Shares of eMudhra made their debut on the exchanges on Wednesday on a relatively firm note and as it got listed with a premium of nearly 6 per cent above the issue price.
Since 2008, eMudhra has been issuing digital signature certificates in India. In addition to digital certificate solutions, eMudhra offers a variety of other services including tax filing services, digital signing solutions, digital certificate authentication system and trusted time stamping services.
The shares listed at Rs 271 against its offer price of Rs 256.
The company's initial public offerings were up for public subscription during May 20-24, and received 2.72 times subscription.
Santosh Meena, Head of Research, Swastika Investmart Ltd. said: The company’s tepid yet positive listing can be attributed to current market conditions, good prospects, and reasonably good responses from retail investors. eMudhra is India's largest licensed Certifying Authority and the only Indian company to be directly recognized by renowned browsers and document processing software companies such as Microsoft, Mozilla, Apple, and Adobe. Further, eMudhra is the only Indian company to be accredited to Webtrust which makes their digital signature certificates directly recognized by browsers across the world allowing them to issue digital signature certificates in many countries.
"The growing demand for data privacy, data protection, and digital transformation will help the company grow substantially in the medium to long term. However, the competitive nature of the industry, the company entering into uncharted geographies and areas of business and the rich pricing of the issue make it suitable for long-term investors post listing. Those who applied for listing gains can maintain a stop loss of Rs. 260," Meena said.
The listing of the eMudhra came just days after a weak listing of much-anticipated Life Insurance Corporation of India (LIC). Paradeep Phosphates and Delhivery too made their debut on the exchanges recently, but with a mild premium.
(With ANI inputs)
