The initial public offering of eMudhra Ltd., India's largest certifying authority, saw its retail investor portion fully subscribe on the second day of bidding.
The Rs 251.8-crore initial public offering was subscribed 48% on day one.
The company will issue fresh shares worth Rs 161 crore, according to its red herring prospectus. The IPO will also comprise an offer for sale of 1.61 crore shares by the promoter group and other selling shareholders. The OFS is worth Rs 251.8 crore at the upper end of the price band of Rs 243-256 apiece.
The issue together will comprise 20.8% of the post-issue equity capital.
The company will use the proceeds from the IPO for repayment or prepayment of certain borrowing, funding product development and its U.S. subsidiary and for purchase of equipment for proposed data centers.
Subscription Status: Day 2
The IPO was subscribed 0.96 times or 96% as of 5 p.m. on May 23.
Institutional investors: 0.25 times.
Non-institutional investors: 0.16 times.
Retail investors: 1.69 times.
Watch BQPrime's IPO Adda With eMudhra's Management:
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