Following a good response to the initial public offering (IPO), shares of Protean eGov Technologies, formerly NSDL E-Governance Infrastructure, will be listed on the stock exchange on Monday, November 13 ₹870 against the issue price of ₹792 due to the company’s strong growth potential and good subscription numbers.
However, it is important to note that gray market premiums are only an indicator of how the company’s shares are positioned in the unlisted market and can change quickly.
The IPO, which is purely an offer for sale (OFS) of 61.91 lakh shares, ended up receiving a handsome subscription of 23.86 times.
The retail and NII categories have so far been booked 8.9 times and 31.63 times respectively. The “Qualified Institutional Buyers” category was booked 46.9 times.
As part of the OFS, 360 One Special Opportunities Fund, NSE Investments, HDFC Bank, Axis Bank and Deutsche Bank, among others, will sell their partial shares.
The company sold its shares in the area ₹752-792 per share, with an increase planned at the upper end ₹490 crore.
Ahead of the issue launch, Protean eGov Tech had raised ₹143.5 crore from several anchor investors including SBI Life Insurance, LIC Mutual Fund and Societe Generale.
ICICI Securities, Equirus Capital, IIFL Securities and Nomura Financial Advisory and Securities (India) acted as underwriters of the issue while Link Intime India acted as registrar. The company’s shares are listed only on the BSE.
Protean eGOV Technologies is a leading IT-enabled solutions company engaged in the design, development and implementation of nationally important and population-wide greenfield technology solutions. The company has more than 25 years of experience developing digital infrastructure and governance solutions.
For the June 2023 quarter, Protean reported profit of ₹32.21 crore and revenue of ₹233.17 crore.
First Published: November 11, 2023 3:41 PM IST
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