AI Ambitions Fuel ESDS Software's Second Shot at IPO Glory

ESDS Software, a cloud services and data center business based in Nashik, plans to submit its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) during the week commencing October 30. The company is seeking to raise up to Rs 700 crore through an initial public offering (IPO). The company's last attempt at filing a DRHP ended in December 2021 as the timing was not opportune at the time. The proceeds from the IPO will be used to fund the expansion of data centers, invest in GPU cloud for artificial intelligence, and for long-term working capital requirements. ESDS, which was started in 2005 by Piyush Somani, provides AI-enabled cloud solutions, and managed services to more than 1,000 clients. For the fiscal year ended March 31, 2024, the company generated Rs 286 crore in revenue and a profit of Rs 15 crore.

Source: The Economic Times