After a healthy response to the initial public offering (IPO), the shares of Protean eGov Technologies, formerly NSDL E-Governance Infrastructure, will be listed on the exchanges on Monday, November 13. The stock is expected to open at around ₹870 against the issue price of ₹792 owing to the company’s strong growth potential and healthy subscription figures.
However, it is important to note that grey market premiums are just an indicator of how the company’s shares are stacked up in the unlisted market and are subject to change rapidly.
The IPO, which is completely an offer-for-sale (OFS) of 61.91 lakh equity shares, received a healthy subscription of 23.86 times at close.
The retail and NII categories were booked 8.9 times and 31.63 times so far, respectively. The qualified institutional buyers’ category was booked 46.9 times.
Under the OFS, 360 One Special Opportunities Fund, NSE Investments, HDFC Bank, Axis Bank, Deutsche Bank among others will offload their partial stakes.
The company has sold its shares in the range of ₹752-792 per share, and at the upper end, it plans to raise ₹490 crore.
Ahead of the issue opening, Protean eGov Tech had raised ₹143.5 crore from several anchor investors including SBI Life Insurance, LIC Mutual Fund, Societe Generale, among others.
ICICI Securities, Equirus Capital, IIFL Securities and Nomura Financial Advisory and Securities (India) acted as the book-running lead managers to the issue, while Link Intime India was the registrar. The equity shares of the company will be listed on only BSE.
Protean eGOV Technologies is a leading IT-enabled solutions company engaged in conceptualizing, developing and executing nationally critical and population-scale greenfield technology solutions. It has over 25 years of experience in creating digital infrastructure and governance solutions.
For the June 2023 quarter, Protean reported a profit of ₹32.21 crore and a revenue of ₹233.17 crore.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
