EMA Partners India
Book Building issueSMENSE₹76.01 Cr issue
+26.21%
Listing gain over issue price
Issue size
₹76.01 Cr
1 lot at cut-off
₹1,24,000
Lot size
1,000shares
Open
17 Jan 2025
Close
21 Jan 2025
Allotment
22 Jan 2025
Listing
24 Jan 2025
Listing performance
Issue price
₹124
Listed at
₹156.50
Listing-day close
₹148.70
Latest price
₹81
Close on 23 Oct 2026
Listing gain
+26.21%
Return since issue
-34.68%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 17 Jan 2025 – 21 Jan 2025
- Listing date
- 24 Jan 2025
- Face value
- ₹5 per share
- Issue price
- ₹124 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹76.01 Cr
- Market cap at offer price
- ₹288 Cr
- Promoter holding
- 86.14% → 63.27% pre-issue → post-issue
- ISIN
- INE0ZOL01023
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Indorient Financial Services Ltd.
- Registered office
- 204, The Summit-Business Bay, Western Express Highway, Vile Parle (East), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 17,46,000 | — | — |
| Market maker | 3,07,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹124
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,24,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,48,000 |
| S-HNI (max) | 8 | 8,000 | ₹9,92,000 |
| B-HNI (min) | 9 | 9,000 | ₹11,16,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
17,46,000
Anchor portion
₹21.65 Cr
at ₹124 per share
Valuation and performance
Valuation at offer price
₹124 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.97 | 5.64 |
| P/E (×) | 15.56 | 21.99 |
| Price to book (×) | 3.92 | — |
| Market cap | — | ₹288 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 30.63%
- PAT margin
- 20.74%
- NAV per share
- ₹31.61
- Price to book
- 3.92
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About EMA Partners India
EMA Partners India Limited (formerly Executive Management Associates India Private Limited) was incorporated in 2003 and operates as a member firm of EMA Partners International Limited since September 25, 2003. The company delivers executive search, professional search, and recruitment process outsourcing services to clients across industries including industrial & manufacturing, natural resources, banking & financial services, information technology, healthcare, retail, and FMCG. Over the past two decades, it has recruited several business and functional leaders for domestic and international clients. The company's business spans entry-level to senior leadership hiring through its parent company and subsidiaries, with operations in India, UAE, and Singapore.
Company Analysis
from RHPEMA Partners India Limited is a leading executive search and recruitment firm providing customized leadership hiring solutions across diverse sectors in India and select international markets.
EMA Partners India Limited (formerly Executive Management Associates India Private Limited) was incorporated in 2003 and operates as a member firm of EMA Partners International Limited since September 25, 2003. The company delivers executive search, professional search, and recruitment process outsourcing services to clients across industries including industrial & manufacturing, natural resources, banking & financial services, information technology, healthcare, retail, and FMCG. Over the past two decades, it has recruited several business and functional leaders for domestic and international clients. The company's business spans entry-level to senior leadership hiring through its parent company and subsidiaries, with operations in India, UAE, and Singapore.
