Khaitan & Co and Trilegal have advised on the ESDS Software Solution Limited ₹720 crore IPO — a transaction that made history as India’s first pure-play data centre company to list via an IPO. The IPO comprised a fresh issue of 16,783,216 equity shares of face value ₹1 each, aggregating to ₹7,200 million, and was oversubscribed 142.88x overall and 275x in the QIB category. The deal puts both firms firmly at the centre of one of India’s most closely watched capital markets transactions of 2026.
Introduction
ESDS Software Solution Limited raised ₹720 crore from an initial public offering of equity shares comprised of a fresh issue of 16,783,216 equity shares. There was no offer for sale by existing shareholders and promoters. The shares were listed on NSE and BSE on September 4, 2026.
ESDS is an end-to-end AI-enabled cloud, managed services, data centre infrastructure, and software solutions provider, offering a comprehensive platform of cloud infrastructure and software solutions. The company caters to customers across banking and financial services, government, and enterprise segments. DAM Capital Advisors Ltd. and Systematix Corporate Services Ltd. served as the book-running lead managers to the issue.
Deal Value
The ESDS Software Solution IPO was a book-built IPO worth ₹720 crore. Proceeds from the fresh issue are intended for the company’s own use as set out in the Objects of the Issue, primarily towards data centre and cloud computing infrastructure and general corporate purposes. The issue opened on August 28, 2026, and closed on September 1, 2026, with a price band of ₹408 to ₹429 per equity share of face value ₹1.
Legal Teams Involved
Khaitan & Co — Counsel to ESDS Software Solution Limited (Issuer)
- Abhimanyu Bhattacharya — Partner
- Vijayaraghavan — Partner
- Arjun Kapur — Associate
- Siddharth Jain — Associate
- Sakshi Verma — Associate
- Harshita Sharma — Associate
Trilegal — Counsel to the Book Running Lead Managers (DAM Capital Advisors and Systematix Corporate Services)
Trilegal advised the book running lead managers, DAM Capital Advisors and Systematix Corporate Services, on the proposed IPO by ESDS Software Solution.
- Abhinav Maker — Partner
- Jayant Saxena — Senior Associate
- Mrinal Kumar — Associate
- Nupur — Trainee Associate
Significance and Impact
This is the first pure-play data centre player, offering AI-enabled cloud and GPU services, to be listed in India. The milestone marks a new chapter for India’s digital infrastructure capital markets, opening a distinct asset class for public market investors.
The ESDS Software Solution IPO was subscribed 142.88 times on the final day of subscription. The public issue subscribed 41.68 times in the retail category, 274.97 times in the QIB category, and 202.87 times in the NII category. The exceptional institutional demand — nearly 275 times in the QIB category — underscores the market’s confidence in India’s data centre sector.
As of March 31, 2026, ESDS operated five Tier 3 data centres across India spanning more than 75,266 square feet and served 2,501 customers during FY26. The listing provides ESDS with public market capital to accelerate that infrastructure footprint at scale. For a closer look at deal activity across leading Indian law firms, visit the Deal Meter.
The ESDS Software Solution ₹720 crore IPO stands as a landmark transaction in Indian capital markets, marking the debut of a new sub-sector on domestic exchanges. Khaitan & Co‘s role on the issuer side and Trilegal‘s mandate for the BRLMs reflect the continued dominance of both firms in India’s IPO advisory landscape.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
