eMudhra IPO – Review, Bid, Size, Allotment, Subscription, GMP & RHP
Last Updated Date: Feb 17, 2023India’s largest licensed Certifying Authority, eMudhra Limited, is set to float an IPO of about Rs. 412 crore in the market. The entity has received the SEBI approval for the DRHP filed in November 2021.
eMudhra IPO comprises a Fresh Issue and an Offer for Sale.
eMudhra IPO Review will cover aspects of the company and the upcoming IPO. We will include the company’s operations, its products and services, promoters and management of the company, and its financial position.
Also, we will understand the IPO, its objectives, dates, price and size, IPO GMP, and other elemental facets.
| Face Value | Rs 5 |
| Price Band | Rs.243 to Rs.256 |
| Listing At | BSE, NSE |
| Min. Order Quantity | 58 Shares |
| Listing Date | Jun 1, 2022 |
| Offer for Sale | Rs.251.79 Crore |
| Fresh Issue | Rs.161 Crore |
| IPO Size | Rs.412.79 Crore |
| Tick Size | 1 |
eMudhra IPO Overview
eMudhra IPO combines a Fresh Issue of equity shares aggregating up to Rs. 161 crore and an Offer for Sale of up to 98,35,394 equity shares.
Some of the promoters and investors of the company will be making a partial or full exit from the company through the IPO.
As per the RHP, the company has undertaken a pre-IPO placement of about 1,603,617 equity shares aggregating up to Rs. 39 crore
eMudhra IPO Important Dates
| Events | Date |
| IPO Opening Date | May 20, 2022 |
| IPO Closing Date | May 24, 2022 |
| Basis of Allotment Finalization | May 27, 2022 |
| Refunds Initiation | May 30, 2022 |
| Credit of Shares to Demat Account | May 31, 2022 |
| Share Listing Date | Jun 1, 2022 |
eMudhra has received the SEBI observation letter as the approval for the Draft Red Herring Prospectus. The company filed the Red Herring Prospectus with SEBI on May 10, 2022.
The RHP led out the important eMudhra IPO Dates. According to that, the company will be opening the IPO on May 10 and will remain open till May 24.
During this period, the investors can apply for a subscription to the security. Also, eMudhra will list the securities on June 1, 2022.
eMudhra IPO Price, Size, Share Offerings
| Face Value | Rs.5 |
| Price Band | Rs.243 to Rs.256 |
| Offer for Sale | Rs.251.79 Crore |
| Fresh Issue | Rs.161 Crore |
| IPO Size | Rs.412.79 Crore |
eMudhra IPO Size consists of the Fresh share issue and Offer for Sale, and the final quantum of shares will be discovered post the IPO.
The eMudhra IPO Price will be determined in the Book Building Process by the company and the selling shareholders.
The price band for applying to the IPO is between Rs. 243 to Rs. 256 per share. The minimum bid lot size is 58 shares.
The face value of the offered shares is Rs. 5 each. And the shares are proposed to be listed on NSE and BSE.
eMudhra IPO Grey Market Premium
| Date | GMP (Rs.) | Kostak Rate (Rs.) | Subject to Sauda (Rs.) |
| 1 June 2022 | (Rs. 10) | NA | NA |
| 31 May 2022 | (Rs. 10) | NA | NA |
| 28 May 2022 | (Rs. 10) | NA | NA |
| 27 May 2022 | (Rs. 10) | NA | NA |
| 26 May 2022 | (Rs. 10) | NA | NA |
| 25 May 2022 | (Rs. 10) | NA | NA |
| 24 May 2022 | (Rs. 10) | NA | NA |
| 23 May 2022 | (Rs. 10) | NA | NA |
| 21 May 2022 | (Rs. 10) | NA | NA |
| 20 May 2022 | (Rs. 10) | NA | NA |
| 19 May 2022 | (Rs. 10) | NA | NA |
| 18 May 2022 | (Rs. 10) | NA | NA |
| 17 May 2022 | NA | NA | NA |
| 16 May 2022 | NA | NA | NA |
| 15 May 2022 | NA | NA | NA |
| 14 May 2022 | NA | NA | NA |
eMudhra IPO GMP will be updated and reflected here soon. The company has filed the RHP, and its opening and closing dates are also made available.
