Protean eGov Technologies IPO: The initial public offering (IPO) of Protean eGov Technologies Limited has hit primary market today and it will remain available for bidding till 8th November 2023. The book build issue has been offered at a price band of ₹752 to ₹792 per equity share. The company aims to raise ₹490.33 crore from its public offer, which is completely offer for sale (OFS) in nature.
Meanwhile, shares of Protean eGov Technologies Ltd are avilable for trade in grey market now. According to market observers, shares of Protean eGov Technologies Ltd are available at a premium of ₹180 in grey market today.
Protean eGov Technologies IPO subscription status
By 11:24 AM on day one of bidding, the public issue has been subscribed 0.2 times whereas its retail portion has been subscribed 0.32 times. The issue has been subscribed 0.30 times in NII category.
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1] Protean eGov Technologies IPO GMP: Shares of Protean eGov Technologies Ltd are availagle at a premium of ₹180 in unlisted stock market, say market observers.
2] Protean eGov Technologies IPO price: The book build issue has been offered at a price band of ₹752 to ₹792 per equity share.
3] Protean eGov Technologies IPO subscription date: The public issue has opened today and it will remain open for bidding till 8th November 2023.
4] Protean eGov Technologies IPO size: The company aims to raise ₹490.33 crore from its public offer, which is completely offer for sale (OFS) in nature.
5] Protean eGov Technologies IPO lot size: A bidder will be able to apply in lots and one lot comprises 18 company shares.
6] Protean eGov Technologies IPO allotment date: In the wake of T+3 listing schedule, most likely date for finalisation of share allocation is 9th November 2023.
7] Protean eGov Technologies IPO registrar: Link Intime India Private Ltd has been appointed as official registrar of the public issue.
8] Protean eGov Technologies IPO listing: The public offer is proposed for listing on BSE and NSE.
9] Protean eGov Technologies IPO listing date: In the wake of T+3 listing schedule, most likely date for Protean eGov Technologies IPO listing is 13th November 2023.
Protean eGov Technologies IPO: Should you apply?
10] Protean eGov Technologies IPO review: Giving ‘subscribe’ tag for listing gain, Arun Kejriwal, Founder at Kejriwal Research and Investment Services said, “The company is the pioneer and market leader in universal, citizen-centric and population scale e-governance solutions. It has 25 years’ experience in creating digital public infrastructure. The company is tapping the capital markets with its offer for sale of 61.91 lac shares in a price band of ₹752-792. The issue would open on Monday the 6th of November and closes on Wednesday the 8th of November. The company had earned an EPS of ₹26.48 on a fully diluted basis for the year ended March 23. The PE ratio for the issue is 28.40-29.91. One of the selling shareholders is IIFL Special Opportunities Fund who had invested at a price of ₹950.10 some 6-7 years ago.
The primary market expert went on to add that the fact that this fund has not made money and is partly exiting the company at this price making a loss is comforting for investors, as it gives the signal that the company has been revalued based on its present business and performance. Looking at the pace of digitisation in India and the widespread use of the same, there is scope for appreciation. He said that one can apply for the public issue for listing gains.
Advising investors to apply for the public offer, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Even though the issue is completely OFS, the company has improved its business model and it has almost monopoly business in digital UPI transactions. So, the issue is expected to receive strong response and may list at handsome premium. However, my suggestion to investors is to go deep and invest for medium to long term time horizon.”
Swastika Investmart has also given ‘May Apply’ tag to the public issue.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.
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