITDA more than doubled in two years, from Rs 101.88 crore in FY2024 to Rs 234.23 crore in FY2026.
- ✓ The margin is strong for an infrastructure business, with a PAT margin of 15.39% and RoCE of 24.73%.
- ✓ The company cut its debt sharply while growing, from Rs 149.04 crore in FY2024 to Rs 42.92 crore in FY2026, against a net worth of Rs 528.81 crore.
- ✓ It owns real infrastructure, with five Tier 3 data centres across India covering more than 75,266 square feet.
- ✓ The customer base is wide at 2,501 customers in FY2026, spread across banking and insurance, government and enterprises.
- ✓ It has its own patented technology in SWARAJ Cloud, and offers newer services such as GPU as a Service, which is in demand for AI workloads.
- ✓ The whole issue is fresh capital, and Rs 576 crore of it goes into cloud computing equipment and data centre infrastructure.
Risks
- ⚠ The issue is priced high on earnings. At the upper band of Rs 429 the P/E is about 41.61 times on an EPS of Rs 10.31.
- ⚠ Return on net worth is only 13.71%, which is modest against that valuation and much lower than the RoCE of 24.73%.
- ⚠ Total assets almost tripled in one year, from Rs 655.95 crore to Rs 1,937.90 crore. That is a very large build up, and the earnings from it are still to come through.
- ⚠ Data centres need money all the time. Servers, GPUs and cooling equipment date quickly and have to be replaced, so capital spending never really stops.
- ⚠ Rs 576 crore of the Rs 720 crore issue goes into equipment. The whole case rests on filling that new capacity with paying customers.
- ⚠ Promoter holding is already low at 46.06% before the issue and falls further to 39.47% after it, so there is no dominant promoter holding.
- ⚠ Competition comes from global hyperscalers such as AWS, Microsoft Azure and Google Cloud, which have far deeper pockets and larger scale.
- ⚠ Government and BFSI customers usually buy through tenders, which means price pressure and slow payments.
Frequently Asked Questions about ESDS Software Solution IPO
What is the GMP of ESDS Software Solution IPO?
The current Grey Market Premium (GMP) of ESDS Software Solution IPO is ₹ 247.
What is the Kostak Price of ESDS Software Solution IPO?
Kostak rate is the profit made by selling an IPO application before allotment. The current Kostak rate for ESDS Software Solution IPO is currently not available.
What is the Subject to Sauda Price of ESDS Software Solution IPO?
Subject to Sauda is the premium amount decided if the allotment is confirmed. The current Subject to Sauda rate is currently not available.
What was the actual listing price of ESDS Software Solution IPO?
ESDS Software Solution IPO listed on September 4, 2026 at ₹757, against the issue price of ₹429 — a gain of +76.46%.
How did the GMP of ESDS Software Solution IPO trend before listing?
The GMP of ESDS Software Solution IPO was stable in its final days before listing. The GMP peaked at ₹372 on 29 August 2026. View the day-wise table above for the complete GMP history.
Explore ESDS Software Solution IPO Further
For a complete picture before making your investment decision, explore these resources:
