eMudhra makes exchange debut, lists with nearly 6% premium
Shares of eMudhra made their debut on the exchanges on Wednesday on a relatively firm note and as it got listed with a premium of nearly 6 per cent above the issue price.
New Delhi, June 1 Shares of eMudhra made their debut on the exchanges on Wednesday on a relatively firm note and as it got listed with a premium of nearly 6 per cent above the issue price.
Since 2008, eMudhra has been issuing digital signature certificates in India. In addition to digital certificate solutions, eMudhra offers a variety of other services including tax filing services, digital signing solutions, digital certificate authentication system and trusted time stamping services.
The shares listed at Rs 271 against its offer price of Rs 256.
The company's initial public offerings were up for public subscription during May 20-24, and received 2.72 times subscription.
The company's tepid yet positive listing can be attributed to current market conditions, good prospects, and reasonably good responses from retail investors, said Santosh Meena, Head of Research at Swastika Investmart.
"The growing demand for data privacy, data protection, and digital transformation will help the company grow substantially in the medium to long term. However, the competitive nature of the industry, the company entering into uncharted geographies and areas of business and the rich pricing of the issue make it suitable for long-term investors post listing. Those who applied for listing gains can maintain a stop loss of Rs 260," said Meena.
The listing of the eMudhra came just days after a weak listing of much-anticipated Life Insurance Corporation of India (LIC). Paradeep Phosphates and Delhivery too made their debut on the exchanges recently, but with a mild premium.