eMudhra IPO
IPO Details
- Open Date 20-May-22
- Close Date 24-May-22
- Lot Size 58
- IPO Price Range ₹ 243 to ₹256 /share
- Min Investment ₹ 14,094
- Listing Exchange BSE, NSE
- Basis of Allotment 27-May-22
- Refunds 30-May-22
- Credit to Demat Account 31-May-22
- Listing Date 01-Jun-22
eMudhra IPO Subscription Status
| QIB | NII | Retail | TOTAL | |
|---|---|---|---|---|
| Day 1 | 0.00x | 0.04x | 0.94x | 0.48x |
| Day 2 | 0.25x | 0.16x | 1.69x | 0.96x |
| Day 3 | 4.05x | 1.28x | 2.61x | 2.72x |
IPO Synopsis
A digital signature provider, Emudhra has filed its DRHP with SEBI on November 16. The IPO consists of a fresh issue worth Rs.200 crore and an OFS of up to 8,510,638 equity shares.
|
Promoter |
Number of shares offloaded in OFS |
|
Venkatram Srinivasan |
3,289,257 |
|
Taarav Pte Ltd |
3,191,490 |
|
Kaushik Srinivasan |
510,638 |
|
Lakshmi Kaushik |
504,307 |
|
Arvind Srinivasan |
881,869 |
|
Aishwarya Arvind |
133,077 |
The book running lead managers to the issue are IIFL Securities Ltd, Yes Securities Ltd and Indorient Financial Services Ltd. The company is considering a pre-IPO placement worth Rs.39 crore.
Objectives of eMudhra IPO:
1. Rs.35 crore is being kept aside for prepayment and repayment of debt availed by the company.
2. Rs.40.219 crore is to be used for funding the working capital requirements.
3. Rs.46.634 crore will be used for purchasing equipments and funding some other related costs so that data centers can be set up in India and overseas.
4. Rs.15.03 crore will be used as expenditure for product development.
5. Rs.15.27 crore is to be invested back into Emudhra for sales, market development and any future costs.
About eMudhra
eMudhra is the country’s largest certifying authority with a market share of 37.9% in the digital signature market, as of FY21. It grew from 36.5% in FY20. The company provides Digital Trust Services and Enterprise Solutions for various individuals and organizations. Since their inception in 2008, the company has issued more than 50 million digital signature certificates with the help of 88,457 channel partners who are spread all over the country. These digital certificates are used in income tax returns, tender, foreign trade, railway documentation and banking.
Their retail customers rose from 58,872 as of March 31, 2019 to 136,233 as of September 30, 2021. And the enterprise customers also grew from 249 to 563 in the same period. The company has large government and banking customers including 20+ private and public sector banks and also state governments.
eMudhra Financial Status
Profit and Loss
Balance Sheet
| Particulars (in Rs. Crores) | FY21 | FY20 | FY19 |
|---|---|---|---|
| Revenue | 131.6 | 116.5 | 101.6 |
| EBITDA | 40.8 | 32.3 | 32.3 |
| PAT | 25.4 | 18.4 | 17.4 |
| Particulars (in Rs. Crores) | FY21 | FY20 | FY19 |
|---|---|---|---|
| Total Assets | 191.9 | 158.7 | 119.5 |
| Share Capital | 35.1 | 35.1 | 35.1 |
| Total Borrowings | 27.2 | 21.5 | 12.4 |
| Particulars (in Rs. Crores) | FY21 | FY20 | FY19 |
|---|---|---|---|
| Net cash generated from / (used in) operating activities | 40.94 | 23.24 | 16.79 |
| Net cash from / (used in) investing activities | -47.08 | -28.69 | -32.03 |
| Net cash flow from / (used in) financing activities | 4.66 | 12.31 | 10.47 |
| Net increase (decrease) in cash and cash equivalents | -1.47 | 6.86 | -4.78 |
IPO Key Points
-
Strengths
1. eMudhra is the largest licensed certifying authority of India with 37.9% market share in the digital signature market and it is also the largest player in the Indian digital trust services market with a share of 17.8% and 19% share in the digital transformation solutions market.
