eMudhra IPO
eMudhra IPO — date, price band, lot size & details 2022
eMudhra listed on 1 Jun 2022 at ₹270, 5.5% above the ₹256 issue price.
eMudhra is India's largest licensed Certifying Authority, providing digital signature certificates and digital trust and paperless transformation solutions. Its total income was Rs 132.45 crore in FY2021.
Stock price
eMudhra is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 20 May 2022
- Close 24 May 2022
- Allotment 27 May 2022
- Refund/credit 30 May 2022
- Listing 01 Jun 2022
Issue summary
The terms of the offer, as filed.
| IPO Dates | 20 to 24 May, 2022 |
|---|---|
| Price Band | ₹243 – ₹256 |
| Face Value | ₹5 |
| Lot Size | 58 Shares |
| Issue Size | ₹412.79 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,848 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 58 shares at the ₹256 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 58 | ₹14,848 |
| Retail (max) | 13 | 754 | ₹1,93,024 |
| S-HNI (min) | 14 | 812 | ₹2,07,872 |
| S-HNI (max) | 67 | 3,886 | ₹9,94,816 |
| B-HNI (min) | 68 | 3,944 | ₹10,09,664 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Profit after tax rose from Rs 17.44 crore in FY2019 to Rs 25.36 crore in FY2021, and was Rs 30.34 crore in the nine months to 31 December 2021.
- 02The source puts the EBITDA margin at 31.00% and the PAT margin at 19.30%.
- 03Total income rose from Rs 101.68 crore in FY2019 to Rs 132.45 crore in FY2021.
- 04It is India's largest licensed Certifying Authority, recognised by Microsoft, Mozilla, Apple and Adobe. EBITDA was Rs 40.79 crore in FY2021.
- 05Net worth grew from Rs 75.64 crore on 31 March 2019 to Rs 140.50 crore on 31 December 2021.
Risks · 5
- 01The pre-issue P/E was 72.52 at the upper band of Rs 256, based on EPS of Rs 3.53.
- 02Rs 251.79 crore of the Rs 412.79 crore issue was offer for sale, so most of the money went to selling shareholders.
- 03Certificate pricing and licensing depend on the Controller of Certifying Authorities in India and on browser rules, both outside its control. Income was only Rs 132.45 crore in FY2021.
- 04Total borrowing rose from Rs 12.37 crore on 31 March 2019 to Rs 30.96 crore on 31 December 2021.
- 05Promoters and the promoter group held 79.19% before the issue and 61.03% after it.
Three years of numbers
All figures in ₹ crore, as reported in the eMudhra offer document.
| Metric | 31 Dec 2021 | 31 Mar 2021 | 31 Mar 2020 | 31 Mar 2019 |
|---|---|---|---|---|
| Assets | 254.11 | 191.91 | 158.71 | 119.52 |
| Total Income | 138.30 | 132.45 | 116.80 | 101.68 |
| Profit After Tax | 30.34 | 25.36 | 18.42 | 17.44 |
| EBITDA | 50.36 | 40.79 | 32.29 | 32.31 |
| NET Worth | 140.50 | 107.36 | 92.14 | 75.64 |
| Reserves and Surplus | 105.41 | 72.27 | 57.05 | 40.55 |
| Total Borrowing | 30.96 | 27.19 | 21.46 | 12.37 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the eMudhra RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
eMudhra IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹3.53 | ₹5.18 |
| P/E Ratio (x) | 72.52 | 49.42 |
| Market Cap at Offer Price (₹ Cr) | ₹2,200.29 | ₹1,499.43 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹256 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹152.20 Cr of the issue is earmarked to named objects.
About the company
It issues individual and organisational certificates, digital signature certificates, SSL/TLS certificates and device certificates. It also offers digital security and paperless solutions such as multi-factor authentication, mobile application security, website security testing and IT policy assessment.
It is the only Indian company directly recognised by browsers and document software makers such as Microsoft, Mozilla, Apple and Adobe, which lets it sell digital identities worldwide. It has a US subsidiary, eMudhra INC.
The IPO was Rs 412.79 crore, with Rs 161.00 crore of fresh issue and Rs 251.79 crore of offer for sale. Uses included Rs 46.36 crore for data centres in India and abroad and Rs 35.00 crore for repaying borrowings.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
eMudhra IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Indorient Financial Services
5 issues handled (1 mainboard, 4 SME)Best listing: GSP Crop Science (+2.8%). Weakest: Digilogic Systems (-20.0%).
IIFL Capital Services Limited
79 issues handledBest listing: MTAR Technologies (+82.6%). Weakest: Rategain Travel Technologies (-15.3%).
YES Securities (India) Ltd
3 issues handledBest listing: Chemplast Sanmar (+1.7%). Weakest: Lodha Developers (-10.3%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of eMudhra?
The current Grey Market Premium is ₹0.
What is the eMudhra IPO price band?
₹243 to ₹256, on a face value of ₹5.
When is the allotment?
The basis of allotment is 27 May 2022, with listing on 1 June 2022.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
