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eMudhra Limited IPO (eMudhra IPO) Detail

May 20, 2022 - May 24, 2022

eMudhra IPO is a book built issue of Rs 412.79 crores. The issue comprises of fresh issue of Rs 161.00 crore and offer for sale of 0.98 crore shares.

eMudhra IPO bidding started from May 20, 2022 and ended on May 24, 2022. The allotment for eMudhra IPO was finalized on Friday, May 27, 2022. The shares got listed on BSE, NSE on June 1, 2022.

eMudhra IPO price band is set at ₹243 to ₹256 per share. The minimum lot size for an application is 58 Shares. The minimum amount of investment required by retail investors is ₹14,848.

Iifl Securities Ltd, Yes Securities (India) Limited and Indorient Financial Services Ltd are the book running lead managers of the eMudhra IPO, while Link Intime India Private Ltd is the registrar for the issue.

Refer to eMudhra IPO RHP for detailed information.

eMudhra IPO Details

IPO Date May 20, 2022 to May 24, 2022
Listing Date June 1, 2022
Face Value ₹5 per share
Price Band ₹243 to ₹256 per share
Lot Size 58 Shares
Total Issue Size[.] shares
(aggregating up to ₹412.79 Cr)
Fresh Issue[.] shares
(aggregating up to ₹161.00 Cr)
Offer for Sale9,835,394 shares of ₹5
(aggregating up to ₹251.79 Cr)
Issue Type Book Built Issue IPO
Listing At BSE, NSE

eMudhra IPO Reservation

eMudhra IPO offers 11,364,784 shares. 3,134,329 (27.58%) to QIB, 2,469,137 (21.73%) to NII, 5,761,318 (50.69%) to RII. 99,333 RIIs will receive minimum 58 shares and (sNII) and (bNII) will receive minimum 812 shares. (in case of oversubscription)

Investor Category Shares OfferedMaximum Allottees
Anchor Investor Shares Offered-NA
QIB Shares Offered3,134,329 (27.58%)NA
NII (HNI) Shares Offered2,469,137 (21.73%)
Retail Shares Offered5,761,318 (50.69%)99,333
Total Shares Offered11,364,784 (100%)

eMudhra IPO Timeline (Tentative Schedule)

eMudhra IPO opens on May 20, 2022, and closes on May 24, 2022.

IPO Open Date Friday, May 20, 2022
IPO Close Date Tuesday, May 24, 2022
Basis of Allotment Friday, May 27, 2022
Initiation of Refunds Monday, May 30, 2022
Credit of Shares to Demat Tuesday, May 31, 2022
Listing Date Wednesday, June 1, 2022
Cut-off time for UPI mandate confirmation 5 PM on May 24, 2022

eMudhra IPO Lot Size

Investors can bid for a minimum of 58 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.

Application Lots Shares Amount
Retail (Min) 1 58 ₹14,848
Retail (Max) 13 754 ₹193,024
Lot Size Calculator

eMudhra IPO Promoter Holding

Venkatraman Srinivasan and Taarav Pte. Limited are the company promoters.

Share Holding Pre Issue 79.19%
Share Holding Post Issue 61.03%

About eMudhra Limited

eMudhra Limited is India's largest licenced Certifying Authority ("CA"). The company's business is divided into two verticles Digital Trust Services and Enterprise Solutions. eMudhra Limited is engaged in the business of providing services like individual/organizational 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.

The company has strong digital signature certificate expertise and is the only Indian company to be directly recognised by renowned browsers and document processing software companies such as Microsoft, Mozilla, Apple, and Adobe, allowing it to sell digital identities to individuals and organisations worldwide and issue SSL/TLS certificates for website authentication.

The company has issued over 50 million digital signature certificates through the network of 88,457 channel partners spread across India. As of September 30, 2021, the company is serving 36,233 retail customers and 563 enterprises.

