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Shares of eMudhra will be listed on the bourses today. The company has fixed the initial public offering (IPO) price at ₹256, and the upper end of the price band at ₹243-256. The ₹412.80-crore IPO of eMudhra closes was subscribed 2.72 times.
Anchor investors
Ahead of the issue, the company garnered ₹123.83 crore from anchor investors, who included Aditya Birla Sun Life Digital India Fund, Aditya Birla Sun Life Small Cap Fund, Motilal Oswal Dynamic Fund, Nippon India Small Cap Fund, SBI Technology Opportunities Fund, Baring Private Equity India, Hornbill Orchid India Fund, Pinebridge India Equity Fund and Abakkus Growth.
The IPO consisted of a fresh issue of ₹161 crore and an offer for sale of up to 98.35 lakh shares.
Utility of proceeds
Out of the IPO proceeds of the fresh issue, ₹35 crore will be utilised for the repayment of borrowings, ₹40.22 crore for funding working capital requirements, ₹46.36 crore for equipment purchase and funding of other related costs for data centres, ₹15.03 crore for funding product development expenditure, ₹15.27 crore for investment in the eMudhra Inc (US) for development, sales, marketing for future growth, and the balance for general corporate purposes.
Business model
eMudhra 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, TCS, Bharti AXA Life Insurance Company, Larsen & Toubro Infotech, Hindalco Industries, Mashreq Bank etc.
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