eMudhra
Mainboard₹413 Cr issue
+5.86%
Listing gain over issue price
Issue size
₹413 Cr
1 lot at cut-off
₹14,848
Lot size
58shares
Open
20 May 2022
Close
24 May 2022
Allotment
27 May 2022
Listing
01 Jun 2022
Listing performance
Issue price
₹256
Listed at
₹271
Listing-day close
₹258.85
Latest price
₹353.70
Close on 23 Oct 2026
Listing gain
+5.86%
Return since issue
+38.16%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 20 May 2022 – 24 May 2022
- Listing date
- 01 Jun 2022
- Face value
- ₹5 per share
- Issue price
- ₹256 per share
- Lot size
- 58 shares
- Total issue size
- ₹413 Cr
- Market cap at offer price
- ₹1,999 Cr
- Promoter holding
- 79.19% → 61.03% pre-issue → post-issue
- ISIN
- INE01QM01018
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- IIFL Capital Services Ltd.
- Registered office
- Sai Arcade, 3rd Floor, No.56 Outer Ring Road, Devarabeesanahalli, Karnataka
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 | 48,37,336 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 58 shares per lot, in multiples, at ₹256
| 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 |
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
48,37,336
Anchor portion
₹124 Cr
at ₹256 per share
Valuation and performance
Valuation at offer price
₹256 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.49 | — |
| P/E (×) | 102.81 | — |
| Market cap | — | ₹1,999 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 16.26%
- ROCE
- 30.50%
- Debt / equity
- 23.30
- PAT margin
- 19.30%
- EBITDA margin
- 31.00%
- NAV per share
- ₹15.30
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About eMudhra
eMudhra Limited, incorporated in 2008 and originally a subsidiary of 3i Infotech, was acquired by Indus Innovest Technologies Private Limited and renamed to eMudhra Limited. The company is a 'one stop shop' player in secure digital transformation providing a comprehensive spectrum of services from issuance of digital signature certificates (DSC) as a licensed Certifying Authority to offering identity, authentication and signing solutions. The company operates through two distinct business verticals: Digital Trust Services (51.10% of revenue in FY2021) and Enterprise Solutions (48.90% of revenue in FY2021). eMudhra is recognized directly by major browsers and software companies including Microsoft, Mozilla, Apple and Adobe, enabling it to sell digital identities and issue SSL/TLS certificates globally. The company earned ₹1,372.44 million in revenue from operations for the nine months ended December 31, 2021, growing from ₹1,315.93 million in FY2021 and ₹1,164.50 million in FY2020.
Company Analysis
from RHPeMudhra Limited is the largest licensed Certifying Authority in India providing Digital Trust Services and Enterprise Solutions spanning digital security, identity authentication, electronic signatures, and paperless transformation across multiple industries.
eMudhra Limited, incorporated in 2008 and originally a subsidiary of 3i Infotech, was acquired by Indus Innovest Technologies Private Limited and renamed to eMudhra Limited. The company is a 'one stop shop' player in secure digital transformation providing a comprehensive spectrum of services from issuance of digital signature certificates (DSC) as a licensed Certifying Authority to offering identity, authentication and signing solutions. The company operates through two distinct business verticals: Digital Trust Services (51.10% of revenue in FY2021) and Enterprise Solutions (48.90% of revenue in FY2021). eMudhra is recognized directly by major browsers and software companies including Microsoft, Mozilla, Apple and Adobe, enabling it to sell digital identities and issue SSL/TLS certificates globally. The company earned ₹1,372.44 million in revenue from operations for the nine months ended December 31, 2021, growing from ₹1,315.93 million in FY2021 and ₹1,164.50 million in FY2020.
