ESDS shares touched their upper circuit for the sixth consecutive trading session, hitting an intraday high of ₹1,740.40 on the NSE
The rally has taken ESDS shares to more than four times their ₹429 IPO price within six trading sessions, underscoring strong investor appetite for the enterprise cloud and AI infrastructure play
ESDS was trading 9.7% higher at ₹1,735 on the NSE as of 14:00 IST, while remaining locked at the 10% upper circuit of ₹1,716.35 on the BSE
Shares of the enterprise cloud and AI company jumped 10% to touch an intraday high of ₹1,740.40 on the NSE. However, the stock subsequently pared some of its gains and was trading 9.7% higher at ₹1,735 as of 14:00 IST.
At its intraday high, ESDS was trading 305.7% above its IPO issue price of ₹429 per share.
On the BSE, ESDS shares remained locked at the 10% upper circuit of ₹1,716.35. At this price, the stock was up 300.1% from the issue price, while the company’s market capitalisation stood at ₹20,117.5 Cr (about $xx Bn).
ESDS made its stock market debut on September 4, listing at ₹757 on the NSE, a premium of 76.5% over its issue price. On the BSE, the shares listed at ₹746.30, nearly 74% above the issue price.
The stock subsequently hit its 20% upper circuit at ₹908.40 on the NSE and ₹895.55 on the BSE on the listing day. It has continued to hit its upper circuit in every trading session since then.
After being locked at the20% upper circuit for three consecutive sessions, the stock’s circuit filter was reduced to 10%.
The rally has also drawn regulatory scrutiny. The BSE sought a clarification from ESDS earlier this week over the sharp movement in its share price. The company said it was unaware of any undisclosed information that could explain the surge.
“The company is not aware of any specific reason for the significant movement in the price of its security,” ESDS said, adding that the movement in its share price and trading volumes was consistent with the activity typically observed in a newly listed security.
ESDS’ ₹720 Cr IPO, comprising entirely a fresh issue of shares, was subscribed 135.88X during its three-day bidding period.
Ahead of the IPO,ESDS raised ₹216 Cr from anchor investors by allotting 50.3 Lakh shares to 19 entities at ₹429 apiece. The anchor investors included Motilal Oswal Mutual Fund, Bandhan Mutual Fund, Quant Mutual Fund, ITI Mutual Fund, and JM Flexicap Fund, among others.
Founded in 2005, Nashik-based ESDS provides cloud computing, data centre, managed services, and AI-led digital solutions to government and enterprise customers.
The company plans to deploy ₹576 Cr from the net IPO proceeds towards purchasing and installing cloud computing equipment and other infrastructure at its data centres in Airoli, Bengaluru, Mohali, and Nashik. A portion of the proceeds will be used for general corporate purposes.
On the financial front, ESDS’ consolidated net profit more than doubled to ₹120.8 Cr in FY26 from ₹55.6 Cr in the previous fiscal year. Its operating revenue increased 30.7% to ₹472.2 Cr from ₹361.3 Cr in FY25.