eMudhra shares managed to defend the issue price for most of the session on June 1 and closed with a one percent gain on the listing day despite volatility in the market.
The stock closed at Rs 258.85 on the BSE, up 1.11 percent over the issue price of Rs 256. It touched an intraday high of Rs 279 and a low of Rs 255.4 after opening higher at Rs 271.
On the National Stock Exchange, the stock rose seven-tenth of a percent to Rs 257.9.
eMudhra traded with a volume of 73.83 lakh shares on the NSE, and 5.54 lakh shares on the BSE.
India's largest licensed certifying authority mobilised Rs 412.79 crore through its public issue last week. The price band for the offer was Rs 243-256 per share.
Also read: eMudhra shares rally 9% on debut but remains volatile. What should you do with the stock?
"The company's tepid yet positive listing can be attributed to current market conditions, good prospects, and reasonably good responses from retail investors," Santosh Meena, Head of Research at Swastika Investmart said.
eMudhra is the only Indian company to be recognised by renowned browsers and document processing software companies such as Microsoft, Mozilla, Apple, and Adobe.
It is also the only Indian company to be accredited to Webtrust, which makes digital signature certificates directly recognised 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 would help the company grow substantially in the medium to long term, Meena said. “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," he said.
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