eMudhra makes tepid market debut, stock lists at 6% premium to IPO issue price

Shares of eMudhra Limited made a tepid market debut today. The stock listed at a premium of 6 per cent against the IPO issue price. The company offered its shares in a price band of Rs 243- Rs 256.

The stock is listed at Rs 271 on BSE. The market cap of eMudhra stood at Rs 2,115 crore. A total of 0.21 lakh shares of the firm changed hands amounting to a turnover of Rs 55.72 lakh on BSE.

On NSE, the stock is listed at Rs 270, 5.47 per cent higher than the IPO price. The market cap of the firm stood at Rs 2,107 crore. A total lot of 4.76 lakh shares of the firm changed hands amounting to a turnover of Rs 12.87 crore on NSE. The initial public offering (IPO) of eMudhra was open for subscription from May 20 to May 24. The company raised Rs 412.79 crore through the IPO.

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The issue was subscribed 2.27 times on the final day. The portion reserved for qualified institutional buyers (QIBs) was subscribed 4.05 times. The portions for HNI and retailers' were subscribed 1.28 and 2.61 times, respectively.

eMudhra raised Rs 124 crore from anchor investors a day ahead of the IPO.

The company allocated 48,37,336 equity shares to anchor investors at Rs 256 per share, aggregating the transaction size to Rs 123.83 crore.

Aditya Birla Sun Life Mutual Fund (MF), Motilal Oswal MF, Nippon India MF, SBI MF, Baring Private Equity India, Hornbill Orchid India Fund, Pinebridge India Equity Fund, totaland Abakkus Growth Fund is among the investors that participated in the anchor book.

The lot size of the IPO was 58 shares for which one would have to spend Rs 14,848. A retail-individual investor could apply for up to 13 lots or 754 shares by spending Rs 1,93,024.

The allotment of shares was finalised on May 27, 2022. The stake of promoters fell to 61.03 per cent post the issue against the pre-issue stake of 79.19 per cent.

Link Intime India Private Ltd was the registrar to the IPO.

IIFL Securities Ltd, Yes Securities (India) Limited, and Indorient Financial Services Ltd were the book running lead managers for the issue.

eMudhra Limited is India's largest licensed Certifying Authority. The company's business is divided into two verticals isof-Digital Trust Services and Enterprise Solutions. eMudhra is engaged in the business of providing services like individual/organisational certificates, digital signature certificates, SSL/TLS certificates, and device certificates, a portfolio of digital security and paperless transformation solutions, multi-factor authentication, mobile application security, website security testing, IT policy assessment, etc.