Investor interest for shares of eMudhra Ltd., India’s largest certifying authority, picked up on the final day of its Rs 251.8-crore initial public offering.
The offer was subscribed 48% on day one and 96% on day two.
The company issued fresh shares worth Rs 161 crore, according to its red herring prospectus. The IPO also comprised an offer for sale of 1.61 crore shares by the promoter group and other selling shareholders. The OFS was worth Rs 251.8 crore at the upper end of the price band of Rs 243-256 apiece.
The issue together comprised 20.8% of the post-issue equity capital.
The company said it would 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.
Also Read: eMudhra IPO: All You Need To Know
Subscription Status: Day 3
The IPO was subscribed 2.72 times as of 5 p.m. on May 24.
Institutional investors: 4.05 times.
Non-institutional investors: 1.28 times.
Retail investors: 2.61 times.
Watch BQPrime's IPO Adda With eMudhra's Management:
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