India's ESDS Software Solution is targeting an Initial Public Offering (IPO) raise of Rs 720 crore ($75.4 million).

The company has said that a large portion of the proceeds from this offering will be used to expand its data center capacity.

As reported by CXO Digital Pulse, the IPO went live today, August 28, with a fixed price of between Rs 408 ($4.28) and 429 ($4.50) per share, with shares listed on both the BSE and NSE. The Business Standard reports that the IPO was fully booked within a couple of hours of opening.

Approximately Rs 576 crore ($60.35m) will be used to purchase and install cloud computing equipment and infrastructure for its data centers. In addition to expanding capacity at its existing data centers, the company also aims to establish new data centers in Kolkata and Sahibabad, as well as explore opportunities internationally.

According to ESDS' website, the company currently operates five data centers in Navi Mumbai, Bengaluru, Mohali, Noida, and Nashik, with two "upcoming" facilities in Kolkata and Ghaziabad.

Details about the current capacity of its data center fleet have not been provided.

ESDS is an Indian cloud provider offering PaaS, SaaS, and IaaS, as well as managed services, and has in recent years added GPUaaS to its portfolio of solutions.

In April of this year, the company signed a $1.25bn cloud capacity agreement with neocloud Sharon AI that would last for five years. Under that deal, Sharon AI will deploy 8,000 GPUs in an Australian data center for use by ESDS.