# Ashish Kacholia, Mukul Agrawal see massive gains as ESDS Software stock rallies 290% from IPO price — retained record

> Retained news record from news:india-mint-markets.

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source: [news](https://highsignal.app/data/news) (news:india-mint-markets)  published 2026-09-28 15:13 ingested 2026-09-29 03:00

[original source ↗](https://www.livemint.com/market/stock-market-news/ashish-kacholia-mukul-agrawal-see-massive-gains-as-esds-software-stock-rallies-290-from-ipo-price-11790601320497.html)

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ESDS Software Solution, which was listed on Dalal Street earlier this month, has been making headlines with its massive run in its shares, multiplying investors' wealth, including that of veteran investors such as Ashish Kacholia and Mukul Agrawal.
According to Trendlyne shareholding data, Ashish Kacholia currently holds a 2.05% stake, while Mukul Mahavir Agrawal owns an even higher 6% stake. Both investors invested in the company before it went public, and their bets have paid off hugely.
According to the company's DRHP, Ashish Kacholia invested in October 2024, nearly two years before the public issue.
At the upper price band of the IPO price of ₹429, the value of the ace investor's stake stood at ₹103 crore. Since the stock is trading 290% above its IPO price at ₹1,672.50, the same stake is now valued at ₹433 crore. This indicates that his investment value has grown more than fourfold.
Similarly, Mukul Agrawal has also witnessed a massive jump from his initial investment. Agrawal held 70.3 lakh shares, representing a 7% stake in the company before the IPO.
At the issue price, Agrawal’s holding was valued at around ₹302 crore. Based on the current market price, the value of his stake has risen to around ₹1,176 crore.
The company shares made a blockbuster debut on the Indian stock market on September 4, listing at a 76.45% premium at ₹757, and the momentum sustained through the close, with the stock ending the first day at ₹908.40.
The rally further persisted in the following sessions, with the stock locking in 20% upper-circuit limits multiple times, reaching a high of ₹1,827 apiece before giving up some of its post-listing gains.
Meanwhile, the massive rally came at a time when the broader market was reeling under significant pressure amid elevated crude oil prices and rising global bond yields.
ESDS Software Solution's public issue consisted entirely of a fresh issue of equity shares worth up to ₹720 crore. The IPO price band was set at ₹408–429 per share, with ₹429 being the final issue price against which the stock delivered its substantial listing premium.
Founded in 2005, ESDS Software Solution operates across cloud computing, managed services, data center infrastructure, and software solutions. The company has also been an early participant in India's cloud services industry.
Its customer base spans multiple sectors. During fiscal year 2026, ESDS Software Solution served more than 2,500 customers, including clients from banking, financial services and insurance (BFSI), public sector organisations, businesses and enterprises.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends.
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document fetched 2026-09-29 03:00 · canonical https://livemint.com/market/stock-market-news/ashish-kacholia-mukul-agrawal-see-massive-gains-as-esds-software-stock-rallies-290-from-ipo-price-11790601320497.html