Digital SecurityPaperless TransformationDigital Trust ServicesEnterprise SolutionsBanking, Financial Services and Insurance (BFSI)Public Key InfrastructureCertificate Authority Services
Objects of the Issue
- Repayment or pre-payment, in full or in part, of all or certain borrowings availed by our Company ₹350.00 million p.27
- Funding working capital requirements of our Company ₹402.19 million p.27
- Purchase of equipments and funding of other related costs for data centers proposed to be set-up in India and overseas locations ₹463.64 million p.27
- Funding of expenditure relating to product development ₹150.30 million p.27
- Investment in eMudhra INC. for augmenting its business development, sales, marketing and other related costs for future growth ₹152.67 million p.27
- General corporate purposes ₹3.15 million p.27
- Funding capex for development of new products in areas of IoT security/Certificate Management, Certificate Discovery and Remote Signing p.61
- Investment in eMudhra INC (US Subsidiary) for augmenting business development, sales, marketing and other related costs for future growth p.56
- Repayment or pre-payment of borrowings from Kotak Mahindra Bank Limited ₹375.80 million (loans availed for construction of digital signature campus) p.60
- Funding working capital requirements for Financial Years 2023 and 2024 ₹402.19 million p.66
- Repayment or pre-payment, in full or in part, of all or certain borrowings availed by our Company ₹350.00 million p.115
- Funding working capital requirements of our Company ₹402.19 million p.115
- Purchase of equipments and funding of other related costs for data centers proposed to be set-up in India and overseas locations ₹463.64 million p.115
- Funding of expenditure relating to product development ₹150.30 million p.115
- Investment in eMudhra INC for augmenting its business development, sales, marketing and other related costs for future growth ₹152.67 million p.115
- General corporate purposes ₹3.15 million p.115
- Investment in R&D and product development for new products in areas of IoT Certificate Management, Certificate Discovery, and Remote Signing ₹150.30 million p.211
- Investment in subsidiary eMudhra INC for business development, sales, marketing, and other related costs for growth in the United States market, including local infrastructure, hosting, personnel hiring, and office leasing ₹152.67 million p.212
- Investment in data center infrastructure in India and overseas locations to support digital trust services and enterprise solutions platforms p.222
- Investment in US Subsidiary for business development, sales, marketing and related costs ₹152.67 million p.341
Issue Structure
- Total Issue
- ₹4,127.86 million (16,124,456 Equity Shares)
- Fresh Issue
- ₹1,610.00 million (6,289,062 Equity Shares at ₹256 per share after Pre-IPO Placement reduction from ₹2,000.00 million)
- Offer for Sale
- ₹2,517.86 million (9,835,394 Equity Shares) by Selling Shareholders
- Price Band
- ₹243 (Floor Price) to ₹256 (Cap Price) per Equity Share
- Lot Size
- 58 Equity Shares (Bid Lot) and multiples thereof
- Face Value
- ₹5 per Equity Share
Business Model
eMudhra generates revenue through: (1) Digital Trust Services including issuance of Digital Signature Certificates (DSC), SSL/TLS certificates for website authentication, and identity solutions; (2) Enterprise Solutions offering eSignature workflow solutions (emSigner), public key infrastructure solutions (emCA), and authentication solutions (emAS); (3) Services through channel partners and enterprise solution partners including system integrators, technology partners, resellers and distributors. The company operates through subsidiaries in United States, United Arab Emirates, Netherlands, Singapore, Indonesia and Mauritius for global expansion.
Business Segments
Provides Digital Signature Certificates (DSC), SSL/TLS certificates for website authentication, and digital identity solutions for secure transactions and document signing
Offers eSignature workflow solutions (emSigner), public key infrastructure solutions (emCA), and authentication solutions (emAS) for paperless office transformation and business process automation
Provides digital signature certificates, eSignature solutions, and related services for secure digital identity and transaction management
Offers enterprise solutions including emSigner, emAS, emCA and other digital security products to enterprise customers and new age industries
Issuance of a range of certificates including individual/organizational certificates, SSL/TLS certificates and device certificates (used in IoT use cases) to build a digital trust backbone; provision of cryptographic digital identities to individuals, organizations, websites and devices; ensuring authenticity of transactions.
Offering of a diverse portfolio of digital security and paperless transformation solutions, complementing our Digital Trust Services business, to customers engaged in different industries.
Issues and manages digital signature certificates, SSL/TLS certificates, and IoT device certificates to individuals, organizations, websites, and devices for authentication, encryption, and transaction signing across government compliance (income tax, GST, tenders), banking, railways, and other sectors.
Develops and deploys three primary software products: emSigner (eSignature workflow for paperless document processing), emAS (identity and access management with multi-factor authentication and single sign-on), and emCA (PKI infrastructure for certificate lifecycle management). Available in cloud and on-premise deployment models.
