eMudhra Limited IPO Message Board (Page 10)

this ipo seems good but valuations are bit higher
but we can consider this ipo among others to apply
lets see subscription and then decide

Zero gmp
100% avoid

Motilal Oswal and Barring india were in Pre-Ipo placement too.
Abakkus is also here.
Decent anchor book.

Aaj GMP Kya Hai?

GMP -10

@Dalal GMP -10 nahi hai ….it’s actually +10

Check the below link from 5 Paisa

https://www.5paisa.com/blog/emudhra-ipo-gmp

Janaki, on the website there are + - signs. So you may take premium/ discount as per your wish.

Company Financials
In FY 2019-21 period:
Revenue clocked CAGR of 14% to Rs 1.32 bn in FY21, while
EBITDA registered CAGR of only 11%,
Margin declined from 31.7% in FY19 to 30.3% in FY21.
PAT clocked CAGR of 15% to Rs 254 mn in FY21.

Apr- Dec 2021 period:
Company financials has already surpassed FY21 numbers.
Revenue of Rs 1.37 bn, while EBITDA stood at Rs 493 mn,
Margin of 35.9%.
PAT for 9MFY22 improved to Rs 303 mn, 20% higher than FY21 PAT.

Debt (increasing)
Total debt has increased from Rs 265 mn in FY19 to Rs 462 mn in FY21, which further increased to Rs 583 mn in 9MFY22.

On 2022 annualised basis this IPO is valued at
31.1x EV/EBITDA,
11.2x EV/sales and
49x P/E

The IPO is fully priced and nothing is left on the table for investors.

To add more, it's global peer in similar business is verisign with market capitalization of 18b and 22 PE, came off from 25b cap peak. It also has net margin of 45% with terrific growth.

OFS is greater than fresh issue is major drawback otherwise good issue but definitely not short term bet, clear avoid who are here for listing gains.

If company is cash rich and wants to get listed then why it should dilute capital?
There are many successful IPO which gave multibagger return and we're Full OFS. Recent example is Campus Shoes.

Looking to the market condition and poor performance of the IT sector one may avoid this issue and secondly it's also overvalued at this time. See today's poor subscription figure of Paradeep.

On 5th May 2022, 1603617 equity Shares were allotted in Pre-Ipo placement at price of Rs 243.20/share in following quantity:

1. Baring Private Equity India : 5,13,981.
2. Acacia Banyan partners : 5,13,980.
3. Motilal Oswal : 4,11,185.
4. Negen Capital Services : 82,237.
5. Value Wise Consultancy : 41,114.
6. Jagadeesan Kumar : 20,560.
7. Krishna Kumar : 20,560.

Watch out
Looking at discounts to IPO prices of recent IPOs and aggressive price of this issue i expect retail will take care at time of approving UPI mandate
Recently in LIC IPO nearly 10 lakh plus applicant did not approve UPI mandate (not banked the applications). Looks like these applicants were fake from day 1
Don't rely on subscription figure but word of mouth from your friends

Guys OFF topic but many people working here in IT sector so asking..
1)where do you see future of IT industry? It's still high potential Industry like 2014-2021 era or not..
2) I am asking it because recent FB,NETFLIX,TWITTER Fiasco put pressure on other IT's valuation..
3) TCS not able to cross 52 week high despite buyback,wipro making new low..

For me I am still holding some gems from this sector i have plan to go on long.. but just asking I haven't seen market during .com bubble..

Latest GMP please ?

It is +- 10 as per IPO Watch. Now, both + and - means both ways (premium and discount) are possible.

60% is OFS.
Need to think twice before applying IPO with OFS.

Campus was 100% OFS which gave decent return upto 43% and still above its issue price.
There can't be Black and White rule for every IPO.

@Jetha Lal,
Campus had high demand, GMP was there, price was also ok. Listing is mainly based on demand.
OFS is not only the parameter which affect share price , but I believe it is one of the crucial parameter.

This IPO may or may not list in premium . What I meant that one need to more cautious on high OFS IPO.

eMudhra is the largest licensed certifying authority in India. It also offers identity, authentication and signing solutions.

With the expected growth of digital industry and the security needs, I find good value for long term investors. If one thinks about listing gain risk is there in the current market scenario.

I am going to invest for long term.

IPO ALERT
Aether Industries Ltd.
Opening on 24th May 2022

Any one Holding Crompton ??

Why ABSL AMC is Crashing?

Fraud similar to axis MF..
Fund managers have dream to be Zunzunwala overnight...

eMudhra ki koi peer company listed hai??

Exact peer koi nahi hain. But affle, latent view, indiamart- profitable , platform company one can look at.

The company operates in two lines trust services and enterprise solutions and that too their enterprise solutions are across cyber security and digital transformation - big markets in India and globally.

In enterprise solutions, the company has unique products with less local competition... has managed to grow in global markets. Company will benefit from Digital India an industry growth estimates likely to be >30%.

I would recommend to go for it.:-)

@arun - thanks for comment

My 2 cents

-If you look at rhp, company’s positioning as one stop shop with trust services and products across digital identity and authentication each segment has different peer group

Even in digital signatures, company is both in India (maintained leadership) and other geo and as per industry section seems to be only player in and from India for ssl certificates

- While in theory yes, opportunity can be captured, look at company clients - the largest IT players, domestic / foreign banks, telecom, other large private sector companies in automotive etc + company solution being used in all central govt platforms - thus product has acceptability and maturity

-pe on annualised bassis seems to be -45. look at other profit making tech companies, some are trading a very high multiples ( happiest minds, latent view etc)

Finally, call must be taken based on how one views their positioning ( value, growth etc)

Let me give you some technical details. SSL certificates and digital signatures are just digital codes, creating these at almost zero cost to company but needs to provide infrastructure to validate these over time. thats great. but bad news is these are time bounded means expires after one year or two years etc. So when client needs to renew his digital asset, he can shop around. If competitor offer 5% discount, he will take it. Why? Because these assets are frictionless. Means you just copy past the code/certificate, it works. No one will notice the difference and every other thing on client side works automatically. Thats why I said no moat, no switching costs at all.
Contrast this! Lets say S&P 500 index, its heavily used by many and trillions of dollars etfs/mf are tie to this. One company cant suddenly decided to not to pay license fee to SPGI (S&P ticker) and name it.. say, PowerUser Index 500. No one will buy that. There is a wide moat here, switching is almost impossible.
This company may survive or even thrive.. but needs to face constant tough competition.

We have found a old dormant demat account with HSBC invest direct back from 2010, it seems HSBC has stopped retail brokerage services somewhere in 2013. Can anyone help on how to recover the demat account and use it?

if there are no shares in that account, forget it.
if you think there are shares, then try getting details from the company whose shares are in that account.
or else find out who took over hsbc retail business etc and approach them with whatever info u have to trace the old accounts. I think PAN number mapping was a must even 15 years ago