Executive SearchProfessional SearchRecruitment Process OutsourcingHuman Resources ConsultingStaffing and Recruitment
Objects of the Issue
- Augmenting Leadership Team for the Company and its subsidiaries ₹2,553.16 lakhs p.30
- Capital expenditure towards upgrading the existing IT infrastructure for the Company and its subsidiaries ₹644.64 lakhs p.30
- Repayment and/or pre-payment, in full, of the borrowing availed by our Company with respect to purchase of office premises ₹542.70 lakhs p.30
- General Corporate Purposes and unidentified inorganic acquisitions p.30
- Augmenting Leadership Team for the Company and its subsidiaries p.53
- Capital expenditure towards upgrading the existing IT infrastructure for the Company and its subsidiaries p.53
- Repayment and/or pre-payment, in full, of the borrowing availed by our Company with respect to purchase of office premises ₹690.71 lakhs as on December 31, 2024 p.53
- General corporate purposes and unidentified acquisitions p.53
- Augmenting Leadership Team for the Company and its subsidiaries ₹2,553.16 lakhs p.105
- Capital expenditure towards upgrading the existing IT infrastructure for the Company and its subsidiaries ₹644.64 lakhs p.107
- Repayment and/or pre-payment, in full, of the borrowing availed by our Company with respect to purchase of office premises ₹542.70 lakhs p.110
- General Corporate Purposes and unidentified inorganic acquisitions p.111
- To be disclosed in the Offer Document
Issue Structure
- Total Issue
- Up to 61,30,000 Equity Shares of face value of ₹5/- each, aggregating up to ₹[●] Lakhs
- Fresh Issue
- Up to 53,34,000 Equity Shares of face value of ₹5/- each, aggregating up to ₹[●] Lakhs
- Offer for Sale
- Up to 7,96,000 Equity Shares of face value of ₹5/- each, aggregating up to ₹[●] Lakhs
- Price Band
- Floor Price: ₹117 per Equity Share (23.4 times face value); Cap Price: ₹124 per Equity Share (24.8 times face value)
- Lot Size
- 1,000 Equity Shares and in multiples of 1,000 Equity Shares thereafter
- Face Value
- ₹5/- per Equity Share
Business Model
EMA Partners generates revenue primarily through executive search services (customized leadership hiring), professional search services (mid to senior-level management roles), and recruitment process outsourcing. For the year ended March 31, 2024, the company generated revenue from operations of ₹6,729.62 lakhs, with significant revenue contribution from subsidiaries. The company earns fees typically on a per-placement basis and in certain cases through fixed monthly retainers. Revenue concentration shows top 10 clients contributed 34.47% of revenue in FY 2024.
Business Segments
Identifying, assessing, and recruiting highly qualified candidates for C-suite roles, board positions, and senior leadership roles through confidential outreach to top-tier talent
Recruiting skilled professionals for mid- to senior-level management roles essential for operational success and functional leadership but typically not C-suite positions
Full or partial outsourcing of recruitment and staffing functions for clients
Provides executive search and recruitment services to corporate clients through subsidiaries operating in India and internationally
Focus on hiring for C-Suite and Board Level positions across India, Middle East and Singapore. The team is staffed by individuals having Industry knowledge, local expertise with global presence and Industry-specific specialists. Services are retained by clients with fees not contingent upon successful hiring, charged as a percentage of annual compensation or fixed fees.
Specializes in agile recruitment solutions for mid to senior-level positions across diverse industries. One of the founding partners of EMA Partners International. Services are retained by clients with certain percentage of fee upfront upon commission of engagement and remaining fee upon placement.
Technology-based recruitment marketplace platform that connects companies, recruiters, and candidates. Provides AI-powered talent acquisition solution with workflow and evaluation tools, robotic video interviews, and AI/ML-based screening algorithms. Uses platform usage fee and commission-based revenue model.
Mainly focuses on hiring for C-Suite and Board Level positions across India, Middle East and Singapore.
One of the founding partners of EMA Partners International and has permitted the Company to use his name to create a brand which specializes in agile recruitment solutions for mid to senior-level positions across diverse industries.
Focuses on hiring Entry and Middle Management Level Executives. It is an integrated technology platform that connects companies, recruiters, and candidates, offering scalable recruitment solutions through a single interface.
