ESDS Software, Priority Jewels investors eye 15-50% listing.

ESDS Software is expected to outpace Priority Jewels in terms of listing gains even though both offers garnered bids of over 100 times.

Shares of ESDS Software and Priority Jewels are set for their stock market debuts on Friday, September 4, eyeing up to 51 per cent listing gains based on the current grey market trends.

ESDS Software is expected to outpace Priority Jewels in terms of listing gains even though both offers garnered bids of over 100 times. The initial public offers (IPOs) were open for bidding from August 28 till September 1.

ESDS Software Solutions IPO GMP

Ahead of its listing, ESDS Software Solutions IPO was trading at ₹649 in the grey market, suggesting an upside of ₹220 or 51.28 per cent over the offer price of ₹429.

The offer received bids for 1.67 billion shares as against 12.35 million shares on offer, according to NSE data, resulting in 135.88 times bids. The qualified institutional buyer (QIB) quota was booked 261.51 times, while the non-institutional investor (NII) segment received 192.94 times subscription. Finally, the retail segment was subscribed 39.64 times.

The company is an AI-enabled provider of cloud, managed services, data centre infrastructure, and software solutions in India.

ESDS Software Solution is well-positioned for a strong market debut driven by explosive profitability, high customer retention, and clear expansion plans, said Shivani Nyati, head of wealth at Swastika Investmart. “Its rare full-stack capability and 94.92 per cent revenue retention rate set it apart from loss-making peers like E2E Networks, justifying a premium 35.66x P/E valuation,” said Nyati.

ESDS Software Solution IPO worth ₹720 crore was entirely a fresh issue of 1.68 crore shares of ₹720 crore, which the company plans to deploy for the installation of cloud computing and other equipment and infrastructure for data centres, general corporate purposes and issue expenses.

The price band for the offer was fixed at ₹408 to ₹429.

Priority Jewels IPO

Meanwhile, Priority Jewels IPO is poised for a 15 per cent listing pop as its shares are trading at ₹230 in the grey market as against the offer price of ₹200.

The offer was booked 100.45 times overall, receiving bids for 321.6 million shares as against 3.20 million shares on offer, shows data available on NSE. The retail portion was booked 106.76 times, the NII segment 166.49 times and the QIB quota 39.87 times.

The ₹91.50-crore offer was also entirely a fresh issue of shares, with the proceeds raised earmarked for debt repayment and general corporate purposes.

Nyati said Priority Jewels carries a more uncertain debut outlook, marked by modest operational metrics and cooling market enthusiasm despite solid headline demand.

“Top-line growth appears driven by product mix rather than volume as Q1 FY27 capacity utilization dropped to 58 per cent, while its 12.73 per cent RoNW lags behind listed peers like Khazanchi and RBZ,” she said, adding that thin manufacturing margins, high client concentration, and non-growth use of IPO proceeds keep it cautious on the offer.

The expert added that this caution is reflected in its grey market premium, which slid as the stock heads into listing, signalling fading debut momentum despite being subscribed over 100x.

Disclaimer: Moneywealth research provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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