eMudhra IPO opens today
eMudhra is an Indian Certifying Authority (CA) that has been granted permission by the Controller of Certifying Authorities (CCA) to issue Digital Signature Certificates. Today, May 20, the company will launch its initial public offering (IPO). With an IPO price range of 243 to 256 per share, the company hopes to raise $412 million. The issuance includes new shares costing 161 crore and an offer by current promoters and shareholders to sell up to 98.35 lakh equity shares.
The profits from the IPO will be used to pay down debt, fund working capital, purchase data center equipment, and invest in eMudhra INC to help with company development, sales, marketing, and other growth-related activities.Individual/organizational certificates, digital signature certificates, and other digital trust services and enterprise solutions are provided by the company.
Since its founding, the company has issued over 50 million digital signature certifications. It serves a wide range of subscribers who utilize digital signature certificates for a variety of purposes, including income tax returns, filings with the Ministry of Corporate Affairs (Registrar of Companies), tenders, international trade, banks, railways, and many more.
Investor demand for the IPO could be harmed because eMudhra shares are trading on the grey market at a discount of $10 per share. In FY21, eMudhra increased its market share in the digital signature certificates market to 37.9%, up from 36.5 percent in FY20. Infosys, Tata Consultancy Services, Hindalco Industries, Larsen & Toubro Infotech JSW Steel, and Bharti AXA Life Insurance are some of its corporate customers.