As of September 30, 2021, eMudhra's Enterprise Solutions are used by the top 10 banks, 6 top automotive companies and 19 top companies amongst the top 500 ranked companies in India by Economic Times in Financial Year 2020.

Competitive Strengths:

  • Largest licensed Certifying Authority in India.
  • The company is a one-stop shop solution provider in secure digital transformation and is well-positioned to capture the favourable industry dynamics in India and globally.
  • Technology certifications, accreditations and membership in international bodies.
  • Technology backed infrastructure to support quality and security of services and solutions.
  • Diverse, longstanding and growing customer base.
  • Partnerships with leading Indian and global channel partners and enterprise solution partners.
  • Experienced promoter, board of directors and senior management team.

Company Financials

Summary of financial Information (Restated Consolidated Statement)
Particulars For the year/period ended (Rs in millions)
  31-Dec-21 31-Mar-21 31-Mar-20 31-Mar-19
Total Assets 2,541.11 1,919.14 1,587.11 1,195.15
Total Revenue 1,383.04 1,324.54 1,167.99 1,016.80
Profit After Tax 303.40 253.59 184.16 174.36

Key Performance Indicator

The market capitalization of eMudhra IPO is Rs 1998.65 Cr.

Pre IPO Post IPO
P/E (x) 49.42

Objects of the Issue (eMudhra IPO Objectives)

The Net Proceeds from the Fresh Issue are proposed to be utilized by the Company for the following objects:

  1. Repayment or pre-payment, in full or in part, of all or certain borrowings.
  2. Funding working capital requirements.
  3. Purchase of equipments and funding of other related costs for data centers proposed to be set-up in India and overseas locations.
  4. Funding of expenditure relating to product development.
  5. Investment in eMudhra INC for augmenting its business development, sales, marketing and other related costs for future growth.
  6. General corporate purposes.

eMudhra IPO Review (May apply)

[Dilip Davda]  EML is posting growth in its top and bottom lines with a gradually rising market share. List of its blue-chip clientele, it is poised for bright prospects ahead. However, as informed by the management, the company is operating in a highly competitive segment. The issue is fully priced based on its financial track records so far. Investors may consider an investment with a long term perspective. Read detail review...

eMudhra IPO Subscription Status (Bidding Detail)

The eMudhra IPO is subscribed 2.72 times on May 24, 2022 5:00:00 PM. The public issue subscribed 2.61 times in the retail category, 4.05 times in the QIB category, and 1.28 times in the NII category. Check Day by Day Subscription Details (Live Status)

CategorySubscription (times)

eMudhra IPO Prospectus

eMudhra IPO Rating

Rating:Rated 4.1 stars
Vote Here ...

eMudhra IPO Listing Details

Listing Date June 1, 2022
BSE Script Code 543533
Final Issue Price ₹256 per share

Pre-Open Session - NSE Pre-Open Session - BSE

Listing Day Trading Information

Price Details
Final Issue Price
Last Trade

Check IPO Performance…

eMudhra Limited Contact Details

eMudhra Limited
Sai Arcade, 3rd Floor,
No. 56 Outer Ring Road, Devarabeesanahalli,
Bengaluru 560103,
Phone: 080-4227 5300

eMudhra IPO Registrar

Link Intime India Private Ltd

Phone: +91-22-4918 6270

eMudhra IPO FAQs

eMudhra IPO is a main-board IPO of [.] equity shares of the face value of ₹5 aggregating up to ₹412.79 Crores. The issue is priced at ₹243 to ₹256 per share. The minimum order quantity is 58 Shares.

The IPO opens on May 20, 2022, and closes on May 24, 2022.

Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Zerodha customers can apply online in eMudhra IPO using UPI as a payment gateway. Zerodha customers can apply in eMudhra IPO by login into Zerodha Console (back office) and submitting an IPO application form.

