Shares of eMudhra, a digital signature certificate provider, dropped nearly five percent after a decent listing on the bourses on Wednesday. The shares were listed at 5.86 per cent premium to Rs 271 per share, a gain of Rs 15 over the IPO price of Rs 256, on the BSE. On the NSE, eMudhra shares were listed at over five per cent (5.47%) or Rs 14 premium to Rs 270 per share. After touching the day' low of Rs 256.40 on the BSE, the counter was trading at Rs 260.70, down 3.8% on the issue price and below 1.84% on the listing price, around 1.30 pm.  

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Listing of eMudhra shares was largely in line with the expectations of experts, however, the stock erased listing gains to slip in the red in Wednesday's intraday trade. Experts have predicted a flat to positive listing for the shares. Here is what Zee Business Managing Editor Anil Singhvi, experts suggest one should do with the stock post listing.  

Singhvi said the company has experienced and good quality management with a strong growth outlook and commands market leadership. The impressive financial track record of eMudhra also infuses confidence from a long-term perspective. Besides, a little expensive valuation, there is no negative point to ponder on.  

He said long-term investors can stay put with the stock. "Long-term Investors can hold the share. Those who want to play safe can keep a stoploss of Rs 240," the expert said.  

Santosh Meena, Head of Research, Swastika Investmart Ltd, attributed tepid yet positive listing to current market conditions, good prospects and reasonably good responses from retail investors.  

eMudhra is India's largest licensed Certifying Authority and the only Indian company to be directly recognized by renowned browsers and document processing software companies such as Microsoft, Mozilla, Apple, and Adobe, Meena highlighted.  

He said it is also the only Indian company to be accredited to Webtrust, which makes their digital signature certificates directly recognized by browsers across the world allowing them to issue digital signature certificates in many countries. 

"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 & areas of business and the rich pricing of the issue make it suitable for long-term investors post listing," said Meena.     

Those who applied for listing gains can maintain a stop loss of Rs. 260, the expert added.  

Earlier, Aayush Agrawal, Senior Analyst, Swastika Investmart Ltd had said he expects a positive listing for the stock. "Post listing, the long-term investors may accumulate the stock," he said. 

Earlier, the 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. 

eMudhra is engaged in the business of providing digital trust services and enterprise solutions to individuals and organisations functioning in various industries.