ESDS Software Solution IPO Day 2 Subscription Status: 18.48x Subscribed; GMP at ₹323

ESDS Software Solution’s Initial Public Offering (IPO) was subscribed 18.48 times as of early afternoon on Day 2 (12:00 noon to 2:00 p.m. IST on 31 August 2026). Non-Institutional Investors (NIIs) led at 51.42x, followed by retail investors at 14.77x, while Qualified Institutional Buyers (QIBs) were at 0.27x. The latest available Grey Market Premium (GMP) was around ₹323, and bidding closes on 1 September 2026.

Metric	Latest update
Bidding day	Day 2
Data status	Early afternoon (12:00 noon to 2:00 p.m. IST) on 31 August 2026
Overall subscription	18.48x
QIB subscription	0.27x
NII subscription	51.42x
Retail subscription	14.77x
Other reserved category	Not separately reported
Current GMP	Around ₹323
GMP percentage	75.3%
Indicative price	₹752
Closing date	1 September 2026

ESDS Software Solution IPO Day 2 Subscription Status

ESDS Software Solution IPO’s subscription accelerated substantially from the Day 1 close, with NIIs accounting for the strongest bidding multiple.

Investor category	Day 2	Day 1 close	Change
Qualified Institutional Buyers (QIBs)	0.27x	0.01x	+0.26x
Non-Institutional Investors (NIIs)	51.42x	3.70x	+47.72x
Retail Individual Investors	14.77x	2.84x	+11.93x
Overall	18.48x	2.21x	+16.27x

Within the NII category, the big NII portion was subscribed 49.88x, while the small NII portion reached 54.50x. This indicates that demand within the category was spread across both NII sub-segments rather than being driven entirely by one.

Retail demand also rose sharply, while QIB participation remained below 1x.

Subscription multiples measure bid quantity relative to shares reserved in each category. They do not represent the number of unique investors or applications.

How Subscription Changed From Day 1

The IPO ended Day 1 at 2.21x overall, with NIIs at 3.70x, retail investors at 2.84x, and QIBs at 0.01x.

By early afternoon on Day 2, overall subscription had increased by 16.27 times to 18.48x. NIIs were the main driver, with their multiple rising by 47.72 times from the Day 1 close. Retail subscription increased by 11.93 times.

The demand profile has therefore broadened further among NIIs and retail bidders. QIB participation has also increased, but it remains comparatively limited. Institutional bidding often builds later in an IPO, although the available figures do not indicate how QIB demand will finish on Closing Day.

ESDS Software Solution IPO GMP Today and Estimated Listing Price

The latest available ESDS Software Solution IPO GMP was around ₹323 per share on 31 August 2026, compared with a previous available reading of about ₹335.

GMP observation	GMP	Movement
Latest available on 31 August 2026	Around ₹323	Down
Previous available reading	Around ₹335	Down ₹12
29 August reference	Around ₹372	Earlier higher level

Using the ₹429 upper price band:

Indicative price = ₹429 + ₹323 = ₹752

GMP percentage = ₹323 ÷ ₹429 × 100 = about 75.3%

Some grey-market trackers continued to show readings closer to ₹335 on 31 August, so quotes were not fully aligned. The ₹323 figure represents the more recent available reading rather than an average of different estimates.

GMP is unofficial, unregulated, and can change rapidly. It is not published by the Securities and Exchange Board of India (SEBI), National Stock Exchange of India (NSE), or BSE Limited (BSE). The indicative price is a calculation, not a forecast or guarantee of the actual listing price or gains.

What Stands Out in Today’s Bidding

The strongest signal is the acceleration in NII demand. The category moved from 3.70x at the Day 1 close to 51.42x by early afternoon on Day 2. Retail demand also increased materially from 2.84x to 14.77x.

At the same time, the GMP has declined from recent higher readings even as subscription demand has increased. This divergence is worth noting because the two indicators measure different things. Subscription reflects bids against available shares, while GMP is an unofficial sentiment signal.

There are also limitations. QIB demand remained at just 0.27x, and Day 2 bidding was still underway. High subscription does not establish fair valuation, business quality, or future shareholder returns.

IPO Details Retail Investors Need

IPO detail	Information
Price band	₹408 to ₹429 per share
Lot size	34 shares
Minimum retail investment	₹14,586
Issue size	₹720 crore
Fresh issue	₹720 crore
Offer for Sale (OFS)	Nil
Issue type	Book-built mainboard IPO
Closing date	1 September 2026
Expected listing date	4 September 2026
Exchanges	NSE and BSE

At the upper price band, one lot of 34 shares requires a minimum retail investment of ₹14,586.

Brief Company and Financial Context

ESDS Software Solution provides cloud infrastructure, managed services, data-centre services, and software solutions, including Infrastructure as a Service (IaaS) and Software as a Service (SaaS). Its revenue from operations increased to ₹472.21 crore in FY2026 from ₹361.33 crore in FY2025, while profit after tax rose to ₹120.82 crore from ₹55.61 crore. Total income, which includes revenue from operations and other income, increased to ₹480.65 crore from ₹376.64 crore.

The company plans to use ₹576 crore of the fresh-issue proceeds for cloud-computing equipment and data-centre infrastructure. Rapid technological change and execution of planned capital expenditure remain material considerations.

What Happens Next

The IPO enters its Closing Day on 1 September 2026. Investors tracking the issue can watch whether QIB participation increases, whether NII and retail demand continues to build, and whether the GMP stabilises or moves further from its recent highs.

The final subscription picture should be assessed only after bidding closes and the exchange figures stabilise.

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