Protean eGov Technologies IPO Day 2: Issue subscribed to 3.22 times; retail, NII portions see strong demand

Also Read: Protean eGov Technologies IPO: Issue fully booked on Day 1; retail, NII portions oversubscribed

On the second day (November 07), the robust demand from the retail segment continued, with the subscription rate reaching 3.91 times. The non-institutional investors (NIIs) also showed strong interest, as the subscription in the segment reached 6.25 times. However, the employee and qualified institutional buyers (QIB) portions saw a less enthusiastic response, with the subscription rates of 7% and 76%, respectively, according to the data from BSE.

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Overall, the IPO received bids for 1,40,99,202 shares on Day 02 as against the 43,78,700 shares available for subscription, translating in a subscription rate of 3.22 times.

The price band for the offer has been fixed at ₹752–792 per equity share, with a face value of ₹10 each. The net offer is reserved for qualified institutional buyers at 50% of the total offer size, non-institutional investors at 15%, and retail investors at 35%.

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Retail investors have the opportunity to submit bids for up to 14 lots, with each lot containing 18 shares. At the upper end of the IPO price band, at ₹792, retail investors are required to make a minimum investment of ₹14,256 per lot.

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Protean eGov Technologies is engaged in conceptualising, developing, and executing nationally critical and population-scale greenfield technology solutions. It collaborates with the government and has extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions.

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The company was originally set up as a depository in 1995 and created a systemically important national infrastructure for capital market development in India. It has been the chief architect and implementer for some of the most critical and large-scale technology infrastructure projects in India, according to the company’s DRHP report.

Domestic brokerage firms have advised investors to subscribe to the issue.

Disclaimer: We advise investors to check with certified experts before making any investment decisions.

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Updated: 07 Nov 2023, 07:51 PM IST