Provides digital signature certificates, authentication solutions, and Certifying Authority solutions based on PKI technologies
Offers paperless office solutions and eSignature workflow solutions (emSigner product)
Provides software development services, IT-enabled services, web-enabled services, and value-added services
Delivers trust services, SaaS-based offerings, and Identity and Access Management solutions
Provision of Digital Trust Services in the capacity of a Certifying Authority issuing individual/organizational digital signature certificates, SSL/TLS certificates, and device certificates for IoT use cases to build digital trust backbone. Serves all subscribers using digital signature certificates for income tax return filing, Ministry of Corporate Affairs filings, tenders, foreign trade, banking, railways and other needs.
Provision of Digital Security and Paperless Transformation Solutions comprising three product offerings: (i) emSigner—eSignature workflow solutions for paperless office; (ii) emAS—authentication and access management solutions; and (iii) emCA—public key infrastructure solutions for certificate issuance and lifecycle management. Solutions are cloud-based or on-premise with DevOps-based deployment models. Used by enterprises for consumer identity, employee/partner access, and IoT device management.
Provides digital signature certificates and related trust services for digital security
Provides identity and transaction management applications for enterprise customers
SWOT Analysis
Strengths
- • Largest licensed CA in India with strong market position(p.26)
- • One-stop shop for digital trust and enterprise solutions(p.26)
- • Global recognition by major browsers and software companies(p.26)
- • Established geographic presence through subsidiaries(p.41)
- • Large and growing channel partner network(p.49)
- • Disaster recovery and business continuity certifications(p.48)
- • Largest licensed Certifying Authority in India(p.140)
- • One-stop shop for secure digital transformation(p.140)
- • Technology certifications and international accreditations(p.140)
- • Diverse and longstanding customer base(p.140)
- • Strong partnerships with leading domestic and global partners(p.140)
- • Experienced leadership team(p.140)
- • Largest licensed Certifying Authority in India with 37.9% market share in digital signature certificates(p.202)
- • Only Indian company with WebTrust accreditation and global browser recognition(p.205)
- • Only Indian company directly recognized by major browsers and document processing software(p.202)
- • Comprehensive one-stop-shop portfolio across Digital Trust Services, Security Solutions, and Paperless Transformation(p.193)
- • Strong enterprise customer base with 10 of top 10 banks and deep government relationships(p.206)
- • Extensive channel partner network of 91,259 partners and 539 system integrators globally(p.209)
- • Significant R&D investment with 36% of workforce dedicated to product development(p.208)
- • Multiple international certifications and compliance standards (ISO 27001, CMMI Level 5, SOC 2, GDPR)(p.205)
- • Licensed Certifying Authority with established market presence(p.274)
- • Comprehensive suite of digital solutions and products(p.274)
- • Strong quality accreditations and certifications(p.231)
- • Recognition as a leading tech solution provider for government(p.231)
- • Track record of successful product launches and expansion(p.231)
- • No debt defaults or restructuring in ten years(p.232)
- • Large market opportunity in Americas region with strong growth trajectory(p.341)
- • Strategic investment in US expansion infrastructure and local talent(p.341)
- • Strong profitability and margin expansion(p.353)
- • Improving gross margins through operational efficiency(p.353)
- • Diversified revenue streams across geographies and verticals(p.353)
Weaknesses
- • High dependence on one channel partner (Bluesky Infotech)(p.45)
- • High concentration of revenue from top customers(p.51)
- • Limited presence in United States with minimal direct operations(p.41)
- • R&D expenses relatively modest as percentage of revenue(p.40)
- • Trademark assignment restrictions on emSigner products(p.50)
- • Limited operating history in international markets(p.41)
- • Reliance on third-party service providers critical to operations(p.52)
- • Use of open-source software exposes company to litigation risk(p.52)
- • Lack of standard pricing model creates pricing management challenges(p.52)
- • Dependence on Webtrust accreditation for international operations(p.55)
- • Subsidiaries have incurred losses and one had negative net worth(p.67)
