eMudhra IPO (Initial Public Offer) made a flat debut on the exchanges, NSE and BSE, on Wednesday. Shares of digital signature certificate provider eMudhra were listed at Rs 271 per share on the BSE. It was a premium of Rs 15 or 5.86% on the upper band of the IPO price at Rs 256 per share.

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The company had fixed eMudhra price band at Rs 243-256 per share. On the NSE, eMudhra shares were listed higher by five per cent (5.47%) or Rs 14 premium to Rs 270 per share 

Earlier, the three-day IPO was subscribed 2.72 times on the last day of subscription. Against 1,13,64,784 shares on offer, the IPO received bids for 3,09,02,516 shares on the final day of the subscription. The three-day IPO, which opened for subscription on May 20, concluded on May 24. 

Half of the issue was for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.    

The company plans to use proceeds from the fresh issue to repay debt, support working capital requirements, purchase equipment and pay for other related costs for data centre costs proposed to be set up in India and overseas locations, develop products, investment in eMudhra INC and for general corporate purposes.   

Earlier, Zee Business Managing Editor Anil Singhvi had said the shares would list around the IPO price. "Expected to list near or slightly below issue price of Rs 256," said Singhvi in his IPO preview.   

eMudhra is engaged in the business of providing digital trust services and enterprise solutions to individuals and organisations functioning in various industries. It is a 'one stop shop' player in secure digital transformation and provides a wide spectrum of services and solutions from issuance of certificates as a certifying authority to offering identity, authentication and signing solutions. The company has been in this business for over 12 years and has operations in more than 50 countries, the company website says.