Shares of digital signature certificate provider eMudhra Ltd. gained on debut after its initial public offering was subscribed 2.72 times.
The stock of India's largest certifying authority listed at Rs 270 apiece on the National Stock Exchange, a 5.47% premium to its IPO price of Rs 256. The scrip pared opening gains to hit an intraday low of Rs 256.25 but closed with 0.74% gains over issue price.
Institutional investors led bidding for shares of eMudhra in the IPO, followed by retail.
The company said it would use the proceeds from the fresh issue to repay debt, support working capital requirements, purchase equipment and pay for other related costs for data centre proposed to be set up in India and overseas, develop products, invest in eMudhra INC and for general corporate purposes.
eMudhra is the largest licensed certifying authority in India with a market share of 37.9% in the digital signature certificates market space in FY21. The company is engaged in the business of providing digital trust services and enterprise solutions to individuals and organisations.
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