
Protean eGov Technologies has announced the basis of allotment of its equity shares for the IPO early on Friday, November 10. Bidders, who bid for the IPO, have begun to receive messages for the allotment of equity shares and/or notifications for revocation of the mandate. The company is likely to make its debut on the first day of Samvat 2080, that is Monday, November 13.
Protean eGov Technologies sold its Rs 490.33 crore-primary offering in the fixed price band of Rs 752-792 per share with a lot size of 18 equity shares. The issue was open for subscription between November 6 and November 8. The e-Governance solutions provider's IPO was entirely an offer-for-sale (OFS) of up to 61.91 lakh equity shares. The issue was overall subscribed a strong 23.86 times, thanks to aggressive bidding by the qualified institutional bidders (QIBs) and non-institutional investors (NIIs), whose quota were booked 46.94 times and 31.62 times, respectively. The allocation reserved for retail investors and employees was subscribed 8.93 times and 1.49 times, respectively. Grey market premium (GMP) of Protean e-Gov Technologies has dropped, even after a strong buying interest of investors from all categories. Last heard, Protean e-Gov Tech was commanding a premium of around Rs 80 apiece in the unofficial market, signaling at a listing pop of around 10 per cent for the investors at debut. Formerly known as NSDL e-Governance Infrastructure, Protean eGov Technologies is engaged in the business of developing citizen-centric and population scale e-governance solutions. It has played a vital role in development of capital market infrastructure in India and implemented some of the most crucial technological infrastructure in the country. Brokerage firms tracking the issue were mostly positive on the issue and had a subscribe rating for it. They cited strong hold in the digital infrastructure business, governance solutions, experienced and expertise management, and entry barriers in the niche business model as the key positive, but entire OFS issue and rich valuations were the key concern areas. Equirus Capital, IIFL Securities ICICI Securities and Nomura Financial Advisory managed the issue, while Link Intime India was the registrar. Shares of the company will be listed on BSE only. Investors, who bid for the issue of Protean e-Gov Technologies, can check the allotment status on the BSE website's IPO application check page. Check-in equity, under the issue type and select Protean e-Gov Technologies Limited in the dropbox; type-in the application number and add the PAN card number before checking-in at 'I am not a Robot' before hitting the submit button. Allotment status can also be checked through the online portal of Link Intime India, the registrar to the issue. Visit the web portal of Link Intime and select the IPO of Protean e-Gov Tech in the dropbox. Enter the PAN Card numbers and hit 'search' to get the allotment status for your application.Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Also read: Top 10 stocks to watch on November 10, 2023: Eicher Motors, M&M, ONGC, HAL, Dabur, IRFC and more