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Digital certificates provider eMudhra files draft IPO papers

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Bengaluru-based digital signature certificates provider eMudhra Ltd has sought the nod of Securities and Exchange Board of India's (Sebi) to raise funds via an initial public offering (IPO). The IPO consists of a fresh issue of INR 200 crore and an offer for sale of up to 8.51 million shares by its existing shareholders and promoters. The OFS comprises 3.29 million shares by Venkatraman Srinivasan, 3.19 million shares by Taarav Pte, 0.51 million shares by Kaushik Srinivasan, 0.51 million shares by Lakshmi Kaushik, 0.88 million shares by Arvind Srinivasan and 0.13 million shares by Aishwarya Arvind. The firm may consider a pre-IPO placement of INR 39 crore. IIFL Securities, Yes Securities and Indorient Financial Services are the banks managing the sale. eMudhra will use around INR 35 crore for repaying debt, INR 40.22 crore to fund working capital and INR 46.36 crore for buying equipment and funding data centres. It will use INR 15 crore for funding expenditure relating to product development and INR 15.27 crore for business development, sales, marketing and other related costs.