Executive search services for board and C-level positions with retained search model
Executive search and placement services for mid to senior level positions
Technology-first recruitment marketplace platform for hiring at scale for entry to mid-level positions
SWOT Analysis
Strengths
- • Leading executive search firm in India(p.29)
- • Part of established global network through EMA Partners International membership(p.29)
- • Diversified revenue across multiple industries and sectors(p.29)
- • Multiple revenue-generating subsidiaries(p.44)
- • Experienced leadership with 20+ years in executive search(p.146)
- • Strong repeat customer base demonstrating long-term client relationships(p.147)
- • Comprehensive coverage across all white-collar hiring segments and geographies(p.142)
- • Extensive functional and sectoral expertise across diverse industries(p.147)
- • Robust technology infrastructure and proprietary SaaS platform(p.147)
- • Market leadership position in executive search segment in India(p.137)
- • High profitability margins relative to listed peers(p.122)
- • Executive Search platform with international presence(p.271)
- • Diversified revenue streams across three operating segments(p.271)
- • Strong revenue growth trajectory(p.271)
- • Robust overseas subsidiary performance(p.271)
- • Consistent profitability with healthy margins(p.271)
- • No investor complaints in preceding 3 years(p.305)
- • No default on statutory dues or borrowings(p.306)
- • 100% underwritten offer with no minimum subscription requirement(p.313)
- • Proper governance structure with Stakeholders Relationship Committee constituted(p.304)
Weaknesses
- • Concentration of revenue from top 10 clients(p.39)
- • High dependency on key employees and fee-earning staff(p.41)
- • Subsidiary performance volatility(p.44)
- • Past acquisition integration challenges(p.43)
- • Outstanding civil litigation(p.46)
- • High employee cost burden relative to revenue(p.49)
- • Client payment delays affecting cash flow(p.48)
- • Certain subsidiaries have incurred losses(p.49)
- • Negative cash flows from investing and financing activities(p.59)
- • Geographic concentration and leased premises dependency(p.50)
- • Existing indebtedness and borrowing obligations(p.54)
- • Regulatory compliance lapses and penalties(p.56)
- • Unsecured subsidiary loans subject to recall(p.59)
- • High dependence on a small number of top customers(p.150)
- • Significant debt burden for office premises(p.110)
- • Small workforce relative to peers and potential scalability challenges(p.152)
- • Volatile and cyclical revenue patterns indicating business instability(p.145)
- • Concentration risk in Dubai subsidiary and specific geographies(p.149)
- • High customer concentration risk(p.277)
- • Significant dependence on fee-earning employees for revenue generation(p.271)
- • Subsidiary with eroded net worth requiring financial support(p.253)
- • Litigation involving company and promoters(p.283)
- • Unlisted company status with no trading history(p.304)
- • Listing restricted to SME/Emerge platform rather than main board(p.314)
- • No listed subsidiaries or related entities to establish credibility(p.305)
- • No prior capital raise or debt instruments issued(p.304)
Opportunities
- • Growing Indian staffing and recruitment market(p.29)
- • Technology platform expansion with MyRCloud(p.40)
- • Expansion through inorganic growth (acquisitions)(p.27)
- • Geographic expansion into new markets(p.27)
- • Growing demand for talent from young professionals(p.29)
- • Investment in IT infrastructure and systems(p.27)
- • Expansion into new geographic markets(p.50)
- • Leadership team augmentation(p.53)
- • IT infrastructure upgrading(p.53)
- • Expansion through organic and inorganic growth strategies in USA, UK, and Saudi Arabia(p.148)
- • Large addressable market in India with headroom for market share capture(p.137)
- • Rising demand for executive and professional search with India's economic growth(p.130)
- • Expanding leadership team to penetrate new business segments and markets(p.148)
- • High growth potential in untapped professional search segment(p.137)
- • Technology-enabled recruitment platform scaling opportunity via MyRCloud(p.148)
