eMudhra IPO
About the Company
eMudhra Limited is India's largest licenced Certifying Authority ("CA"). The company's business is divided into two verticles Digital Trust Services and Enterprise Solutions. eMudhra Limited is engaged in the business of providing services like individual/organizational certificates, digital signature certificates, SSL/TLS certificates and device certificates, a portfolio of digital security and paperless transformation solutions, multi-factor authentication, mobile application security, website security testing, IT policy assessment, etc.
The company has strong digital signature certificate expertise and is the only Indian company to be directly recognised by renowned browsers and document processing software companies such as Microsoft, Mozilla, Apple, and Adobe, allowing it to sell digital identities to individuals and organisations worldwide and issue SSL/TLS certificates for website authentication.
The company has issued over 50 million digital signature certificates through the network of 88,457 channel partners spread across India. As of September 30, 2021, the company is serving 36,233 retail customers and 563 enterprises.
As of September 30, 2021, eMudhra's Enterprise Solutions are used by the top 10 banks, 6 top automotive companies and 19 top companies amongst the top 500 ranked companies in India by Economic Times in Financial Year 2020.
Competitive Strengths
- Largest licensed Certifying Authority in India.
The company is a one-stop shop solution provider in secure digital transformation and is well-positioned to capture the favourable industry dynamics in India and globally.
Technology certifications, accreditations and membership in international bodies.
Technology backed infrastructure to support quality and security of services and solutions.
Diverse, longstanding and growing customer base.
Partnerships with leading Indian and global channel partners and enterprise solution partners.
Experienced promoter, board of directors and senior management team.
IPO Details
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Company Financials
Summary of financial Information (Restated Consolidated Statement)
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IPO Timeline (Tentative Timetable)
eMudhra IPO opens on May 20, 2022, and closes on May 24, 2022. The eMudhra IPO bid date is from May 20, 2022 10.00 A.M. to May 24, 2022 5.00 P.M. The Cut-off time for UPI Mandate confirmation is 12 P.M. on the next day of issue closing day.
Company's Past Financial Performance
The company’s revenue and profit after tax (PAT) has been ascending for the last three financial years and it has surpassed previous numbers in the first 9 months of the FY22 as well. In FY19, the company’s total revenue stood at Rs 101.6 crore that went up at Rs 116.8 crore in FY20 and Rs 132.4 crore in FY21. In first 9 months of FY22, its total revenue stands at Rs 138.3 crore.
Similarly, eMudhra Limited reported PAT at Rs 17.4 crore in FY19 that went up at Rs 18.4 crore in FY20, which further ascended at rs 25.3 crore in FY21. In first 9 months of FY22, eMudhra Limited has reported a PAT of Rs 30.3 crore. Hence, financials of the company have remained sound for last four financial years.
IPO Review
KTL is one of the leading financial services technology solution providers. It suffered a setback in FY21 but now is on track. Based on its financial performance so far, the issue appears fully priced discounting all near-term positives. Cash surplus investors may consider an investment with a long-term perspective
Subscription Status
The IPO is subscribed 2.59 times on Dec 21, 2022 7:00:00 PM. The public issue subscribed 1.36 times in the retail category, 4.17 times in the QIB category, and 0.23 times in the NII category.