ESDS Software to file DRHP this week to raise upto Rs 700 crore through IPO

ESDS Software, a Nashik-based cloud services and data center firm, plans to file its draft red herring prospectus (DRHP) this week with the Securities and Exchange Board of India (SEBI) to raise upto Rs 700 crore through an initial public offering (IPO). The offering is expected to be a fresh issue, according to sources.

The company had initially filed for an IPO in December 2021 but withdrew due to unfavorable market conditions. Ahead of the fresh filing, ESDS has appointed merchant bankers, with DAM Capital as the book-running lead manager.

The IPO proceeds will be used to expand data centers, invest in GPU cloud for artificial intelligence, and meet long-term working capital needs under general corporate purposes.

Founded in 2005 by Piyush Somani, ESDS Software provides AI-enabled cloud solutions, managed services, data center infrastructure, and software solutions. Its offerings include infrastructure-as-a-service (IaaS) and software-as-a-service (SaaS), catering to businesses with secure, scalable, and cost-effective cloud solutions.

The company serves a diverse client base, including BFSI firms, government institutions (Government Community Cloud), and enterprises. Key customers and partners include SIDBI, PFC, STPI, Infrasoft Technologies, Tech Mahindra, and NTT Data Business Solutions.

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With over 1,000 clients, ESDS reported Rs 286 crore in revenue and Rs 15 crore in profit for the fiscal year ending March 31, 2024.

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