EMA Partners India has been serving local and international businesses across all industry sectors, since 2003. The firm has been instrumental in helping its clients recruit thousands of leaders who have made a deep impact in their organizations and society at large. EMA partners is also a provider of leadership assessment and other advisory services to their clients. Their expertise lies in assessing, hiring and developing leaders at the Board, C-Suite and Senior Executive level across industries.

EMA Partners India, an Book Built Issue amounting to ₹ 76.01 Crores, consisting an Fresh Issue of 53.34 Lakh Shares worth 66.14 Crores and an Offer for Sale of 7.96 Lakh Shares totaling to 9.87 Crores. The subscription period for the EMA Partners India IPO opens on January 17, 2025, and closes on January 21, 2025. The allotment is expected to be finalized on or about Wednesday, January 22, 2025, and the shares will be listed on the NSE SME with a tentative listing date set on or about Friday, January 24, 2025.

The Share price band of EMA Partners India IPO is set at ₹ 117 to ₹ 124 per equity share. The Market Capitalisation of the EMA Partners India Limited at IPO price of ₹ 124 per equity share will be ₹ 288.25 Crores. The lot size of the IPO is 1,000 shares. Retail investors are required to invest a minimum of ₹ 1,24,000, while the minimum investment for High-Net-Worth Individuals (HNIs) is 2 lots (2,000 shares), amounting to ₹ 2,48,000.

INDORIENT FINANCIAL SERVICES LIMITED is the book running lead manager of the EMA Partners India IPO, while Bigshare Services Private Limited is the registrar for the issue. Alacrity Securities Limited is the Market Maker for EMA Partners India IPO.

EMA Partners India Limited IPO GMP Today
The Grey Market Premium of EMA Partners India Limited IPO is expected to be ₹ 0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.

EMA Partners India Limited Day Wise IPO GMP Trend

Date	IPO Price	Expected Listing Price	GMP	Last Updated
14 January 2025	₹ 124	₹ 124	₹ 0 (0.00%)	04:00 PM; 14 Jan 2025

EMA Partners India Limited IPO Live Subscription Status Today: Real-Time Update
As of 05:00 PM on 17th January, 2025, the EMA Partners India IPO live subscription status shows that the IPO subscribed 0.48 times on its First day of subscription period. Check the EMA Partners India IPO Live Subscription Status Today at NSE.

EMA Partners India IPO Anchor Investors Report
EMA Partners India has raised ₹ 21.65 Crores from Anchor Investors at a price of ₹ 124 per shares in consultation of the Book Running Lead Managers. The company allocated 17,46,000 equity shares to the Anchor Investors. Check Full List of EMA Partners India Anchor Investor List.

Note:- Equity Shares allotted to Anchor Investors (if any) are allotted from Qualified Institutional Buyers (QIBs) reservation portion.
Note:- The Number of shares offered shown IPO subscription section table is calculated at the lower end of the price band and Number of shares calculated in IPO details table section is calculated at upper end of the price band in case of Book Building Issue, so there can be difference. This is because we assume shares will be issued by the company at upper band as Anchor Investors also subscribe at upper band and shares will be issued at lower band only if in case of undersubscription of IPO.
Note:- Market Maker portion (if any) are not shown separately in subscription table and included in NIIs reservation portion

EMA Partners India Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
EMA Partners India IPO allotment date is 22 January, 2025, Wednesday. EMA Partners India IPO Allotment will be out on 22nd January, 2025 and will be live on Registrar Website from the allotment date. Check EMA Partners India IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select EMA Partners India Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID.
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.

Objectives of EMA Partners India Limited IPO
EMA Partners India proposes to utilise the Net Proceeds towards the following objects: 
1. ₹ 2,553.16 Lakh is required for Augmenting Leadership Team for (a) the Company and (b) its subsidiaries
2. ₹ 115.32 Lakh is required for Capital expenditure towards upgrading the existing IT infrastructure for (a) the Company and (b) its subsidiaries
3. ₹ 542.70 Lakh is required for Repayment and/or pre-payment, in full, of the borrowing availed by the Company with respect to purchase of office premises
4. General Corporate Purposes and unidentified inorganic acquisitions

Refer to EMA Partners India Limited RHP for more details about the Company.

Check latest IPO Review & analysis, Live IPO GMP today, Live IPO Subscription Status Today, Share Price, Financial Information and other details before applying in the IPO.

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About EMA Partners India Limited

BUSINESS OVERVIEW

EMA Partners India Limited is a leading executive search firm providing customized leadership hiring solutions across diverse sectors. It has recruited numerous business and functional leaders for domestic and international clients.

On September 25, 2003, the company entered into a membership agreement with EMA Partners International Limited, a London-based organization that connects independent professional firms globally to deliver executive search services. The key objectives of EMA Partners International include:

• Facilitating global executive search services for member firms’ clients.
• Encouraging collaboration among member firms to meet client needs.
• Promoting the EMA Partners International brand within the international business community.
• Advancing professional and business interests of member firms.

