About the Company:
eMudhra Ltd is the largest licensed Certifying Authority (“Certifying Authority” or “CA”) in India with a market share of 37.9% in the digital signature certificates market space in Financial Year 2021.
Company is engaged in the business of providing Digital Trust Services and Enterprise Solutions to individuals and organisations functioning in various industries.
Company has issued more than 50 million digital signature certificates since inception.
Company caters to all kind of subscribers who use digital signature certificates for income tax return filing, filings with the Ministry of Corporate Affairs (Registrar of Companies), tenders, foreign trade, banking, railways and many other needs.
Company works closely with large government and banking customers like the 20+ public and private sector banks and state governments.
eMudhra is headquartered in Bengaluru with offices spread across 7 cities in India.
company has been serving customers for the past 12 years in the area of cyber security and digital transformation. eMudhra is a 600+ member team with proprietary IP and patents.
Company’s Business Verticals:
Digital Trust Services.
As part Digital Trust Services, company issue 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.
Enterprise Solutions vertical.
Under company’s Enterprise Solutions vertical, company offers a diverse portfolio of Digital Security and Paperless Transformation Solutions, complementing the Digital Trust Services business, to customers engaged in different industries.
Thereby making Company a ‘one stop shop’ player in secure digital transformation to provide a wide spectrum of services and solutions from issuance of certificates as a certifying authority to offering identity, authentication and signing solutions.
Company’s Enterprise Solutions are used by 10 out of top 10 banks, 6 of top 10 automotive companies and 19 out of top 20 companies amongst the top 500 ranked companies in India by Economic Times in Financial Year 2020.
Digital Signature Business.
Company has a strong digital signature certificate expertise and is the only Indian company to be directly recognized by renowned browsers and document processing software companies such as Microsoft, Mozilla, Apple and Adobe allowing it to sell digital identities to individual/organization and issue SSL/TLS certificates for website authentication globally.
Company is the only Indian company to be admitted as a member of European Cloud Signature Consortium as well as Certifying Authority / Browser Forum, a global forum that governs the use of SSL/TLS certificates and to be accredited to Webtrust, which makes company’s digital signature certificates directly recognized by browsers across the world allowing company to issue digital signature certificates in many countries.
Competition in the Business:
eMudhra (India) faces competition from large international players such as Adobe (USA), OneSpan (USA), DocuSign (USA), Alpha Trust (USA), WISeKey (Switerland), , etc.
However, the biggest advantage that our Company has over its competitors is the fact that it is the largest licensed CA in India with strong DSC expertise enabling eMudhra to penetrate into the market much easily than the competitors.
Key Points:
- Market competition has started to grow up in the Paperless Transformation Solutions market in India.
- Global players like Adobe, DocuSign, and OneSpan pitch in large enterprise customers in the country.
- However, eMudhra remains to be one among the very few Indian companies to have started participating in RFPs targeted not only for SMBs but also for large businesses. eMudhra has been working with large Indian enterprises like Tata Steel, Infosys, Airtel, ICICI Bank, Kotak Life Insurance, etc. to claim a strong market position.
- In parallel, eMudhra emSigner product is being used in websites like GST, MCA, and Income Tax.
- Digital Signature Certificate (CA) is the biggest revenue pocket for the company with the segment contributing over 50% of the total revenue share.
- The largest licensed Ceritying Authority (CA) in India with a market share of 37.9% in Digital Signature Certificates market in India.
- With the strong global focus that eMudhra has decided on, the company is likely to experience even stronger growth in the next few years.
Management Team:
- Mr. Venkatraman Srinivasan (Designation: Executive Chairman)
- Mr. Venu Madhava (Designation: Whole Time Director)
Objectives of the Issue:
Offer for Sale: (Rs.251 cr )
- Each of the Selling Shareholders will be entitled to the proceeds of the Offer for Sale. Company will not receive any proceeds from the Offer for Sale.
Fresh Issue: (Rs.161 cr)
Peer Group Comparison:
There are no listed companies in India that are comparable in all aspects of business and services that company provides. Accordingly, it is not possible to provide an industry comparison in relation to the Company.