GMP or Grey Market Premium is the amount paid for the shares of the issuer company in the Grey Market. Grey Market is an unofficial market. The market is usually active before listing the shares on the stock exchange.
eMudhra IPO Subscription Status
| Day / Date | QIB | NII | RII | Total Subscription |
| 1st Day – 20th May | 0.00x | 0.04x | 0.94x | 0.48x |
| 2nd Day – 23rd May | 0.25x | 0.16x | 1.69x | 0.96x |
| 3rd Day – 24th May | 4.05x | 1.28x | 2.61x | 2.72x |
| Shares Offered or Net Issue | 3,134,329 | 2,469,137 | 5,761,318 | 11,364,784 |
eMudhra IPO is all set to flaunt on the stage. The company is opening its doors to investors from May 20 to May 24. And the bids for Anchor investors will open on May 19.
The price band of the IPO is Rs. 243 – Rs. 256 per share. You can participate and bid for the shares online through the ASBA process. Also, retail investors can use the UPI mechanism for payment.
The eMudhra IPO Subscription will be allotted in the following manner:
- Qualified Institutional Buyers – 50%
- Non-Institutional Bidders – 15%
- Retail Individual Bidders – 35%
eMudhra IPO Allotment Status
The basis of the eMudhra IPO Allotment will be determined on May 27, 2022. And the company will credit the equity shares in the Demat accounts of the subscribers on May 31, 2022.
The shares will not be dispatched physically, only in the dematerialized form. The company will proceed with the Initiation of Refunds for the bids that have not been accepted on May 30, 2022.
eMudhra IPO Live Performance
To check out the eMudhra IPO Performance, you can click here. Updated eMudhra IPO Price will be available from here, and you can access it with a single click.
Latest eMudhra IPO News
eMudhra IPO is all set to get on the floor on May 20th. The company is expecting to garner funds of up to Rs. 412.79 crore. The IPO comprises fresh issue as well as share sale by investors of the company.
The IPO price band has been set at Rs. 243 to Rs. 256 per share. Post the IPO subscription; the company will finalize the basis of allotment.
The IPO is a mainboard IPO, and the shares offered in the IPO will be listed on BSE and NSE. eMudhra IPO will open on May 20th and will conclude on May 24th.
The IPO of India’s largest licensed certifying authority will be open for three days.
eMudhra – Company Review
Incorporated as 3i Infotech Consumer Services Limited in 2008, the company has emerged as India’s largest licensed Certifying Authority. Presently, the company is situated in Bengaluru.
Pursuant to the acquisition by Indus Innovest Technologies Private Limited, the company’s name was changed to eMudhra Consumer Services Limited in 2010.
Further, the company’s name was changed to eMudhra Limited in 2014.
The company offers a wide range of services under one roof. The company’s business is primarily divided into two broad verticals, namely – Digital Trust Services and Enterprise Solutions.
Products or Services
eMudhra Limited provides emSigner, emAS, emCA, and Digital Certificates products.
Its services include Trust services, Data Analytics, and Cyber Security.
The entity provides its services to various industries, including Banking & Financial Services, Insurance, Education, Healthcare, Manufacturing, and the Government and Public Sector.
The company has a diversified business and offers reliable services.
Promoters and Holding
The Promoters of eMudhra Limited are:
- Venkatraman Srinivasan
- Taarav Pte. Limited
The management of the company consists of the following:
- Venkatraman Srinivasan, in the position of Executive Chairman
- Venu Madhava, in the position of Whole-time Director
- Nandlal Laxminarayan Sarda, in the position of Independent Director
- Manoj Kunkalienkar, in the position of Independent Director
- Chandra Lakshminarayan Iyer, in the position of Independent Director
- Chandrasekar Padmanabhan, in the position of Independent Director
- Saji K Louiz, in the position of Chief Financial Officer
- Ashwin Jansale, in the position of Senior Vice President and Head of Channel Sales
- Biju Varghese, in the position of Senior Vice President and Head of Business Development
- Kaushik Srinivasan, in the position of Senior Vice President – Product Development
- Arvind Srinivasan, in the position of Senior Vice President – International Sales and Strategy
- Janarthanan S, in the position of Senior Vice President and Head – Of Customer Success
- Vijay Kumar, in the position of Senior Vice President and Head – Of technology
- A M Kiran, in the position of Vice President and Head – Customers Operations
Is eMudhra good for Investment?
