Protean IPO listing: Share price jumps after flat debut. Buy, sell or hold?

According to stock market experts, Protean eGov Technologies Limited has a government-backed operational capacity. The issue has listed below market estimates but medium to long term investors can take advantage of flat listing and accumulate more for maximising medium to long term returns.

Protean eGov share price makes a flat debut; shares list at ₹792 apiece on BSE

Protean share price opening details

Speaking on Protean eGov Technologies Limited share listing, Prashant Tapse, Senior VP — Research at Mehta Equities said, “Despite being 100% offer-for-sale by the Rathee family and fully priced-in IPO offer, the entire issue received an overwhelming response from all kinds of investors especially from QIB’s 142 times. We believe the demand was on the back of the company being the largest manufacturer and supplier (preferred partner) of brake-shoe and Advance Braking Systems (ABS) catering to almost all automobile companies in the critical equipment segment acted as a proxy play for the automobile sector.”

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“Considering all the factors, we strongly believe that the ASK Automotive gives allotted investors a long term opportunity to hold and raid the growth in automobile sector, hence recommending all allotted investors “HOLD FOR LONG TERM” while those who failed to get allotments can accumulate on the listing day for holding it for healthy long term returns as markets always reward a player who has high visibility and growth potential,” said Prashant Tapse.

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Advising long term investors to hold Protean shares, Mahesh M Ojha, AVP — Research & Business Development at Hensex Securities said, “Protean eGov Technologies Ltd made a Flat debut delivering 2.65% to the Investors. The company has Government backed operational capacity, It has a Pioneer position and is market leader in; universal, citizen centric and population scale e-governance solution. Company has Secure, Scalable and advanced technology infrastructure, Large Infrastructure with Pan-India network, Diversified, granule and annuity based services offerings and Trace record of healthy financial performance. The company however can be a good portfolio pick. We suggest investors to hold for Medium to Long Term Investment.”

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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Updated: 13 Nov 2023, 12:00 PM IST