Steps to apply in eMudhra IPO through Zerodha

  1. Visit the Zerodha website and login to Console.
  2. Go to Portfolio and click the IPOs link.
  3. Go to the 'eMudhra IPO' row and click the 'Bid' button.
  4. Enter your UPI ID, Quantity, and Price.
  5. ‘Submit’ IPO application form.
  6. Visit the UPI App (net banking or BHIM) to approve the mandate.

Visit Zerodha IPO Application Process Review for more detail.

The eMudhra IPO opens on May 20, 2022 and closes on May 24, 2022.

eMudhra IPO lot size is 58 Shares, and the minimum amount required is ₹14,848.

You can apply in eMudhra IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.

The finalization of Basis of Allotment for eMudhra IPO will be done on Friday, May 27, 2022, and the allotted shares will be credited to your demat account by Tuesday, May 31, 2022. Check the eMudhra IPO allotment status.

The eMudhra IPO listing date is on June 1, 2022.
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eMudhra IPO Message Board

Ranked Members of Forum  Ranked Members | Members with Most Likes



214. DarshanJain |   Link |  Bookmark |June 28, 2022 2:46:44 PM
skp bearing have negative impact in investing people have huge amout of loss...........
213. nausikhiya |   Link |  Bookmark |June 15, 2022 10:38:50 PM
Range bound
212. Vultureee |   Link |  Bookmark |June 14, 2022 9:23:40 AM
IPO Mentor IPO Mentor (500+ Posts, 300+ Likes)
eMudhra Ltd Board approves Dividend of Rs. 1.25
211. Monster Zero |   Link |  Bookmark |June 11, 2022 6:18:08 PM
IPO Guru IPO Guru (3100+ Posts, 2800+ Likes)
EMudhra results...
Dividend declared 1.25 /- share
Record date 29th July 2022
Payment date on or after August 8 2022

210. GJ 😀 |   Link |  Bookmark |June 9, 2022 3:05:22 PM
IPO Mentor IPO Mentor (1600+ Posts, 400+ Likes)
Shifted my allotment from Paradeep to eMudhra.

Sold Paradeep and bought more eMudhra (in addition to 3 lots from IPO allotment)
209. nausikhiya |   Link |  Bookmark |June 8, 2022 1:54:12 PM
Wonderful stock.
Hovering near issue price since listing day.
209.1. NaveenM |   Link |  Bookmark |June 8, 2022 2:01:33 PM (200+ Posts)
Agree with you. It can hold onto it's issue prize is the indication that it is rightly priced and the investors who understand it's business have faith on this company.

I am holding all my allotment.
209.2. nausikhiya |   Link |  Bookmark |June 8, 2022 5:53:43 PM
Thanks sir. ..Me too holding all and waiting for bull.
208. Monster Zero |   Link |  Bookmark |June 4, 2022 5:44:17 PM
IPO Guru IPO Guru (3100+ Posts, 2800+ Likes)
Emudhra results

207. Jetha Lal |   Link |  Bookmark |June 2, 2022 2:11:31 PM
IPO Guru IPO Guru (1000+ Posts, 2100+ Likes)
Fun question:
Which will get cheaper first?
A. Zomato
B. Tomato
207.1. ColdBurger |   Link |  Bookmark |June 2, 2022 10:22:49 PM
IPO Mentor IPO Mentor (1300+ Posts, 400+ Likes)
Both are heading North! Failed to stock while they were Southwards!! Chances of Tomato getting cheaper is high which will in turn make Zomato dearer 😁😁
207.2. ColdBurger |   Link |  Bookmark |June 2, 2022 11:55:34 PM
IPO Mentor IPO Mentor (1300+ Posts, 400+ Likes)
@Jetha lal - Can you share some credible information for GUJCOTEX. Despite UC it trades 10l approx and seems a possible multibagger
206. NaveenM |   Link |  Bookmark |June 2, 2022 11:33:19 AM (200+ Posts)
Those who invested for listing gain cannot expect a miracle to happen soon due to current market conditions.

