In recent news, the initial public offering (IPO) of Protean eGov Technologies Ltd, formerly NSDL e-Governance Infrastructure, made quite an impression in the investment world. The IPO, priced in a band of Rs 752-792, with a size of Rs 490 crore, was fully subscribed on the first day of its offering. The active participation of non-institutional and retail investors is the reason for this venture’s solid demand.
Issue Details: Allotment, Refund, and Listing Date
|IPO Open Date||Monday, November 6, 2023|
|IPO Close Date||Wednesday, November 8, 2023|
|Basis of Allotment||Monday, November 13, 2023|
|Listing Date||Monday, November 13, 2023|
Protean eGov Technologies IPO Subscription Status
The IPO received bids for a remarkable 47.16 lakh shares, exceeding the initial offering of 43.78 lakh. This enthusiastic response resulted in a subscription rate of 1.08 times, as reported by BSE. Notably, the retail segment of the IPO demonstrated exceptional demand, boasting a subscription rate of 1.50 times.
On the other hand, the non-institutional investors (NIIs) segment also garnered substantial interest, with a subscription rate of 1.65 times. However, the employee and qualified institutional buyers (QIB) portions received a comparatively lower response, with 1% and 31% subscription rates, respectively. The IPO’s subscription period is set to conclude on November 8.
Protean eGov Technologies IPO Allotment Status
The allotment status will be available once the basis of the allotment is confirmed. However, considering that Protean plans to list on BSE, here are the steps to follow
Checking Allotment Status on BSE
Follow these steps:
- Visit the official BSE allotment page here.
- Select Equity under ‘Issue Type.’
- Under ‘Issue Name.’ choose the IPO from the drop-down option
- Enter the application number or PAN
- Click ‘I am not a Robot’ to confirm your identity, then
- Click the ‘Submit’ button.
Offering and Shareholders
The IPO comprises a total offer size of 61.91 lakh shares, with selling shareholders including Union Bank of India, 360 One Special Opportunities Fund, HDFC Bank, Axis Bank, Deutsche Bank AG, NSE Investments, and the Administrator of the Specified Undertaking of the UTI. Additionally, the company has reserved 1.5 lakh equity shares for its employees, who enjoy a Rs 75 per share discount compared to the final issue price.
It’s important to note that the issue, excluding the employees’ shares, forms the net issue. Qualified institutional buyers are allotted 50% of the net issue size, while high-net-worth individuals (non-institutional investors) secure 15%, leaving 35% for retail investors. The portion designated for NIIs was oversubscribed at 1.65 times, while that for retail investors witnessed a robust demand at 1.5 times. QIBs have yet to bid, and the employees’ quota was subscribed 0.31 times.
Before its IPO, Protean eGov Technologies allocated 18,12,300 shares to anchor investors at Rs 792 apiece, raising Rs 143.5 crore. The anchor book included prominent names like ACM Global Fund VCC, SBI Life, Baroda BNP Paribas MF, Aditya Birla Sun Life, Societe Generale, Astorne Capital VCC – Arven, GAM Multistock-Emerging Markets Equity, LC Radiance Fund VCC, and BCAD Fund.
Protean eGov Technologies boasts a commendable track record of over 25 years in creating digital infrastructure and governance solutions. The company has enabled 19 nationally critical e-governance projects while collaborating with seven ministries across diverse sectors.
The company’s portfolio includes modernizing the direct tax infrastructure, PAN processing, the Tax Information Network, strengthening the old-age security system (under the National Pension System-NPS), and enabling a universal social security system for all Indians (under the Atal Pension Yojana). Furthermore, it is a leading contributor to the open-source community and protocols that power the Open Network for Digital Commerce (ONDC).
Protean eGov Technologies IPO has garnered significant attention and investment interest due to its remarkable track record and potential in the digital infrastructure and e-governance sectors. With an impressive subscription rate and strong demand from retail and non-institutional investors, it’s an IPO that investors should keep a close eye on.
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What is the subscription rate for the Protean eGov Technologies IPO?
The Protean eGov Technologies IPO received a subscription rate of 1.08 times, with strong demand from retail and non-institutional investors.
Who are the lead managers for the IPO?
The lead managers for the Protean eGov Technologies IPO are Equirus Capital, ICICI Securities, IIFL Securities, and Nomura Financial Advisory and Securities (India).
When will the Protean eGov Technologies IPO close?
The IPO subscription period for Protean eGov Technologies will conclude on November 8.
Where will the company's shares be listed?
Shares of Protean eGov Technologies will be listed exclusively on BSE.
I’m Archana R. Chettiar, an experienced content creator with
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