- ESDS Software has launched its ₹720-crore IPO on August 28, 2026, with subscriptions closing on September 1, 2026.
- The IPO aims to raise around ₹720 crores and has a price band fixed at ₹408 to ₹429 per equity share.
- In FY25, Gazprombank was the largest revenue generator for ESDS, contributing ₹72.81 crore, which accounted for 20.15% of its total revenue.
- Following the imposition of full blocking sanctions by the US Treasury in November 2024, Gazprombank's contribution to ESDS revenue fell to ₹13.24 crore, or 2.8% in FY26.
- ESDS filed its red herring prospectus on August 24, 2026, without naming Gazprombank, referring to it only as a 'Russian BFSI' customer.
- ESDS Software Solution, founded in August 2005, is an AI-enabled end-to-end IT service provider with over 20 years of experience in building and managing IT infrastructure.
- Prior to its agreement with Gazprombank in June 2024, ESDS had no revenue from any Russian client.
- The US Treasury imposed full blocking sanctions on Gazprombank, describing it as Russia's largest remaining bank not previously subjected to such sanctions.
ESDS Software has launched a ₹720-crore IPO, which will close on September 1, 2026. The IPO subscription began on August 28, 2026, targeting QIB, NII, and retail investors. The price band is set between ₹408 to ₹429 per equity share, with a retail quota of 35%.1234
The company, founded in August 2005, specializes in AI-enabled IT services and operates five Tier-III data centers across India. Notably, Gazprombank, a sanctioned Russian lender, was ESDS's top client, contributing 20.15% of revenues in FY25, which plummeted to 2.8% in FY26 due to sanctions. This decline reflects a significant shift in ESDS's revenue structure, as Gazprombank's contribution fell from ₹72.81 crore in FY25 to ₹13.24 crore in FY26, marking an 81.8% drop.567810
The US Treasury imposed sanctions on Gazprombank in February 2022, restricting its financial dealings, which led to a drastic reduction in its business with ESDS. Prior to this, Gazprombank was responsible for approximately 97.3% of ESDS's revenue increase in FY25. Overall, Gazprombank generated a cumulative revenue of ₹86.05 crore for ESDS across FY25 and FY26, representing 10.32% of the company's total revenue during this period. This highlights the impact of international sanctions on business operations and revenue streams for companies like ESDS.
“Gazprombank contributed ₹72.81 crore in FY25, 20.15% of revenue, but fell to ₹13.24 crore in FY26 after US sanctions. The IPO's price band is ₹408–₹429 per share, with a minimum lot of 34 shares.”
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