- • Significant growth in international markets particularly EMEA and Southeast Asia(p.139)
- • Expansion of technology-driven marketplace recruitment business(p.271)
- • Growth in mid-to-senior level executive search market(p.271)
- • International market expansion(p.271)
- • Increasing market share with new client acquisition(p.274)
- • Migration to main board possible upon meeting capital and financial criteria(p.313)
- • Access to broader investor base through public listing(p.308)
- • Mandatory market maker support for liquidity during 3-year period(p.314)
Threats
- • Dependency on EMA Partners International brand and membership agreement(p.38)
- • Intense competition from domestic and global firms(p.40)
- • Emergence of alternative hiring channels and gig economy(p.40)
- • Short-term client contracts with termination provisions(p.46)
- • Regulatory exposure across multiple jurisdictions(p.47)
- • Talent acquisition and wage inflation risks(p.41)
- • Data protection and privacy regulations compliance(p.48)
- • Client payment defaults and insolvency risk(p.48)
- • Future labor cost inflation from new regulations(p.49)
- • Foreign exchange rate volatility(p.53)
- • Lease termination and premises relocation risks(p.52)
- • Competition law enforcement risks(p.62)
- • Tax law changes and regulatory uncertainty(p.63)
- • Natural disasters and geopolitical risks(p.64)
- • Intense competition from established multinational and emerging local players(p.151)
- • Revenue vulnerability from economic recessions and hiring freezes(p.136)
- • Cash flow constraints due to client payment delays affecting 60% of small businesses(p.136)
- • Pricing pressure and profit margin compression from intense competition(p.136)
- • Costly technology upgrades and infrastructure requirements(p.136)
- • Data security and privacy risks with potential loss of client trust(p.136)
- • Skills shortage in critical areas limiting competitive advantage(p.136)
- • High regulatory compliance costs for data protection and international operations(p.136)
- • Dependence on economic conditions in operating geographies(p.276)
- • Post-COVID revenue normalization and cyclicality(p.276)
- • Intense competition in recruitment services industry(p.277)
- • Foreign exchange and regulatory risks for overseas operations(p.246)
- • Regulatory changes may affect offer timelines and procedures(p.311)
- • Restrictions on foreign ownership for entities from bordering countries(p.351)
- • Dependence on stock exchange approval for listing and trading commencement(p.310)
- • Risk of offer withdrawal with requirement to re-file if proceeding later(p.310)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Krishnan Sudarshan | Promoter/Promoter Selling Shareholder | 73.05% | — |
| Mr. Subramanian Krishnaprakash | Promoter/Promoter Selling Shareholder | 11.30% | — |
| Krishnan Sudarshan | Promoter | 73.05% | — |
| Subramanian Krishnaprakash | Promoter | 11.30% | — |
| Shekhar Ganapathy | Promoter | 8.75% | — |
| Krishnan Sudarshan | Promoter/Founder | — | — |
| Mr. Krishnan Sudarshan | Promoter | 74.37% (as at March 31, 2024) | — |
| Mr. Subramanian Krishnaprakash | Promoter | 11.91% (as at March 31, 2024) | — |
| Krishnan Sudarshan | Promoter | — | — |
| Subramanian Krishnaprakash | Promoter | — | — |
| Shekhar Ganapathy | Promoter | — | — |
| Krishnan Sudarshan | Promoter Selling Shareholder | — | — |
| Subramanian Krishnaprakash | Promoter Selling Shareholder | — | — |
| Shekhar Ganapathy | Individual Selling Shareholder | — | — |
Leadership
Mr. Krishnan Sudarshan · Chairman/Managing Director
Mr. Subramanian Krishnaprakash · Whole-time Director
Ms. Smita Shivdhari Singh · Company Secretary and Compliance Officer
Mr. Manishkumar Anjanikumar Dhanuka · Group Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
EMA Partners India IPO FAQs
What is the lot size of EMA Partners India IPO?
The minimum lot size of EMA Partners India IPO is 1,000 shares. One lot costs ₹1,24,000 at the cut-off price.
When does EMA Partners India IPO open and close?
EMA Partners India IPO opened for subscription on 17 Jan 2025 and closed on 21 Jan 2025.
What is the listing date of EMA Partners India IPO?
EMA Partners India IPO listed on 24 Jan 2025.