ESDS Software hits upper circuit for 4th day: Newly-listed shares rally 230% since debut; this brokerage…

Reports coming in for today mention that Newly-listed ESDS Software Solution shares hit the upper circuit limit for the fourth straight session on Wednesday, taking the stock's gain to over 230 percent from its IPO price since its market debut on September 4.

Shares of the firm were locked in the 10 percent upper circuit at Rs 1,418.50 per share on the NSE.

The stock had earlier hit the 20 percent upper circuit limit in the previous three sessions. On Wednesday, the price range limit was revised to 10 percent.

The IPO had a price range of Rs 408-429 per share.

From the IPO price of Rs 429 to Wednesday's price of Rs 1,418.50, the stock has jumped 230.65 percent.

In the meantime, market watchers at Choice Institutional Equities have set a target price of Rs 1,550 per share, implying a further upside of 9.27 percent from the current level.

The stock made its market debut at Rs 757 on the NSE, marking a premium of 76.46 percent over the offering price on September 4.

On the BSE, the stock listed at Rs 746.30 per share, a premium of 73.96 percent.

The firm's market valuation stood at Rs 10,496.83 crore on the BSE on the debut day. It has since risen to Rs 16,626.38 crore, an gain of Rs 6,129.55 crore.

The initial public offering (IPO) of ESDS Software Solution was subscribed 135.88 times in the primary market.

ESDS Software Solution, an AI-enabled cloud, managed services, data centre infrastructure and software solutions provider, had boosted Rs 216 crore from anchor market participants.