eMudhra IPO: Public Issue May 20 Open for subscription; Fresh issue price

eMudhra IPO: The sale of initial shares of eMudhra Ltd will open to the public on May 20, 2022, according to PTI.

According to the Red Herring Prospectus (RHP), the initial public offering (IPO) will end on May 24. Bidding for anchor investors will begin May 19.

According to PTI, the size of the new issue has been reduced from Rs 200 crore to Rs 161 crore. It follows the pre-IPO placement of 16,03,617 shares of the Bangalore-based company worth Rs 39 crore.

Also, promoters and existing shareholders will make an offer for sale (OFS) of 98.35 lakh shares.

Promoters Venkataraman Srinivasan and Taarav Pte Ltd will offload 32.89 lakh and 45.16 lakh equity shares, respectively, as part of OFS.

Kaushik Srinivasan will also sell 5.1 lakh equity shares, Lakshmi Kaushik will sell 5.04 lakh equity shares, Arvind Srinivasan will sell 8.81 lakh equity shares, and Aishwarya Arvind will sell 1.33 lakh equity shares, PTI reported.

Proceeds from the new issue will be used to repay loans, meet working capital requirements, purchase equipment and cover other costs related to the proposed data center for India and overseas locations. The money will also go to product development, eMudhra INC investments and general corporate purposes.

In fiscal year 2021, EMudhra is India’s largest licensed certifying authority, with a 37.9% market share in the digital signature certification industry, PTI said.

The company’s business is to provide digital trust services and enterprise solutions to customers and companies working in a variety of industries.

It is a ‘one-stop-shop’ player for secure digital conversion and provides a wide range of services and solutions for identification, authentication and signing solutions, from certification to certification, PTI said.

IIFL Securities, Yes Securities and Endorsement Financial Services are the book running lead managers for this issue.

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