Protean eGov Technologies IPO, Protean eGov Technologies IPO subscription status: Protean eGov Technologies IPO's share sale received bids for 10,44,65,250 shares against 43,78,700 shares on offer. Overall, the public issue was subscribed 23.86 times.The IPO of Protean eGov Technologies opened for subscription on Monday, November 6, with a price band of Rs 752 and Rs 792 per share. The Rs 490-crore public issue will be open for subscription for three trading days, i.e., until November 8 from 10 am to 5 pm.

Category Subscription (No. of times the equity reserved)
Qualified institutional buyers  46.94
Non-institutional investors 31.62
Retail investors 8.93
Overall 23.86
Source: Exchange data

Protean eGov IPO review: Should you subscribe to it? Here is what Anil Singhvi suggests

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Zee Business Managing Editor Anil Singhvi said that investors should apply for IPO for reasonal listing gains and for long term. Here are the points he shared: 

Positives:

  • Market leader in E-governance solutions
  • Experienced and professional management
  • Debt free company with strong cash flows
  • Strong growth outlook
  • Attractive valuations

Negatives:

  • Mostly dependant on government projects

Protean eGov Technologies IPO allotment date

The basis of the allotment of shares under the IPO of Protean eGov Technologies is set to be finalised on November 13. Successful bidders will get shares credited into their demat accounts on November 16, whereas other participants will have refunds initiated on November 17.

Protean eGov Technologies IPO listing date

The Protean eGov Technologies stock is likely to be listed in the secondary market on November 17. The stock will be traded on the BSE and NSE.

Protean eGov Technologies IPO lot size

The minimum lot size is 18 shares, translating to Rs 13,536–14,256 per lot.

Protean eGov Technologies IPO OFS

The public issue is purely an offer-for-sale (OFS) by existing shareholders. The OFS size has been reduced to 61.91 lakh equity shares, from 1.28 crore equity shares planned earlier. Besides, the offer includes a reservation of 1.5 lakh equity shares for the company's employees at a discount of Rs 75 per share to the final offer price.

Those offering shares in the OFS include IIFL Special Opportunities Funds, NSE Investments, Administrator of the Specified Undertaking of the Unit Trust of India, HDFC Bank, Axis Bank, Deutsche Bank AG, Punjab National Bank, and Union Bank of India.

Protean eGov Technologies IPO: Book-running lead managers

ICICI Securities, Equirus Capital, IIFL Securities, and Nomura Financial Advisory and Securities (India) are the book-running lead managers to the issue.

What does Protean eGov Technologies do?

Protean eGov Technologies is one of the key IT-enabled solution companies in India engaged in conceptualising, developing, and executing nationally critical and population-scale greenfield technology solutions. The company collaborated with the government and has extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions.

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With PTI Inputs