India’s IPO market isn’t reopening because sentiment improved. It’s reopening because profits returned.
Two very different companies — ESDS Software Solutions and OYO (via parent Prism) — just crossed critical IPO checkpoints:
SEBI approval for ESDS’s ₹720 Cr IPO
Shareholder approval for Prism to raise ₹6,650 Cr via OYO’s IPO
Different sectors. Different histories. One common thread: both are approaching the market with profitability, not promises.
Let’s break down why this matters — UnlistedZone style.
ESDS Software Solutions has done something rare in India’s cloud infrastructure space — built profitable scale with proprietary technology.
SEBI’s clearance for its IPO, along with a size increase from ₹600 Cr to ₹720 Cr, signals strong visibility on both demand and execution.
Original size: ₹600 Cr
Revised size: ₹720 Cr
Upsize: ₹120 Cr (20%)
Instrument: Equity shares (FV ₹1)
Companies don’t upsize IPOs post-SEBI review unless institutional appetite and earnings confidence are high. This is expansion capital, not balance-sheet repair.
Founded in 2005 and headquartered in Nashik, ESDS is a cloud computing and data centre services company operating across 19 countries.
Its clients span BFSI, healthcare, government, manufacturing, and e-commerce — sectors where uptime and compliance matter more than raw scale.
Founder Piyush Somani positioned ESDS as a homegrown alternative to AWS, Azure, Google Cloud, Sify, and Netmagic — but with a sharply defined niche.
ESDS’s core differentiator is eNlight Cloud — India’s first patented cloud platform, with patents granted in the US and UK.
What makes it different:
Real-time auto-scaling of CPU and RAM
Zero downtime during scaling
Converts customer CAPEX into OPEX
For regulated industries like banks and hospitals, this isn’t a feature — it’s a requirement.
What stands out:
Revenue CAGR with margin expansion
EBITDA margins nearing 43% — rare for infra-led tech
Clear shift from losses to sustained profitability
ESDS’s valuation story changed materially in FY25.
International revenue jumped from ₹15 Cr to ₹87 Cr
Contribution rose from 3.6% to 24.1% of total revenue
This followed a ₹38.6 Cr investment in its overseas subsidiary (ESDS Cloud FZ LLC), reducing India-only risk and improving global scalability optics.
While ESDS represents a first-time listing, OYO’s IPO comeback is about credibility regained.
Prism, OYO’s parent, has secured shareholder approval to raise ₹6,650 Cr via IPO, along with a 1:19 bonus issue — a classic pre-listing capital structure clean-up.
This approval allows Prism to move ahead with regulatory filings and timeline finalisation.
In short: the IPO machinery is officially warming up again.
For years, OYO’s public market ambitions were derailed by losses and volatility.
FY25 changed that.
Particulars | 9M ended Dec 31, 2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Revenue from operations | 6,940.97 | 6,252.83 | 5,388.79 | 5,463.95 |
| Total income | 7,166.33 | 6,325.89 | 5,541.59 | 5,601.70 |
| Profit/(loss) for the period/year | 748.34 | 244.82 | 229.58 | (1,286.52) |
| Total assets | 18,944.25 | 16,695.32 | 6,443.47 | 7,932.43 |
| Total equity | 5,122.24 | 3,786.62 | 900.73 | 582.57 |
What this tells us:
Sharp EBITDA turnaround
PAT swung from deep losses to profitability
Operating leverage is now visible at scale
This isn’t cosmetic profitability. It’s structural.
Public markets no longer reward growth without discipline.
Today’s IPO filters are simple:
Predictable cash flows
Scalable unit economics
Capital efficiency
Both ESDS and OYO now tick these boxes — albeit in very different ways.
This isn’t an IPO revival driven by easy liquidity.
It’s a quality reset.
ESDS is entering markets with patented tech, expanding margins, and global optionality.
OYO is returning with profits, scale, and a repaired balance sheet.
Different journeys. Same signal.
India’s next IPO wave belongs to companies that already make money — and want capital to scale it further.