However, for a person like me, it defended it's issue price for most of yesterday is a fact that markets understand/acknowledge the value of this company.

Those who can hold for few months, your investment is safe. eMudhra's business is unique in nature and it is one of the leading players in it's area of work.

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.
205. Kanwarjit |   Link |  Bookmark |June 2, 2022 7:46:32 AM (200+ Posts)
@ AVENEU thanks for the reply
204. Jetha Lal |   Link |  Bookmark |June 1, 2022 10:15:26 AM
IPO Guru IPO Guru (1000+ Posts, 2100+ Likes)
The worst mistake a retail investors/trader do is to get emotional with their stock.

If you have entered for listing gain then take it away whatever market is giving and always trade with stop loss.
If you are long term investor then keep close watch on performance of the company. If it is not performing as per expectations then throw it out.

Disclaimer: It is general statement and not in relation with E-Mudra only. I have no view about this stock as of now.
204.6. Dalal |   Link |  Bookmark |June 1, 2022 7:21:56 PM (200+ Posts, 100+ Likes)
IMO if u are apply for long term or listing gain,
U have to look for valuation. If a company
is expensive how can u guarantee listing
gain. U may get 5 percentage. If 5 percentage
Is ur profit, u can bet on secondary market.
204.7. Kala Kauva |   Link |  Bookmark |June 2, 2022 12:28:50 AM
@sarkar ...

bahot samaj nahi aya per aunn ke achha laga 😉
203. Arjun Rajkot |   Link |  Bookmark |June 1, 2022 9:37:37 AM
IPO Guru IPO Guru (1000+ Posts, 1900+ Likes)
Nomura Buying E mudra IPO
Target 279

203.6. Monster Zero |   Link |  Bookmark |June 1, 2022 9:44:24 PM
IPO Guru IPO Guru (3100+ Posts, 2800+ Likes)
But the tip was hawa hawai ....
203.7. Hostpacker |   Link |  Bookmark |June 1, 2022 11:25:42 PM
@Arjun Congratulations for your big achievement. 👍👍💐
202. Kanwarjit |   Link |  Bookmark |June 1, 2022 7:10:27 PM (200+ Posts)
kindly guide hold for sometime or sell with some loss i had applied for listing gain but missed 275 in morning
202.1. Avenue |   Link |  Bookmark |June 1, 2022 10:50:12 PM
If one has applied for listing gain, I would suggest to put a stoploss at 256 tomorrow.
201. WINNING ONLY |   Link |  Bookmark |May 31, 2022 11:28:46 PM
@lokes,@avenue ,@MRavi and all members
please tell about listing day strategy for emudra ipo‼️

201.8. Ravu |   Link |  Bookmark |June 1, 2022 6:10:43 PM
IPO Mentor IPO Mentor (700+ Posts, 400+ Likes)
Today there was a Bulk sell on swaraj suiting .

1-Jun-22      SWARAJ      Swaraj Suiting Limited      SAURABH TRIPATHI      SELL      38000      54.32

201.9. Avenue |   Link |  Bookmark |June 1, 2022 10:47:05 PM
@Mehulstk.. I had 2 lots of swaraj and luckily sold 1 @ 67 a few days back.
I have learned that in correcting markets one should be watchful to exit average /poor SME with min loss/gain...
Best Wishes...
200. Jetha Lal |   Link |  Bookmark |June 1, 2022 3:34:20 PM
IPO Guru IPO Guru (1000+ Posts, 2100+ Likes)
If No bulk deal today then it would be risky to hold position for short term traders/listing people.
Market was neutral today still below par listing and no major demand seen.
May give move after result.

Disclaimer: No position so no emotions. neutral view.
200.2. Jetha Lal |   Link |  Bookmark |June 1, 2022 7:39:12 PM
IPO Guru IPO Guru (1000+ Posts, 2100+ Likes)
Delivery :
NSE - 30.3%
BSE - 25.8%
Overall : 30%.

