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eMudhra Limited, Digital signature certifier, will raise Rs 412.79 crore through an initial public offeriong (IPO). The subscription for the IPO will be open between May 20 and May 24, 2022 (both dates included). The price band is fixed at Rs 243 – Rs 256 per equity share.
The IPO comprises of fresh issue of shares worth Rs 161 crore and Offer For Sale of (OFS) shares worth Rs 251.79 crore. The face value of each share is Rs 5.
Company Summary
eMudhra Limited is the largest licensed certifying authority in India with a market share of 37.9% in the digital signature certificates market space in financial year 2021.
The company is engaged in the business of providing Digital Trust Services and Enterprise Solutions to individuals and organisations functioning in various industries.
As part its Digital Trust Services, they issue a range of certificates including individual/organizational certificates, SSL/TLS certificates and device certificates (used in IoT use cases) to build a digital trust backbone. It also offers a diverse portfolio of Digital Security and Paperless Transformation Solutions through their Enterprise Solutions vertical.
The company has issued more than 50 million digital signature certificates since inception, and eMudhra caters to all kind of subscribers who use digital signature certificates such as income tax return filing, filings with the Ministry of Corporate Affairs (Registrar of Companies), tenders, foreign trade, banking, railways and many other needs. The company also works closely with large governments, banking institutions (20+ public and private sector banks) and state governments.
As of December 31, 2021, eMudhra has 91,259 channel partners for Digital Trust Services spread across various States and Union Territories in India and out of their 539 system integrator partners, 267 are present in India and 272 are present internationally in United States of America, Europe, Middle East and Africa and Asia Pacific.
Company Strengths
- eMudhra is the largest licensed certifying authority in India.
- The company is a one-stop solutions provider in secure digital transformation and it is well-positioned to expand in India and overseas markets.
- eMudhra is the only Indian company to be admitted as a member of European Cloud Signature Consortium as well as Certifying Authority/ Browser Forum, a global forum that governs the use of SSL/TLS certificates.
- Robust technology-backed infrastructure to support quality and security of services and solutions.
- Diverse, long-standing and growing customer base.
- Partnerships with leading Indian as well as global channel partners and enterprise solution partners.
- Experienced promoter, board of directors and senior management team.
Company Financials
Particulars | 9MFY22 | FY21 | FY20 | FY19 |
Total Assets | 254.11 | 191.91 | 158.71 | 119.52 |
Total Revenue | 138.30 | 132.45 | 116.79 | 101.68 |
Profit After Tax | 30.34 | 25.36 | 18.42 | 17.44 |
EBITDA | 50.36 | 40.79 | 32.29 | 32.31 |
Purpose of the IPO
eMudhra Limited proposes to utilise the net proceeds from fresh issue and offer for Sale (OFS) towards the following purposes,
- Repayment or pre-payment, in full or in part, of all or certain borrowings availed by the company aggregating to Rs 35 crore.
- Funding working capital requirements of the company totalling Rs 40.22 crore.
- Purchase of equipments and funding of other related costs for data centers proposed to be set-up in India and overseas locations aggregating up to Rs 46.36 crore.
- Funding of expenditure relating to product development for Rs 15.03 crore.
- Investment in eMudhra INC. for augmenting its business development, sales, marketing and other related costs for future growth up to Rs 15.27 crore.
- Other general corporate purposes.
- The company plans to realize the benefits of listing of its equity shares on the stock exchanges, including the enhancement of its brand name and creation of a public market for their equity shares in India.
Company Promoters
Venkatraman Srinivasan and Taarav Pte. Limited are promoters of the company.
IPO Details
Opening Date | 20-May-22 |
Closing Date | 24-May-22 |
Face Value | Rs 5 per share |
Issue Price (Price Band) | Rs 243 to Rs 256 per share |
IPO Lot Size | 58 shares |
Issue Size | Rs 412.79 crore |
Fresh Issue | Rs 161.00 crore |
Offer for Sale (OFS) | 9,835,394 shares aggregating to Rs 251.79 crore |
Issue Type | Book Built Issue IPO |
Listing At | BSE, NSE |
IPO Lot Size
Application | Lots | Shares | Amount |
Minimum | 1 | 58 | Rs 14,848 |
Maximum | 13 | 754 | Rs 193,024 |
IPO Allotment and Listing Details
Event | Date |
Shares Allotment Date | 27-May-22 |
Initiation of Refunds | 30-May-22 |
Credit of Shares to Demat | 31-May-22 |
IPO Listing Date | 01-Jun-22 |
You can check your allotment in BSE or KFin Technologies