Domestic funds grab 82% of ESDS Software's US$29.3M 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 US$29.3M from 19 anchor investors at US$5.83 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 US$38.9M in FY2024 to US$64.1M in FY2026. Net income expanded to US$16.4M from US$1.85M 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
