The initial share sale of digital signature certificates provider eMudhra Ltd will open for public on May 20. According to the Red Herring Prospectus (RHP), the Initial Public Offering (IPO) will conclude on May 24 and the bidding for anchor investors will open on May 19.The company has cut the size of the fresh issue from Rs 200 crore to Rs 161 crore. This follows the Bengaluru-based company allocating 16,03,617 shares for Rs 39 crore under a pre-IPO placement. Besides, there will be an Offer For Sale (OFS) of 98.35 lakh shares by promoters and existing shareholders.As part of the OFS, promoters -- Venkatraman Srinivasan and Taarav Pte Ltd -- will offload 32.89 lakh equity and 45.16 lakh equity shares, respectively. In addition, Kaushik Srinivasan will divest 5.1 lakh equity shares, Lakshmi Kaushik 5.04 lakh equity shares, Arvind Srinivasan, 8.81 lakh equity shares and Aishwarya Arvind 1.33 lakh equity shares.Also Read | Prudent Corporate Advisory IPO subscribed 1.22 times on last dayProceeds from the fresh issue will be utilised to repay debt, support working capital requirements, purchase equipment and pay for other related costs for data centres proposed to be set up in India and overseas locations. The amount will also be used to develop products, investment in eMudhra INC and for general corporate purposes. eMudhra is the largest licensed certifying authority in India with a market share of 37.9 percent in the digital signature certificates space in the financial year 2021.The company 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 the issuance of certificates as a certifying authority to offering identity, authentication and signing solution.IIFL Securities, Yes Securities and Indorient Financial Services are the book running lead managers for the issue.