Ahead of the initial public offering (IPO) subscription opening, digital signature certificate provider eMudhra raised Rs 123.83 crore from nine anchor investors including Baring Private Equity India, PineBridge India Equity Fund, Motilal Oswal Dynamic Fund and SBI Technology Opportunities Fund, among others.
eMudhra has allocated 48, 37,336 equity shares to anchor investors at Rs 256 apiece, according to a regulatory filing.
Of the 48,37,336 equity shares, 20,09,372 were allocated to four mutual funds via five schemes amounting to Rs 51.44 crore, which is 41.54% of the total anchor book size, the firm said in a statement.
The IPO will fetch Rs 412.79 crore at the upper end of the price band with one lot comprising 58 shares. It consists of a fresh issue of equity shares aggregating to Rs 161 crore and an offer for sale (OFS) of up to 9,835,394 equity shares.
The public issue of the subscription will open on Friday and close on Tuesday.
EMudhra has said that it will utilise Rs 35 crore for repayment of borrowings, Rs 40.22 crore to fund working capital requirements; Rs 46.36 crore for purchase of equipment’s and funding of other related costs for data centres; Rs 15.03 crore for funding of expenditure related to product development and Rs 15.27 crore for investment in the eMudhra Inc. (US) for development, sales, marketing for future growth and balance for general corporate purposes.
EMudhra is a leading licensed certifying authority in India with a market share of 37.9% in the digital signature certificates market space as of FY21 having grown from 36.5% in financial year 2020.
The company is engaged in the business of providing digital trust services and enterprise solutions to individuals and organisations functioning in various industries.
Some of its customers include Infosys Limited, TCS Limited, Bharti AXA Life Insurance Company Limited, Larsen & Toubro Infotech Limited, Hindalco Industries Ltd, Mashreq Bank, Baud Telecom Company and others operating in various industries across banking, insurance, telecom and information technology.
IIFL Securities Limited, Yes Securities (India) Limited, and Indorient Financial Services Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the issue.
