SINGAPORE, 8 September 2026 — Duane Morris & Selvam LLP acted as the international legal counsel to DAM Capital Advisors Limited and Systematix Corporate Services Limited in their capacity as the book running lead managers on the recent sale of ₹7,200 million (approximately US$76 million) of equity shares in ESDS Software Solution Limited in an IPO in India and concurrent private placements outside India. The shares were listed on BSE and NSE on September 4, 2026.
The IPO garnered remarkable interest from investors, with a QIB subscription of approximately 275 times and an overall subscription of approximately 136 times. That interest was reflected in the trading price of the shares after they were listed, with the shares surging over 111% after hitting the 20% upper circuit at ₹908.40. The shares continued to hit the 20% upper circuit for consecutive sessions, reaching ₹1,090.05 – marking a total jump of approximately 155% from the issue price of the shares within two days.
ESDS Software Solution Limited offers offer a comprehensive platform of cloud infrastructure and software solutions consisting of (i) infrastructure as a service (IaaS), which is broadly divided into colocation and Data Centre services, cloud services and cloud computing, (ii) managed services, and (iii) software as a service (SaaS), which allows it to provide well-architected cloud-adoption solutions to its customers aimed at reducing their customers’ costs, while providing security, flexibility, scalability and reliability.
Duane Morris & Selvam’s team was led by Jamie Benson, the head of the U.S. capital markets, U.S. venture capital and India practices. The deal team also included Faiz Jugari and Jiselle Ong, associates in the Singapore office.
“We are proud to have played a key role in ESDS Software Solution’s successful IPO and delighted on how well it was received by the market” said Benson.
Khaitan & Co acted as Indian legal counsel to ESDS Software Solution Limited and Trilegal acted as Indian legal counsel to the Book Running Lead Managers.
About Duane Morris & Selvam LLP
Duane Morris & Selvam LLP is the joint law venture between Duane Morris LLP and Selvam LLC, with its headquarters in Singapore. By way of its global platform and extensive range of legal services, the firm helps companies conduct business in and out of Asia, the United States, Latin America, the United Kingdom and beyond. In addition to the excellent skills of its lawyers, clients benefit from the cultural fluency and key relationships that the firm has developed over many years of practising law throughout the region. The firm has a presence in the key markets of Southeast Asia, including Singapore, Hanoi, Ho Chi Minh City and Yangon, as well as an office in Shanghai. Supporting these regional offices, the firm operates a series of country desks for India, Indonesia, Korea and Japan. It is regularly ranked among the region’s leading law firms by Chambers & Partners, The Legal 500 and IFLR1000.