2. The company is in a position to capture the favourable dynamics of the Indian markets it is a one stop shop for secure digital transformation.
3. eMudhra is the only Indian company that has been admitted as a member of the European Cloud Signature Consortium and the Certifying Authority/ Browser forum.
4. The Enterprise Solutions and Digital Trust segments are backed by efficient technological infrastructure including data centers in India and a few being set up abroad as well.
5. Their portfolio includes renowned customers like Hindalco Industries Ltd, Infosys ltd, Baud Telecom Company, JSW Steel, Larsen and Toubro Infotech Ltd etc. -
Risks
1. The success of the whole business depends on the ability of the company to analyze what the customers and the market needs and also research and develop resources in order to enhance the current solutions and also make new solution at a timely basis, keeping up with the needs.
2. The company plans on expanding to areas where it has not operated in before and thus, the expansion can either be profitable or not.
3. All the operations of the company is dependent on technology. If the technology platform crashes for some reason it will increase the costs and decrease the revenue to a large extent.
4. There may be instances where the security measure of the company may be compromised and give way to cyber attacks.
How to apply for IPO?
-
Login to your 5paisa account and select the issue in the
current IPO section -
Enter the number of lots and price at which you wish to
apply for -
Enter your UPI ID and click on submit. With this, your
bid will be placed with the exchange -
You will receive a mandate notification to block funds in
your UPI app -
Approve the mandate request on your UPI and funds
will be blocked
Open Demat Account in 5 minutes
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IPO FAQs
What is the minimum lot size and investment required for the eMudhra IPO?
The eMudhra IPO lot size is 58 shares. The minimum a retail investor can apply for is upto 1 lot (58 shares or Rs.14,848) and maximum up to 13 lots (754 shares or Rs.193,024).
What is the price band of eMudhra IPO?
The price band for eMudhra IPO is ₹243 to ₹256 per share
When does the eMudhra IPO issue open and closes?
eMudhra IPO opens on May 20, 2022, and closes on May 24, 2022.
What is the size of eMudhra IPO issue?
The eMudhra IPO size is Rs.412.79 crore comprising fresh issues worth ₹161 crore and offer for sale up (OFS) to 9,835,394 equity shares.
Who are the promoters/key personnels of eMudhra IPO?
The promoters of eMudhra are Venkatraman Srinivasan and Taarav Pte. Limited
When is the allotment date of eMudhra IPO?
The allotment date of eMudhra IPO is May 27, 2022
When is the eMudhra IPO listing date?
The eMudhra IPO will be listed on Jun 1, 2022
Who are the book runners for eMudhra IPO?
IIFL Securities, Yes Securities and Indorient Financial Services Ltd are the lead managers to the issue.
What are the objective of eMudhra IPO?
The proceeds will be used for -
1. Rs.35 crore is being kept aside for prepayment and repayment of debt availed by the company.
2. Rs.40.219 crore is to be used for funding the working capital requirements.
3. Rs.46.634 crore will be used for purchasing equipments and funding some other related costs so that data centers can be set up in India and overseas.
4. Rs.15.03 crore will be used as expenditure for product development.
5. Rs.15.27 crore is to be invested back into eMudhra for sales, market development and any future costs.
How to apply for the eMudhra IPO?
To apply for eMudhra IPO, follow the steps given below
1. Login to your 5paisa account and select the issue in the current IPO section
2. Enter the number of lots and price at which you wish to apply for
3. Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange
4. You will receive a mandate notification to block funds in your UPI app
Contact Details of eMudhra IPO
Contact Information
eMudhra Limited
Sai Arcade, 3rd Floor,
No. 56 Outer Ring Road, Devarabeesanahalli,
Bengaluru 560103,
Phone: 080-4227 5300
Email: companysecretary@emudhra.com
Website: https://www.emudhra.com/
eMudhra IPO Register
Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: emudhra.ipo@linkintime.co.in
Website: https://linkintime.co.in/
eMudhra IPO Lead Manager
1. IIFL Securities Ltd (Past IPO Performance)
2. Yes Securities (India) Limited (Past IPO Performance)
3. Indorient Financial Services Ltd (Past IPO Performance)
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IPO Lead Manager Performance Summary
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