Listing below expectations, delivery below expectations.
Let's hope institution interest come after Q4 result.
200.3. ipo share |   Link |  Bookmark |June 1, 2022 8:26:08 PM
IPO Guru IPO Guru (1500+ Posts, 700+ Likes)
No bulk deal in eMudhra
199. NaveenM |   Link |  Bookmark |June 1, 2022 4:41:48 PM (200+ Posts)
Leading licenced Certifying Authority eMudhra is a long-term investment, given its unique business model, the market leadership position in the Indian Digital Trust Services space, better brand recognition and stronger channel partner relationship.

Being a unique Indian company with presence across all the three segments of Digital Trust Services, Digital Security Solutions and Paperless Transformation Solutions, eMudhra is one of the largest players in the Indian Digital Trust Services market, with a market share of 17.8 percent.

Despite being just 12 years in the market, eMudhra has better brand recognition and stronger channel partner relationship.

It is the only Indian company to be directly recognised by renowned browsers and document processing software companies such as Microsoft, Mozilla, Apple and Adobe, allowing it to sell digital identities to individuals and organizations worldwide and issue SSL/TLS certificates for website authentication.

The company recorded a 38 percent growth in profit at Rs 25.4 crore for the financial year 2020-21, compared to previous year, and revenue during the same period grew by 13 percent to Rs 131.60 crore.

It has surpassed its FY21 profit in nine months period ended December 2021 at Rs 30.3 crore on revenue of Rs 137.2 crore.
198. Avenue |   Link |  Bookmark |June 1, 2022 2:55:22 PM
It is commendable that eMudhra in spite of being within 5 rs. range of issue price has not breached it even once. Such a straight line graph on the listing day.... look like doesn't want to leave 260 mark easily... Let's see last half hour today...
198.1. Ravu |   Link |  Bookmark |June 1, 2022 3:56:33 PM
IPO Mentor IPO Mentor (700+ Posts, 400+ Likes)
It is a positive, didn't trade below issue price.
If there any bulk deal (buy) or high delivery happens then it is good.
198.2. ipobull |   Link |  Bookmark |June 1, 2022 4:34:05 PM
IPO Guru IPO Guru (1000+ Posts, 1000+ Likes)
It breached it on the BSE. But nowadays in the recent IPOs, almost every stock goes below issue price with exception of Campus. But eMudhra is a good company. One can accumulate. I am hopeful Aether will not breach IPO price on 3rd.
197. IPO Electrifying |   Link |  Bookmark |May 31, 2022 4:32:06 PM
IPO Mentor IPO Mentor (600+ Posts, 400+ Likes)
discount listing.....
197.3. Trueinfo |   Link |  Bookmark |June 1, 2022 9:56:01 AM
IPO Guru IPO Guru (1800+ Posts, 1700+ Likes)
@IPO electrifying, just kindly introspect whether your messages of discount listing just before the listing are helping the investors or damaging them. Saying goes, 'if you can't help someoneone, at least don't harm him'. Leave it to your judgement for the rest.
197.4. ctrl.Alt.facts |   Link |  Bookmark |June 1, 2022 3:34:18 PM
@IPO Electrifying, what is the definition of "good stock" ? Please share some wise wisdom so that we can also use such logic to differentiate between good and bad companies
196. Monster Zero |   Link |  Bookmark |June 1, 2022 2:11:38 PM
IPO Guru IPO Guru (3100+ Posts, 2800+ Likes)
Buying begins 🔥
196.1. NAND KISHORE PARWAL |   Link |  Bookmark |June 1, 2022 2:52:35 PM
Top Contributor Top Contributor (500+ Posts, 200+ Likes)
Current price is under 260/
195. Dinesh Singh |   Link |  Bookmark |June 1, 2022 1:05:34 PM
IPO Guru IPO Guru (1300+ Posts, 500+ Likes)
Sold 4 lot @ 277