Stockmarket

Protean eGov Technologies finalizes IPO allotment, set for BSE listing on November 13



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Protean eGov Technologies Limited, a leading developer of citizen-centric e-governance solutions, is set to finalize its equity shares allotment today. This follows a successful three-day bidding process from November 6 to November 8, where the company aimed to raise ₹490.33 crore ($65.4 million) through an offer-for-sale (OFS) of up to 61.91 lakh equity shares.

The initial public offering (IPO) saw strong subscription rates, being subscribed 23.86 times overall. The institutional investors showed the highest interest with Qualified Institutional Buyers (QIBs) subscribing 46.94 times, followed by non-institutional investors at 31.62 times. Retail investors and employees also participated at 8.93 times and 1.49 times, respectively.

The IPO was sold at a price range of ₹752-792 per share with a lot size of 18 shares. Today, bidders are expected to receive alerts for amount debit or mandate revocation by late night or early Friday.

Despite the robust interest from investors, Protean eGov’s grey market premium (GMP) dropped in the unofficial market to a premium of ₹80-85 per share, indicating a possible 10 percent listing pop.

Protean eGov Technologies Limited’s shares are scheduled for listing on the Bombay Stock Exchange (BSE) under the T+3 listing regime on Monday, November 13, 2023.

As of today, the firm’s shares are trading at a ₹94 premium in the grey market. The company’s stronghold in the digital infrastructure business and experienced management have elicited positive sentiments from brokerage firms.

Other stocks suggested for investors’ attention include Power Finance, Tata Power, Lupin, Raymond, HAL, and Bata India. As always, certified experts should be consulted before making investment decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.



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