The largest Digital Signature Certificate provider eMudhra Limited is a distinct player in the industry. The company offers varied services to corporates and other institutions without hassle.
The company applies the best technologies to its operations and has created a distinct identity. eMudhra IPO is a bucket full of opportunities for the company and the investors to be a part of this elite company.
eMudhra Financial Statements
| Amount (in INR & Million) | ||||
| 31-Dec-21 | 31-Mar-21 | Mar-20 | 31-Mar-19 | |
| Assets | 2,541.11 | 1,919.14 | 1,587.11 | 1,195.15 |
| Revenue | 1,383.04 | 1,324.54 | 1,167.99 | 1,016.80 |
| Expense | 1,015.62 | 1,012.74 | 937.81 | 781.34 |
| Profit After Tax | 303.40 | 253.59 | 184.16 | 174.36 |
eMudhra Limited is a significant entity in digital certification. The company offers digital solutions for various certifications and authentications.
The company’s financial standing has been strengthening over the years, and its competitiveness in the market.
In the last three financial years, the company’s revenue was – 1,016.80 million in 2019, 1,167.99 in 2020, and 1,324.54 million in 2021.
The company’s profits for 2019, 2020, and 2021 were – 216.47 million, 230.18 million, and 311.80 million.
| Earnings per Equity Share (in Million) | ||||
| 31-Dec-21 | 31-Mar-21 | Mar-20 | 31-Mar-19 | |
| Basic & Diluted | 4.36 | 2.49 | 2.37 | 2.48 |
Its EPS has also shown a slight growth, not significant, but it is moving positively. As of December 31, 2021, the EPS of eMudhra Limited was Rs. 4.36.
eMudhra IPO Review
eMudhra IPO comprises a Fresh Issue of equity shares aggregating up to Rs. 161 crore and an Offer for Sale of up to 98,35,394 equity shares.
The promoters and selling shareholders are Venkatraman Srinivasan, Taarav Pte Limited, Kaushik Srinivasan, Arvind Srinivasan, Lakshmi Kaushik, and Aishwarya Arvind.
The company has competitive advantages in various dimensions over its competitors. The IPO is a fruitful step for the company.
eMudhra IPO Details
Here are few more details you need to know before investing in eMudhra IPO –
eMudhra IPO Issue Object
eMudhra has proposed diverse objectives for making the IPO offer and some of the objectives are:
- Repayment or pre-payment, in full or in part, of all or certain borrowings availed by our Company
- Funding working capital requirements of our Company
- Purchase of equipments and funding of other related costs for data centers proposed to be set-up in India and overseas locations
- Funding of expenditure relating to product development
- Investment in eMudhra INC for augmenting its business development, sales, marketing and other related costs for future growth
- General corporate purposes
eMudhra IPO – Basis of Offer Price
The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.
Qualitative factors are:
- Largest licensed Certifying Authority in India.
- We are a one stop shop solution provider in secure digital transformation and are well-positioned to capture the favourable industry dynamics in India and globally,
- Technology certifications, accreditations and membership in international bodies.
- Technology backed infrastructure to support quality and security of services and solutions.
- Diverse, longstanding and growing customer base.
- Partnerships with leading Indian and global channel partners and enterprise solution partners.
- Experienced promoter, board of directors and senior management team.
