Share Market: The shares of ESDS Software (ESDS Software Solution), recently listed in the stock market, have spoiled the investors. Investor capital has tripled in just three trading days of listing in the market. The stock has been seeing a continuous upper circuit of 20% since its explosive listing.
Upper circuit is taking daily
ESDS Software’s IPO was open to retail investors from August 28 to September 1, with an upper price band of ₹429. The stock has been hitting an upper circuit of 20% in three consecutive trading sessions since listing at ₹757 on September 4 with a bumper premium of 76%.
Where did the share price reach?
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Listing Day: After listing at ₹757, the stock ended the session on Friday at ₹909.40.
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Second day: As soon as the market opened on Monday, it again crossed the ₹1090.05 level with a 20% upper circuit.
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Third day: After opening at ₹1189 on Tuesday, the stock immediately jumped 20% to hit a new all-time high of ₹1308.05.
If calculated from the IPO price (₹429), this stock has given returns of more than 200% so far. Due to this great boom, the market cap of the company has also increased to ₹12,150 crore.
The brokerage is giving ‘BUY’ rating
Brokerage houses are also looking bullish after seeing such stormy speed of shares. Choice Broking has initiated coverage on the stock with a ‘BUY’ rating.
The IPO of this cloud computing, data center infrastructure and software services company received tremendous response from investors. The issue was subscribed a total of 135.88 times, with QIB quota 261.51 times, NII quota 192.94 times and retail category 39.64 times subscribed.
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