- • High trade receivables with significant outstanding balances(p.65)
- • Significant working capital requirements and customer payment delays(p.65)
- • Current indebtedness and restrictive covenants on borrowings(p.69)
- • Promoter has provided personal guarantee for company loans(p.69)
- • Registered office and data centers on lease with renewal uncertainty(p.65)
- • Seasonal business creates demand volatility and resource constraints(p.64)
- • High concentration of promoter shareholding(p.106)
- • Significant debt burden requiring repayment(p.117)
- • High customer concentration with top 5 clients representing 23.67% of revenue in FY2020(p.208)
- • Significant dependence on channel partners for distribution, creating vulnerability to partner performance(p.220)
- • Enterprise Solutions customer retention at 88% in FY2021, lower than Digital Trust Services at 96%(p.209)
- • Reliance on leased premises with no owned property, exposing company to real estate market risks(p.223)
- • Dependence on single channel partner for significant revenue(p.265)
- • Concentration of subsidiaries and operations in specific geographies(p.231)
- • Financial guarantees provided by promoter to secure company loans(p.233)
- • Significant dependence on top customers in Digital Trust Services(p.361)
- • Subsidiary losses impacting consolidated performance(p.355)
- • Significant debt obligations and finance costs(p.358)
- • Increasing employee benefit expenses as percentage of revenue(p.353)
- • Working capital challenges due to high receivables(p.360)
Opportunities
- • Expansion into new product categories (IoT, Certificate Discovery, Remote Signing)(p.47)
- • Significant data center capacity expansion(p.42)
- • Growth in United States market through eMudhra INC investment(p.41)
- • COVID-driven shift to digital transformation and work-from-home adoption(p.26)
- • Product development investment from IPO proceeds(p.40)
- • Large addressable market for digital security and paperless transformation(p.26)
- • Market for Digital Trust Services is evolving with growth potential(p.57)
- • Expansion strategy into enterprise and new age industries(p.59)
- • International expansion through subsidiaries in multiple geographies(p.56)
- • Growing demand for digital security and paperless transformation solutions(p.57)
- • Partner network expansion to broaden customer base(p.61)
- • Expansion in international markets with new data centers(p.122)
- • Growing digital trust services market globally(p.123)
- • Product development in emerging areas like IoT and Remote Signing(p.127)
- • Expansion of US market presence through eMudhra INC(p.134)
- • Strong growth in international revenue trajectory(p.133)
- • Capitalizing on India's digital transformation initiatives(p.151)
- • India expected to be fastest-growing market at CAGR 27.5% through FY 2026(p.167)
- • Global Paperless Transformation market projected to grow 3x from $2.3 Bn to $8.2 Bn by FY2026(p.174)
- • Strong growth in IoT Device Certificates market at CAGR 29.7% through FY2026 in India(p.183)
- • Government and eGovernance initiatives driving digital transformation and trust service adoption(p.206)
- • Emerging use cases in Electric Vehicles and Smart Cities requiring IoT device authentication(p.213)
- • Americas market opportunity with 54.4% of global Digital Security market and CAGR 14.9% growth(p.167)
- • Quantum-safe cryptography adoption opportunity as NIST finalizes post-quantum standards by 2022(p.200)
- • Blockchain adoption driving demand for digital signatures ensuring transaction integrity(p.200)
- • Expansion into emerging digital transformation markets(p.274)
- • Growth in government e-governance initiatives requiring digital signatures(p.231)
- • Increasing adoption of paperless solutions in enterprises(p.235)
- • International expansion through multiple regional subsidiaries(p.236)
- • Growing market demand for identity and access management solutions(p.231)
- • Significant untapped international market expansion potential(p.341)
- • High growth in paperless transformation market(p.341)
- • Strong enterprise demand for authentication and IAM solutions(p.341)
- • Growth in Americas Digital Trust Services market(p.341)
- • Expanding channel partner and enterprise solution partner network internationally(p.341)
- • Planned data center expansion to support growth(p.38)
Threats
- • Intense competition from established global players(p.46)
- • Rapid technological change and evolving industry standards(p.40)
- • Cybersecurity and data breach risks(p.44)
- • Dependence on technology infrastructure and data center reliability(p.48)