Quantitative factors are:
| Basic & Diluted EPS | RONW (%) | NAV (Rs.) | |
| 31-Mar-21 | 2.49 | 16.26 | 20.02 |
| 31-Mar-20 | 2.37 | 18.07 | – |
| Mar-19 | 2.48 | 23.05 | – |
eMudhra IPO Lead Managers
Here are the list of Lead managers –
- IIFL Securities Limited
- YES Securities (India) Limited
- Indorient Financial Services Limited
eMudhra IPO Registrar to offer
Check out the details of the registrar here –
Link Intime India Private Limited
C-101, 1st Floor, 247 Park
L.B.S Marg, Vikhroli West
Mumbai 400 083 Maharashtra, India
Tel: +91 (22) 4918 6200
E-mail: emudhra.ipo@linkintime.co.in
Investor grievance e-mail: emudhra.ipo@linkintime.co.in
Website: www.linkintime.co.in
Contact person: Shanti Gopalkrishnan
SEBI registration No.: INR000004058
eMudhra IPO – Other Details
- Statutory Auditor – Manohar Chowdhry & Associates
- Legal Counsel to the Company – AZB & Partners
- Bankers to the Company – Kotak Mahindra Bank Limited
eMudhra IPO Verdict by Stock Brokers
eMudhra Limited is a strong entity in the segment it operates. It is the largest licensed certifying authority operating in India.
It offers Digital Trust Services and Enterprise Solutions services and has wide customer progress. The entity has a competitive advantage over others.
The company is gradually growing on the financial and market share front and has the potential to produce rewarding outcomes. Investors can consider investing in the IPO from a long-term perspective.
eMudhra IPO – Conclusion
In the era of technology, we all require a compatible entity that is efficient and reliable. And eMudhra Limited has successfully as the preferred choice for many individuals and organizations.
The company has diversified functions, and it excels in all of them. The eMudhra IPO is a chance for investors to join the entity’s incredible journey and add a jewel to their investment portfolio for themselves.
To Subscribe to eMudhra IPO – Open Demat Account Now!
eMudhra IPO Review FAQs
Check out the FAQs on eMudhra IPO –
What is the Issue Size of eMudhra IPO?
The Company is making an initial public offer of NA equity shares. They vividly portray the aspects of the issue in this article.
You can check the stats on the fresh issue, Offer for sale, and net issue.
What is the Price band of eMudhra IPO?
The price band for this particular IPO ranges between Rs.243 to Rs.256. As far as the face value of the share is of concern, it is Rs.5 per share.
What is the eMudhra IPO Open Date?
The opening and closing dates for this IPO have been updated. The IPO is set to open on May 20, 2022, while the closing date is set at May 24, 2022.
What is the eMudhra IPO Allotment Date?
They also have the news regarding the respective allotment dates of this IPO.
Basis of Allotment finalization is on May 27, 2022, refund initiation is on May 30, 2022, credit of shares is on May 31, 2022, and share listing date is on Jun 1, 2022.
What is the eMudhra IPO Listing Date?
Shares of this company shall be listed in the exchanges Jun 1, 2022. The date, when the listing would be done, is stagnant on Jun 1, 2022.
Who is the Registrar of eMudhra IPO?
One of the reputed registrars is managing the issue of this IPO, i.e. Link Intime India Private Limited. Their website will help you regarding the further information you are on the lookout for.
Who is the Promoter of eMudhra IPO?
Here are the promoters of this IPO – VENKATRAMAN SRINIVASAN AND TAARAV PTE. LIMITED. You can refer to the RHP for further information on the promoter. You will find the link to RHP in the article.
What is the GMP of eMudhra IPO?
They have obtained the GMP of this IPO and it is (Rs. 10). Further insights of Kostak rate and subject to sauda or SS are as well included in this report.
Is eMudhra IPO good for Investment?
They have further provided the financial status of the company in this article, from the past few years.
You can refer to the same, and also check the line of operations they are into and then decide to invest in the IPO.
What is the PAT of eMudhra Company?
They have the information of company financials, and according to that, they have the figures from the last few years to provide.
PAT for the financial year 2021 in Million is 253.59, 2020 is 184.16, 2019 is 174.36. PAT from Dec 2021 is 303.40.
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