Moneycontrol PRO
Upcoming Event:Attend Algo Convention Live, 2 Days & 12+ Speakers at best offer Rs.999/-, exclusive for Moneycontrol Pro subscribers. Register now!
you are here: HomeNewsBusinessIPO

Digital signature certifier eMudhra sets IPO price band at Rs 243-256

Earlier the firm said its IPO will open on 20 May and close on 24 May. The anchor investor bidding will start on 19 May. Allotment is expected on 30 May and the firm will list on exchanges on 1 June.

May 13, 2022 / 10:04 AM IST

Bengaluru-based eMudhra Ltd, the largest licensed certifying authority for digital signatures in India, has set a price band for its initial public offering at Rs 243-256 a share, valuing the company at Rs 2,000 crore at the top end of the band.

Earlier the firm said its IPO will open on May 20 and close on May 24. The anchor investor bidding will start on May 19. Allotment is expected on May 30 and the stock will list on exchanges on June 1.

The IPO consists of a fresh issue of Rs 161 crore and an offer-for-sale of up to 9.84 million shares by its existing shareholders and promoters.

The OFS comprises up to 3.29 million shares by Venkatraman Srinivasan, up to 4.52 million shares by Taarav Pte Ltd, up to 5.11 lakh shares by Kaushik Srinivasan, up to 5.04 lakh shares by Lakshmi Kaushik and up to 8.82 lakh shares by Arvind Srinivasan.

On the upper price band, the company plans to raise around Rs 413 crore via IPO. The proceeds from the issue will be used to repay debt and working capital. It will also use the proceeds to buy equipment and funding of data centers proposed to be set up in India and overseas locations.

Close

IIFL Securities, Yes Securities and Indorient Financial Services are the banks managing the sale.

The firm is the largest licensed certifying authority in India with a market share of 37.9 percent in the digital signature certificates market in fiscal year 2021 versus 36.5 percent in FY20. Its retail customer grew to 1.15 lakh from 58872 in FY2019. Further its enterprise customers rose to 518 from 249.

Total income of the company stood at Rs 132.45 crore in FY21 against Rs 116.45 crore a year ago. Net profit for the period stood at Rs 25.36 crore versus Rs 18.42 crore last year.

The company rules the market with a 37.9 percent share of the digital signature certificates market in FY21. It is engaged in the business of providing digital trust services and enterprise solutions to individuals and organisations functioning in various industries.



Download your money calendar for 2022-23 here and keep your dates with your moneybox, investments, taxes

Ravindra Sonavane
first published: May 13, 2022 10:04 am
Sections
ISO 27001 - BSI Assurance Mark