ESDS Software Solution shares more than doubled on their debut on Friday, rising more than 111 percent from its initial public offering (IPO) price.

The shares were locked in a 20 percent upper circuit at Rs 908.40 per share on the National Stock Exchange (NSE), up 111.75 percent from the issue price.

The shares were listed at Rs 757 on the NSE, a premium of 76.46 percent over the issue price. The Rs 720-crore IPO had a price band of Rs 408-429 per share.

On the BSE, the shares were listed at Rs 746.30 apiece, a premium of 73.96 percent.

The company's market capitalisation rose by Rs 1,899.99 crore to Rs 10,647.44 crore from Rs 8,747.45 crore after the rise in the share price.

The listing followed strong demand in the primary market, with the IPO receiving 136 times subscription during the August 28 to September 1 bidding period.

It is one of only two players offering the full spectrum of GPUaaS, cloud, managed services, data centre infrastructure and software solutions and was the largest among them by FY26 revenue from operations of Rs 4,722.10 million. Its offerings include IaaS, managed services and SaaS, serving BFSI, Government and Enterprise customers, with 2,501 customers in FY26, Singh noted.

ESDS Software Solution plans to utilise Rs 576 crore of the IPO proceeds to purchase and install cloud computing and other equipment and infrastructure for its data centres. The remaining funds will be used for general corporate purposes.