Domestic funds grab 82% of ESDS Software's ₹216cr IPO anchor book
What's the deal? ESDS SoftwareDealroom has a profile for this one. Try Dealroom →, a Nashik-based AI-enabled cloud and data centre provider, raised INR 216 crore from 19 anchor investors at INR 429 per share on August 27, 2026 — a day before its three-day retail subscription window opened on August 28.
Who bought in? Six domestic mutual funds took 81.94% of the anchor allotment across 13 schemes. Motilal OswalDealroom has a profile for this one. Try Dealroom →, BandhanDealroom has a profile for this one. Try Dealroom →, and Quant each received 11,18,872 shares, together roughly two-thirds of the book.
The rest of the book: Allocations also went to ITI Mutual FundDealroom has a profile for this one. Try Dealroom →, JM Financial Mutual FundDealroom has a profile for this one. Try Dealroom →, and Samco Small Cap Fund, plus two Category-III alternative investment funds and Bajaj General InsuranceDealroom has a profile for this one. Try Dealroom →, which took 3.70% through its policyholder and shareholder funds.
By the numbers: ESDS grew revenue from INR 286.52 crore in FY2024 to INR 472.21 crore in FY2026. Net income expanded to INR 120.82 crore from INR 13.61 crore over the same period. It served 2,501 customers and runs five Tier-3 data centres.
Why now? At the top of the price band, the stock is priced at 39.57x to 41.61x FY2026 earnings. Its only listed comparable, E2E NetworksDealroom has a profile for this one. Try Dealroom →, reported a negative EPS, making a direct peer valuation difficult.
What could go wrong? The book leans heavily on domestic funds, with limited foreign institutional presence and several smaller alternative funds in the tail — factors observers are likely to weigh as subscription opens.
The signal: Concentrated demand from India's retail-facing fund houses — Motilal Oswal, Bandhan, Quant, and JM Financial among them — points to strong domestic appetite for the cloud and data centre theme, even without foreign backing.
Read more: ipocentral.in
Image credit: ESDS Software Solution
