Protean eGov Technologies IPO Lists On BSE Flat At Rs 792, Shares Later Rise Over 3%

Protean eGov Technologies IPO, which was opened for public subscription between November 6 and November 8, on Monday witnessed a flat listing on the BSE at 792 per share as compared.

With the issue price of Rs 792 per share. The shares, however, later rose and were trading up by Rs 25.55 or 3.23 per cent higher at Rs 817.55 on the BSE at 10.23 am.

The Rs 490-crore IPO got a whopping 23.86 times subscription on the final day of subscription, receiving bids for 10,44,64,116 shares against 43,78,700 shares on offer. The category for retail individual investors (RIIs) got subscribed 8.93 times. The IPO of Protean eGov Technologies had received full subscription on the first day of the share sale on Monday.

Ahead of the IPO, Protean eGov Technologies (formerly known as NSDL E-Governance Infrastructure) mobilised a little over Rs 143 crore from anchor investors.

The public issue was purely an Offer of Sale (OFS) by existing shareholders. The OFS size was reduced to 61.91 lakh equity shares from 1.28 crore equity shares planned earlier.

Since the IPO was completely an OFS, the entire proceeds will go to the selling shareholders and the company will not receive any funds from the issue. The IPO had a price band of Rs 752-792 per share.

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.

Originally set up as a depository in 1995, it created a systemically important national infrastructure for capital market development in India. ICICI Securities, Equirus Capital, IIFL Securities and Nomura Financial Advisory and Securities (India) were the managers to the offer.