The membership allows the company to use the EMA brand name. Headquartered in Mumbai, the company operates offices in Chennai, Gurgaon, and Bengaluru. To leverage global talent and opportunities, it expanded to Singapore in 2010 with a subsidiary, EMA Partners Singapore Pte Ltd. Further growth led to establishing two subsidiaries in the Middle East:

i. EMA Partners Executive Search Limited, Dubai (March 2017)
ii. James Douglas Professional Search Limited, Dubai (July 2022).

The Company had 117 full-time employees as at November 30, 2024 including their subsidiaries. The Banker to the Company is Axis Bank Limited

INDUSTRY ANALYSIS

Employment Landscape in India
As of the latest data, the overall Work Population Ratio (WPR) has increased from 46.8% to 52.9%, highlighting the percentage of individuals aged 15 and above who are actively employed. Efforts are being made to increase this ratio through various skill development and employment generation programs.

The Labor Force Participation Rate (LFPR) increased from 49.8% to 57.9%, showing more people engaged in or seeking employment. The Unemployment Rate (UR) decreased from 6.0% to 3.2%, reflecting a reduction in joblessness. This trend suggests a strengthening labor market with more employment opportunities and higher workforce participation.

From the year 2017-22, the distribution of workers across industries showed distinctive trends. Agriculture employed the largest share, ranging from 44.1% to 45.5%, highlighting its role in employment stability. The Trade, Hotel & Restaurant sector maintained a steady share of 12.0% to 13.2%, reflecting consistent demand.

Construction remained significant, with a share between 11.7% and 12.4%, indicating its role in infrastructure. Manufacturing fluctuated, declining from 12.1% in 2017-18 to 10.9% in 2020-21 but rebounding to 11.6% in 2021-22, showing sensitivity to economic shifts.

Sectors like Transport, Storage & Communications, Electricity, Water, and Mining & Quarrying maintained stable, smaller shares, contributing to workforce diversity. These trends underscore the varied economic contributions and resilience of different sectors.

The past financial year saw limited formal job creation, with only 5% growth in Employee Provident Fund Organization (EPFO), enrollments in FY’2023-24. The EPFO payroll added 1.44 crore people in financial year 2024, up from 1.38 crore in FY’2022-23.

This modest increase contrasts with the significantly higher growth of 58% in financial year 2022 and 13% in FY’2022-23, reflecting a more substantial post-pandemic recovery.

In FY’2022-23, expert service sector that includes manpower supplies, normal contractors and security services and more contributed ~51.0% to the formal job creation. This sector caters to wide range of industries including IT, retail, manufacturing and more. Ongoing infrastructure projects, need for specialized services and various government policies promoting formal job creation added to the growth in this sector.

INDIA’s Staffing and recruitment market
The recruitment and staffing industry posted revenues of INR 9,890 Cr in FY 2018-19, which has reached INR 12,430 Cr in FY 2023-24, at a CAGR of 5.9%. This represents the addressable market opportunity for all the recruitment and HR outsourcing players inclusive of Leadership hiring/ executive search, Professional hiring and general recruitment.

Rising demand for skilled labor across various industries, technological advancements in recruitment processes such as AI and automation, and the expansion of sectors like IT and healthcare are driving significant hiring needs.

88% of professionals aged 18-24 are contemplating a career change, compared to 64% of those aged 45-54 in next 1 year. Young Professionals are considering to switch jobs this year for higher wage and work-life balance and flexibility. (source: Linkedin Economic Data Survey – 2070 workers aged 18+)

The Indian Staffing & Recruitment Industry in India is expected to grow at a CAGR of 4.9% from FY’2023-24 to FY’2028-29. The market is expected to reach INR 15,770 Cr by FY’2028-29.

India boasts a young & rapidly growing workforce, providing a substantial demographic dividend. This youthful population is a valuable asset, offering large pool of potential employees for various sectors, from tech startups to traditional manufacturing.

Indian staffing and recruitment firms are uniquely positioned to capitalize on the burgeoning opportunities in the EMEA, USA, and Southeast Asian markets. These regions offer lucrative growth prospects for Indian firms due to the high demand for skilled talent across critical sectors such as IT, healthcare, engineering, and finance. With their unparalleled expertise in sourcing top-tier professionals, Indian firms are well-equipped to address these needs. Leveraging robust talent pools and a keen understanding of global workforce dynamics, these firms offer cost-effective, efficient solutions that can drive significant value for international businesses.

EMEA region
The market size for EMEA in 2024 is projected to be USD 265.9 billion, with an impressive CAGR of 12%, reaching USD 468.5 billion by 2029. With recruitment firm penetration in EMEA at just 1.5%, Indian firms have substantial opportunities to expand into this market, capitalizing on the untapped potential and growing demand for efficient talent solutions.

