eMudhra IPO gets 48% subscription on first day of offer

The initial public offering of digital signature certificate provider eMudhra received 48 per cent subscription on the first day on Friday.

The IPO (Initial Public Offering) received bids for 55,06,172 shares against 1,13,64,784 shares on offer, as per NSE data.

The issue reserved for retail individual investors got subscribed 94 percent, while non-institutional investors subscribed only 4 percent of the issue reserved for them.

The IPO has a fresh issue aggregating up to Rs 161 crore and Offer-For-Sale of up to 98,35,394 equity shares.

The offer, in the price range of Rs 243-256 per share, will close on May 24.

eMudhra Ltd on Thursday raised Rs 124 crore from anchor investors.

At the upper end of the price band, the IPO is expected to fetch Rs 412.79 crore.

Proceeds from the fresh issue will be utilised to repay debt, support working capital requirements, purchase equipment and pay for other related costs for data centre proposed to be set up in India and overseas locations, develop products, investment in eMudhra INC and for general corporate purposes.

IIFL Securities, YES Securities (India) and Indorient Financial Services are the managers to the offer.

eMudhra is the largest licensed certifying authority in India with a market share of 37.9 percent in the digital signature certificates market space in financial year 2021 having grown from 36.5 percent in FY20.

The company has been engaged in the business of providing digital trust services and enterprise solutions to individuals and organisations.

Some of its customers include Infosys, Tata Consultancy Services, Mashreq Bank, Baud Telecom Company, Cholamandalam MS General Insurance Company and Bharti AXA Life Insurance Company.

(With PTI inputs)

Published on: Friday, May 20, 2022, 07:52 PM IST