Positives for the Company:
Largest licensed Certifying Authority in India.
- Company is the largest licensed Certifying Authority in India with a market share of 37.9% in the digital signature certificate market space in Financial Year 2021 having grown from 36.5% in Financial Year 2020.
- eMudhra Ltd is the only Indian company to be admitted as a member of European Cloud Signature Consortium as well as Certifying Authority / Browser Forum, a global forum that governs the use of SSL/TLS certificates.
- Also the only Indian company to be accredited to Webtrust which makes company’s digital signature certificates directly recognized by browsers across the world allowing us to issue digital signature certificates in many countries.
Company’s Solutions used by Top Companies.
- As of December 31, 2021, company’s Enterprise Solutions were used by 10 out of top 10 banks, 6 of top 10 automotive companies and 19 out of top 20 companies amongst the top 500 ranked companies in India by Economic Times in Financial Year 2020.
Diverse, longstanding and growing customer base.
- Company’s services marquee customers through Digital Trust Services and Enterprise Solutions and has been able to form a portfolio of renowned customers in private as well as in public sectors.
- Some of company’s customers include, Infosys Limited, Hindalco Industries, Mashreq Bank, Baud Telecom Company, Cholamandalam MS General Insurance Company Limited, Thales DIS CPL India Private Ltd, Larsen & Toubro Infotech , DB Schenker, JSW Steel, Bharti AXA Life Insurance, TATA Consultancy Services, etc.
Financials of the Company:
| (in Crores) | FY 19 | FY 20 | FY 21 | 31st Dec 21 |
|---|---|---|---|---|
| Revenue | 101.68 | 116.7 | 132.4 | 138.3 |
| Net Profit | 17.4 | 18.4 | 25.3 | 30.3 |
IPO Details:
| Details | Info |
|---|---|
| Issue Opens on | 20th May 2022 |
| Issue Closes on:. | 24th May 2022 |
| Issue Price | Rs.243 – 256 |
| Face Value | Rs.10 |
| Retail Category Allocation | 35% |
| Minimum Lot | 58 Shares |
| Minimum Investment | Rs.14,848 |
| Issue Constitutes | 20.65% |
| Issue Size | Rs.412 cr ($ 53 million) |
| Market Cap | Rs.2000 cr ($ 259 million) |
| Listing at | NSE & BSE |
| Equity Shares Offered (Fresh) | 62,89,062 |
| Equity Shares Offered (OFS) | 98,35,394 |
| Total Equity Shares Offered (Fresh + OFS) | 1,61,24,456 |
| Equity Shares Prior to the issue | 7,17,83,309 |
| Equity Shares after the issue | 7,80,72,371 |
Also Read : List of Upcoming IPO’s in India.
Also Read : List of Upcoming SME IPO’s in India.
Important Dates:
| Finalization of Basis of Allotment | on or Before 27th May 2022 |
| Initiation of Refunds | on or Before 30th May 2022 |
| Credit of Equity Shares: | on or Before 31st May 2022 |
| Listing Date: | on or Before 1st June 2022 |
IPO Valuation Parameters:
| Earnings Per Share (EPS) | Price To Earnings ratio (PE) | Return on Net Worth (RoNW) | Net Asset Value (NAV) |
|---|---|---|---|
| 2.49 | 102.81 | 16.26% | 15.30 |
| Check IPO Allotment Status: |
|---|
Link InTime : https://linkintime.co.in/PublicIssue/BSE IPO Website: https://www.bseindia.com/IPO/Allotment |
| Company Contact Info: |
|---|
| eMudhra Limited Sai Arcade, 3rd Floor, No. 56 Outer Ring Road, Devarabeesanahalli, Bengaluru 560103Karnataka Tel.: 080 – 4227 5300 Email: companysecretary@emudhra.com Website: www.emudhra.com |
| IPO Registrar Info: |
|---|
| Link Intime India Private Limited C-101, 1st Floor, 247 Park L.B.S Marg, Vikhroli West Mumbai 400 083 Maharashtra, India. Tel: +91 (22) 4918 6200 E-mail: emudhra.ipo@linkintime.co.in Website: www.linkintime.co.in |