- • Regulatory changes and compliance requirements(p.40)
- • Non-exclusive partner arrangements and partner dependency(p.49)
- • Customer churn and renewal risks(p.51)
- • Evolving and uncertain data protection and privacy regulations(p.52)
- • Complex compliance landscape for data protection across jurisdictions(p.53)
- • Proposed Personal Data Protection Bill creates uncertainty(p.53)
- • Risk of business disruption from telecommunications infrastructure failure(p.58)
- • COVID-19 pandemic continues to impact business operations(p.57)
- • Dependence on customer business success affects demand(p.55)
- • Rapidly changing technology landscape requires continuous innovation(p.58)
- • India economic and political risks affect business operations(p.75)
- • Regulatory changes and new compliance requirements(p.75)
- • Foreign exchange volatility affects international operations and dividend repatriation(p.71)
- • Natural disasters and pandemics beyond company control(p.74)
- • Regulatory dependence on government policies and certifying authority licensing(p.158)
- • Increasing cybersecurity threats and changing threat landscape(p.157)
- • Delays or cost overruns in proposed data center setup(p.124)
- • Dependence on successful product development execution(p.127)
- • Currency exchange rate fluctuations affecting overseas expansion(p.135)
- • Competition in digital security and transformation solutions market(p.156)
- • Intense competition from large global players like Adobe, DocuSign, and others in paperless transformation(p.222)
- • Global Digital Security market already dominated by established international players with strong resources(p.186)
- • Rapid technological changes and evolving cloud computing standards requiring continuous adaptation(p.222)
- • Regulatory changes and data residency requirements varying across jurisdictions limiting expansion(p.211)
- • COVID-19 pandemic impacting customer adoption decisions due to budgetary constraints and lockdowns(p.205)
- • Dependency on government policy and regulatory framework for Digital Trust Services adoption(p.165)
- • Regulatory changes in data protection and digital signature laws(p.225)
- • Compliance obligations under multiple evolving labor and employment codes(p.227)
- • Increased competition and potential market disruption(p.228)
- • Foreign portfolio investment restrictions affecting capital structure(p.225)
- • Limitation on foreign shareholding in IT/ITES companies under FDI policy(p.224)
- • Seasonal business volatility impacting revenue consistency(p.361)
- • Ongoing COVID-19 pandemic impact on business operations(p.360)
- • Intense competitive environment in digital trust services(p.362)
- • Foreign currency exchange rate volatility risk(p.360)
- • Regulatory and compliance risks in international markets(p.341)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Venkatraman Srinivasan | Promoter | 42.37% | — |
| Taarav Pte. Limited | Corporate Promoter | 25.58% | — |
| Venkatraman Srinivasan | Promoter/Executive Chairman | — | 61.03% (Promoters and Promoter Group collectively post-Offer) |
| Venkatraman Srinivasan | Promoter | 42.37% | — |
| Taarav Pte. Limited | Promoter | 25.58% | — |
| Arvind Srinivasan | Promoter Group | 9.25% | 7.37% |
| Lakshmi Kaushik | Promoter Group | 8.64% | — |
| Venkatraman Srinivasan | Promoter | — | — |
| Venkatraman Srinivasan | Promoter | 42.37% | — |
| Taarav Pte Limited | Promoter Group | 25.58% | — |
| V Srinivasan | Chairman and Director/Promoter | 43.33% | — |
| Taarav Pte Ltd | Promoter Group | 26.16% | — |
| Lakshmi Kaushik | Promoter Group | 8.84% | — |
| Arvind Srinivasan | Promoter Group | 9.46% | — |
| Venkatraman Srinivasan | Promoter | — | — |
| Taarav Pte Limited | Promoter Selling Shareholder | — | — |
| Venkatraman Srinivasan | Promoter Selling Shareholder | — | — |
| Taarav Pte. Ltd | Promoter Selling Shareholder | — | — |
| Arvind Srinivasan | Selling Shareholder | — | — |
| Kaushik Srinivasan | Selling Shareholder | — | — |
| Aishwarya Arvind | Selling Shareholder | — | — |
| Lakshmi Kaushik | Selling Shareholder | — | — |
Leadership
Venkatraman Srinivasan · Executive Chairman and Director/Promoter
Johnson Xavier · Company Secretary and Compliance Officer
Saji K. Louiz · 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.
eMudhra IPO FAQs
What is the lot size of eMudhra IPO?
The minimum lot size of eMudhra IPO is 58 shares. One lot costs ₹14,848 at the cut-off price.
When does eMudhra IPO open and close?
eMudhra IPO opened for subscription on 20 May 2022 and closed on 24 May 2022.
What is the listing date of eMudhra IPO?
eMudhra IPO listed on 01 Jun 2022.