ESDS Software IPO GMP implies a 59.44% listing gain at ₹684.
Priority Jewels IPO GMP signals a 15.50% premium over issue price.
Both IPO allotments are expected today, with listings scheduled for September 4.
ESDS Software Solution IPO is commanding a strong premium in the grey market, signalling an estimated 59.44% listing gain, while Priority Jewels is also trading at a premium ahead of their share allotment finalisation.
The unlisted shares of ESDS Software Solution were commanding a grey market premium (GMP) of ₹255 on Wednesday, September 2. With the IPO's upper price band fixed at ₹429 per share, the implied listing price stands at ₹684, suggesting a potential listing gain of 59.44% for successful allottees.
1 August 2026
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Priority Jewels, meanwhile, was trading at a GMP of ₹31. Against the upper issue price of ₹200 per share, this translates into an estimated listing price of ₹231 and a potential listing gain of 15.50%.
Both IPOs closed for subscription on September 1 after opening on August 28. The allotment status is expected to be finalised on September 2, while both companies are scheduled to make their stock market debut on the NSE and BSE on September 4.
ESDS Software IPO GMP Today
ESDS Software Solution's ₹720-crore IPO has emerged as the stronger of the two issues in the grey market. The latest GMP of ₹255, against the upper price band of ₹429, implies an estimated listing price of ₹684.
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The IPO was subscribed 135.88 times overall on the final day of bidding. The qualified institutional buyer (QIB) portion was subscribed 261.51 times, while the non-institutional investor (NII) and retail portions were subscribed 192.94 times and 39.64 times, respectively.
The issue was entirely a fresh issue of ₹720 crore, comprising 1.68 crore equity shares. The price band was fixed at ₹408-429 per share, with a lot size of 34 shares. At the upper price band, retail investors required a minimum investment of ₹14,586.
According to a Master Capital Services IPO note, ESDS is positioned to benefit from the expansion of India's digital infrastructure market, driven by artificial intelligence, cloud computing, data centres and managed services.
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The brokerage noted that India's cloud GPU market was valued at $67.31 million in FY25 and is projected to grow at a 50.15% CAGR through FY30. It also highlighted the expected expansion of India's data-centre and cloud-services markets.
ESDS operates five Tier-3 data centres and offers infrastructure-as-a-service, managed services and software-as-a-service solutions. Its SWARAJ Cloud platform and an AI cloud infrastructure agreement are among the factors highlighted in the note.
Priority Jewels IPO GMP Today
Priority Jewels IPO is also commanding a premium in the grey market, although significantly lower than ESDS Software.
The latest GMP of ₹31, against the upper issue price of ₹200, implies a potential listing price of ₹231 and an estimated gain of 15.50%.
The ₹91.50-crore IPO was subscribed 100.45 times overall. The NII category saw the strongest demand at 166.49 times, followed by retail investors at 106.76 times and QIBs at 39.87 times.
The issue was entirely a fresh issue of 45.75 lakh shares. The price band was set at ₹190-200 per share, with a lot size of 75 shares. Retail investors required a minimum investment of ₹15,000 at the upper price band.
Master Capital Services said the Indian gems and jewellery wholesale market is benefiting from rising disposable incomes, urbanisation, changing consumer preferences, industry formalisation and sustained wedding and festive demand.
The brokerage expects the market to grow at a 14.45% CAGR between CY25 and CY30. Priority Jewels, it said, could benefit from demand for lightweight and affordable jewellery, supported by its focus on diamond-studded gold and platinum jewellery, contemporary designs and customised manufacturing.
Listing date
Both companies are expected to finalise IPO allotments on September 2, with shares scheduled to list on the NSE and BSE on September 4.
However, grey market premiums are unofficial indicators of investor sentiment and do not guarantee the actual listing price. The final debut will depend on broader market conditions, demand and trading sentiment on the listing day.