Southeast Asia
Southeast Asia is expected to grow from USD 1.8 billion in 2024 to USD 3 billion in 2029, at a CAGR of 13.4%. This is due to rapid digital transformation and increasing foreign investments. Indian professionals constitute ~12% of the expatriate workforce in countries like Singapore and Malaysia, fueling the need for recruitment services that address this talent pool.

USA
The USA market is posed to grow from USD 47.7 billion in 2024 to USD 83 billion by 2029 with an 11.8% CAGR, is also fueled by advancements in AI and automation. This is driven by the high demand for Indian talent in tech hubs like Silicon Valley and New York City. This growth is supported by a 10-15% annual increase in recruitment activity among Indian diaspora professionals in these regions.

These figures underscore the vast opportunities available for Indian recruitment firms to enter and flourish in these regions.

BUSINESS STRENGTHS

1. Experienced Leadership and Management Team
Led by Managing Director and co-founder Mr. Krishnan Sudarshan, the company benefits from his 20+ years of experience in executive search and recruitment. As Chairman & Managing Director, he oversees strategy and execution across businesses and manages key client relationships. Additionally, he serves as the regional chair for Asia for EMA Partners International.

2. Long-Standing Client Relationships and Recurring Business
Over two decades of industry expertise have fostered strong, long-term client relationships, resulting in significant repeat business. This reflects the ability to manage complex requirements, provide value-added solutions, and deliver exceptional client service.

3. Extensive Industry Expertise
Recruitment assignments span multiple sectors, including Information Technology, Healthcare, Education, Private Equity, Venture Capital, Banking and Financial Services, Real Estate, and Energy. Teams with specialized expertise enhance the execution of assignments across various industries and business verticals.

4. Robust Technology and Processes for Operational Efficiency
The company leverages advanced technology tools and a SaaS platform to streamline operations, particularly for entry-level hiring. These innovations have improved operational efficiency, standardized processes, and enabled the handling of increasing assignment volumes while ensuring timely candidate placements.

BUSINESS STRATEGIES

1. Expansion Through Organic Growth and Strategic Acquisitions
The company plans to expand its presence using both organic and inorganic strategies, leveraging client relationships and the EMA Partners International Network. Key markets for growth include India, the US, the UK, and Saudi Arabia, driven by the global demand for skilled talent and cost-effective recruitment solutions. By combining controlled organic expansion with acquisitions, the company aims to strengthen its global footprint, increase market share, and enhance its position as a leading executive search firm.

2. Growth in Technology and Digital Recruitment
The adoption of AI and automation is central to the company’s efforts to streamline recruitment processes. Tools such as Applicant Tracking Systems (ATS), AI-driven automation for repetitive tasks, and data analytics enhance efficiency and decision-making. The MyRCloud platform integrates companies, recruiters, and candidates through workflow tools, robotic video interviews, and AI/ML-based screening algorithms, offering scalable recruitment solutions. Continued investment in technology will further simplify and improve hiring processes.

3. Expanding the Leadership Team
The company seeks to recruit seasoned senior professionals to enhance expertise across industries and business functions. These leaders, with extensive networks and proven track records, will enable penetration into new business segments and foster relationships with industry leaders. This approach will strengthen the company’s reputation, attract high-profile clients, and place top-tier talent in leadership roles.

BUSINESS RISK FACTORS

1. Reliance on Large Clients
A significant portion of revenue is derived from large clients. Any deterioration in their financial condition, failure to expand business with them, or their loss may adversely affect revenue, profitability, and growth. For instance, the top ten clients contributed approximately 41.65% of total revenue for the four months ended July 31, 2024, while the largest client accounted for 8.27% during the same period.

2. Scalability and Obsolescence of MyRCloud Platform
The MyRCloud platform, developed through investment in Reccloud Technologies, integrates companies, recruiters, and candidates for scalable recruitment solutions. However, failure to scale the platform, enhance its features, or address obsolescence may hinder revenue growth and result in an inability to recover the investment.

3. Intense Market Competition
The fragmented human resource consulting market in India faces competition from domestic boutique firms and global players with substantial resources. Additionally, competition arises from web-based platforms, gig economy services, and in-house HR teams utilizing advanced social media and professional tools, potentially impacting market share and demand for services.

4. Geographical Expansion Challenges
The business is currently concentrated in India, UAE, and Singapore, with plans to expand into the US, UK, and Saudi Arabia. Expansion involves significant costs, compliance with foreign regulations, cultural adaptation, recruitment challenges, and market establishment risks. The required investments may not yield expected returns, straining financial resources.

NOTE : EMA Partners India Limited faces key risks, including over-reliance on large clients, potential challenges in scaling the MyRCloud platform, intense industry competition, and high costs associated with geographical expansion. These factors could impact revenue, market share, and profitability. Addressing these risks through diversification, technological advancement, and strategic resource allocation is essential for sustained growth.