eMudhra raises Rs 124 crore funds from its anchor investors ahead of IPO
- ByStartupStory | May 20, 2022
eMudhra, a producer of digital signature certificates, announced on Thursday that it has secured Rs 124 crore from anchor investors ahead of its initial public offering, which begins on Friday. According to a circular posted on the BSE website, the company has assigned 48,37,336 equity shares to anchor investors at a price of Rs 256 per share, for a total transaction value of Rs 123.83 crore.
Motilal Oswal MF, Nippon India MF, SBI MF, Baring Private MF, and Aditya Birla Sun Life MF are investors who took part in the funding. The size of the new issue has been reduced from Rs 200 crore to Rs 161 crore. In addition, promoters and existing shareholders will make an offer for sale (OFS) of 98.35 lakh shares.
Promoters Venkatraman Srinivasan and Taarav Pte will offload 32.89 lakh and 45.16 lakh equity shares, respectively, as part of the OFS. Kaushik Srinivasan will sell 5.1 lakh equity shares, Lakshmi Kaushik 5.04 lakh, Arvind Srinivasan 8.81 lakh, and Aishwarya Arvind 1.33 lakh equity shares. Individuals, as well as organisations, have benefited from the company’s digital trust offerings and enterprise solutions.
It is a ‘one-stop shop’ for safe digital transformation, offering a wide range of services and solutions ranging from certificate issuing as a certifying authority to identification, authentication, and signing solutions.
The initial public offering (IPO) will begin on May 20 and end on May 24, with a price range of Rs 243-256 per share. The IPO is projected to raise Rs 412.79 crore at the top of the pricing band. The proceeds from the new offering will be used to repay debt, meet working capital needs, purchase equipment, cover other related expenditures for data centres planned in India and other countries, create products, and invest in eMudhr INC, and for general purposes.
Qualified institutional buyers will receive half of the offering, retail investors will receive 35%, and non-institutional investors would receive 15%. The issue’s book running lead managers are IIFL Securities, Yes Securities, and Indorient Financial Services. In the financial year 2021, eMudhra is the largest licenced certifying authority in India, with a market share of 37.9% in the digital signature certifications market, up from 36.5 % in FY20.
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