Protean eGov Tech IPO Allotment Status Released: Check Application, Latest GMP and Listing Date

Protean eGov Technologies announced the basis for allotment of its shares for the IPO early on Friday, November 10. Bidders applying for the IPO have started receiving share allotment notices and/or revocation notices. The company is expected to debut on the first day of Samvat 2080, which is Monday, November 12th. Protean eGov Technologies sold its primary offer for Rs 490.33 crore in the fixed price band of Rs 752-792 per share with a lot size of 18 shares. The issue could be subscribed between November 6th and 8th. The e-governance solutions provider’s IPO was strictly an offer for sale (OFS) of up to 61.91 lakh shares. The issue was heavily subscribed at 23.86 times overall, thanks to aggressive bidding from Qualified Institutional Bidders (QIBs) and Non-Institutional Investors (NIIs), whose quota was booked 46.94 times and 31.62 times respectively. The allotment reserved for retail investors and employees was subscribed 8.93 times and 1.49 times respectively. Protean e-Gov Technologies’ gray market premium (GMP) has declined despite strong buying interest from investors across categories. It was recently revealed that Protean e-Gov Tech fetched a premium of around Rs 80 apiece in the unofficial market, translating into a stock market gain of around 10 per cent for investors on debut. Protean eGov Technologies, formerly known as NSDL e-Governance Infrastructure, is engaged in developing citizen-centric and population-wide e-governance solutions. It has played a crucial role in the development of capital markets infrastructure in India and implemented some of the country’s key technological infrastructure. The brokerage firms tracking the issue were mostly positive about the issue and had a subscribe rating for it. They cited the strong presence in the digital infrastructure business, governance solutions, experienced and competent management, and barriers to entry into the niche business model as the main positive aspects, but the overall OFS issue and high valuations were the main concerns. Equirus Capital, IIFL Securities ICICI Securities and Nomura Financial Advisory managed the issue while Link Intime India acted as registrar. The company’s shares are listed exclusively on the BSE. Investors bidding for the issue of Protean e-Gov Technologies can check the allotment status on the IPO application verification page of the BSE website. Check in Equity, select “Protean e-Gov Technologies Limited” under “Issue Type” in the dropbox. Enter the application number and add the PAN card number before checking in at I am not a robot before clicking on the submit button. Allotment status can also be checked through the online portal of Link Intime India, the issue registrar. Visit the Link Intime web portal and select Protean e-Gov Tech IPO in the dropbox. Enter the PAN card numbers and click “Search” to get the quota status for your application.

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