eMudra listing: e-currency India’s largest licensed Certification Authority Limited made its debut in the stock exchanges today. Shares of the company started trading at Rs 270 per share on NSE, up 5.5 per cent IPO Price of Rs 243-256 per share. On BSE, the stock opened at Rs 271. The Rs 412.79 crore IPO was subscribed by investors earlier this month and was fully subscribed by all categories except retail investors. The company’s market capitalization stood at a market capitalization of Rs 2,115.76 crore. e-currency There is a Certifying Authority (CA) authorized by the Controller of Certifying Authorities (CCA) to issue Digital Signature Certificates in India.
The issue got an overall subscription of 2.27 times, thanks to strong bidding from qualified institutional buyers, who received 4.05 times their quota. The share of HNIs and retailers were subscribed 1.28 and 2.61 times, respectively. eMudhra has the largest licensed Certification Authority India With a market share of 37.9 per cent in the Digital Signature Certificate market space in FY 2021, which has grown from 36.5 per cent in FY20.
It is a one-stop shop player in the secure digital transformation and offers a wide spectrum of services and solutions, from issuing certificates to serving as a certification authority to providing identity, authentication and signing solutions. Some of its clients include Infosys, Tata Consultancy Services, Mashreq Bank, Bond Telecom Company, Cholamandalam MS General Insurance Company and Bharti AXA Life Insurance Company.
eMudra intends to use the proceeds of the IPO to pay off debt, meet working capital requirements, purchase equipment for data centers, invest in business development, sales, marketing and other development-related costs.
What should investors do now?
Santosh Meena, Head of Research, Swastika Investmart Ltd. said: “eMudra Ltd. posted Rs.271.45 ie 6 per cent more than its issue price. The company’s sluggish but positive listing is attributed to prevailing market conditions, good prospects and overwhelming response from retail investors. eMudhra is India’s largest licensed certification authority and the only Indian company to be directly accredited by renowned browsers and document processing software companies like Microsoft, Mozilla, Apple and Adobe. Also, eMudhra is the only Indian company accredited with WebTrust Their digital signature certificates are directly recognized by browsers around the world, allowing them to issue digital signature certificates in many countries.
“The growing demand for data privacy, data security and digital transformation will help the company to grow substantially in the medium to long term. However, the competitive nature of the industry, the company entering unknown geographies and areas of business and the rich pricing of the issue make it suitable post listing for long-term investors. Those who applied for listing gain can maintain a stop loss of Rs. 260,” said Meena.
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