EMA Partners India Limited is an executive search firm offering specialized hiring solutions. EMA Partners IPO looks to raise Rs 76.01 crores. The issue is a combination of fresh issue aggregating to Rs 66.14 crores and offer for sale aggregating to Rs 9.87 crores.
IPO opens
January 17, 2025
IPO Closes
January 21, 2025
IPO Size (Rs.)
₹76.01 Cr
Breakup
Fresh issue ₹ 66.14 Cr + OFS 9.87 crore
Face Value:
₹ 5
IPO Price in Rs :
₹117 to ₹124 per share
Minimum Lot
1,000 Shares
Listing At
NSE SME
QIB Quota
~50%
NII Quota
~15%
Retail Quota
~35%
Lead Manager
Indorient Financial Services Ltd
Registrar
Bigshare Services Pvt Ltd
Market maker
Alacrity Securities Ltd..
About: EMA Partners India Limited
EMA Partners India is a prominent executive search and leadership advisory firm, established in 2003. It operates as part of the larger EMA Partners network, which has a global presence with offices across multiple continents. The firm specializes in recruiting top-level executives, particularly for C-suite and board positions, across various industries including automotive, banking, healthcare, and technology.
Headquarters: Mumbai, India
Key Services:
Executive Search
Leadership Advisory
Board Consulting
Director Appointments
Mr. Krishnan Sudarshan and Mr. Subramanian Krishnaprakash are the promoters of the company.
Financials: EMA Partners IPO
Paraetter / Rs. Lacs
4m FY25
31-Mar-24
31-Mar-23
31-Mar-22
Revenue from Operations
2,588.32
6,729.62
5,014.28
5,695.68
EBITDA
635.1
1,648.59
407.81
1,412.26
EBITDA Margin
24.54%
24.50%
8.13%
24.80%
PAT
437.22
1,427.30
307.07
1,127.06
PAT Margin
16.61%
20.74%
6.01%
19.48%
Net Worth
5,782.72
5,373.95
3,945.52
3,888.45
Return on Net Worth
7.84%
30.63%
7.84%
33.90%
Debtors Turnover Ratio – Days
91
85
96
67
Fee Earners (Number)
23
28
22
20
Operating Revenue Per Fee Earning Employee
112.54
240.34
227.92
284.78
Post issue Share Capital
987
FV
5
IPO price
124
EPS Fy24
7.23
PE
17.15
EPS Fy25 (annualized)
6.64
PE (annualized)
18.66
Market cap in cr.
24478
Market cap / Sales
3.64
Anchors: EMA Partners IPO
EMA Partners IPO: Salient Points
The offer and net offer constitute 26.37% and 25.05%, respectively, of the post-offer paid-up equity share capital
Use of Net proceeds :
Use of Net Proceeds
Estimated Amount (₹ in Lakhs)
Augmenting Leadership Team for the Company and its subsidiaries
2,553.16
Capital expenditure for upgrading IT infrastructure
644.64
Repayment/prepayment of borrowing for office premises
542.70
General Corporate Purposes and unidentified inorganic acquisitions
[●]
EMA Partners India has a strong track record in sectors such as Pharmaceuticals, Financial Services, Energy, and Information Technology. The firm has successfully managed over 400 executive search engagements for both global and Indian corporations.
Revenue Bifurcation by Geographical Location
Revenue By Geographical Location (Rs Lacs)
4mFY25
Fiscal Year 2024
Fiscal Year 2023
Fiscal Year 2022
India
2,048.33
4,607.57
3,885.01
4,262.98
Singapore
18.46
371.40
98.85
241.78
Dubai
521.53
1,750.65
1,030.41
1,190.9
Revenue Bifurcation by level of hiring
Revenue By Level of Hiring (Rs Lacs)
4mFY25
Fiscal Year 2024
Fiscal Year 2023
Fiscal Year 2022
Board and C suite hiring
2,211.70
5,842.94
4,314.32
5,191.75
Entry to mid-level executives
214.48
654.35
455.94
344.39
Mid-level to senior level executives
162.14
232.33
244.02
159.54
Strong domestic presence with offices in many major Indian cities.
International expansion to Southeast Asia and Middle East will help it to capitalize on emerging opportunities.
The firm has significant experience in international hiring strategies, assisting clients in building teams across different markets. This includes operations not only in India but also in Singapore and Dubai, where it has expanded its presence since 2010 and 2017 respectively.
Through the years, they have worked with over 500 domestic and international clients. and their focus has been on top executive search focused on the C-suite arm.
In 2022, They launched James Douglas, a dedicated arm targeting mid-to-senior-level hiring with compensation ranging from INR 50 lakh to over INR 1 crore.
In addition, they are working on a SaaS-based recruitment platform designed to simplify bulk hiring and aggregate small recruiters into one ecosystem. This SaaS platform is named MyRCloud and is designed to address mass recruitment needs. Companies can post job requirements, and independent/freelance recruiters on the platform handle sourcing and hiring with AI/workflow and automation tools to manage interviews and selection process.
Peers:
Company
Revenue (Rs. Cr)
EBITDA Margin
PAT Margin
P/E
Mcap/sales
D/E Ratio
EMA Partners (FY 24)
67.3
24.50%
20.74%
17.15
3.64
0.12
Quess Corp (TTM)
19,934
3.79 %
1.84 %
26.6
0.49
0.24
Teamlease services (TTM)
10,254
1.25 %
1.01 %
46.1
0.45
0.15
Its presence in top end end search segment is reflected in its Margins.
PE FY25 (annualized) 18x ; PE Fy24: 17.15x.
By virtue of its association with EMA Partners International, the company is able to tap into a vast network of global talent and resources.Its plans include entering international markets like Southeast Asia and the Middle East.
Company looks poised for sustained growth by leveraging its strong domestic presence, international presence, and collaboration with a global network of member firms. It may remain a preferred partner for companies looking for top talent. providing access to international clients and opportunities..
I intend to apply in EMA Partners IPO. Decent price compared to two listed peers even as it has much superior margins. Can be a unique play and thus falls in a must apply category for me. Excellent anchor book.
GMP as reported on social media is Ra. 80 (65%) at this juncture.
Lead Manager has a good record.
Market maker also has a fair record.
SME IPOs are quite volatile and new retail investors need to exercise considerable caution in my view.
This post is exploratory and educational purposes only. Please do your own diligence before investing in SME IPOs like this.
Standard disclaimer: I am not a SEBI registered analyst and above analysis is for educational purpose only. Iam a postgraduate in engineering & Management . I have in the past cleared some exams like NISM-Series-V-A: Mutual Fund Distributors Certification, NISM-Series-X-A: Investment Adviser (Level 1) Certification and NISM-Series-X-B: Investment Adviser (Level 2) Examination. This post is my view on the subject matter and is only academic and exploratory in nature. It is not meant to influence investment decisions of investors. I may have bias/vested interest in covered Stock/Mutual Funds/NCD etc. due to my own investment or leaning. Further my understanding of the areas on which I write may be imperfect or incomplete and data could be wrong due to limited time and resources at my disposal. Do check the data from company’s RHP and exchanges before making any decision. Please do your own due diligence as stock market/MF investments have high degree of inherent risk.
