Protean eGov Technologies sold its IPO in the range of Rs 752-792 apiece with a lot size of 18 shares, which was open for bidding between November 6 and November 8. 
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Protean eGov Technologies sold its IPO in the range of Rs 752-792 apiece with a lot size of 18 shares, which was open for bidding between November 6 and November 8. Protean eGov Technologies is set to finalize the basis of allotment of its equity shares on Thursday, November 9. Bidders, who will receive the allotment of equity shares will begin getting alerts and messages for amount debit or revocation of the mandate by late night or early on Friday. The issue was heavily bid by institutional and HNI investors on the last day. Protean eGov Technologies sold its IPO in the range of Rs 752-792 apiece with a lot size of 18 shares, which was open for bidding between November 6 and November 8. The e-Governance solutions provider aimed to raise a total of Rs 490.33 crore via IPO route, which 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 during the three-day bidding process. The portion for qualified institutional bidders (QIBs) was 46.94 times, while the portion set aside for non-institutional investors saw robust 31.62 times bidding. 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 across all the categories. Last heard, Protean e-Gov Tech was commanding a premium of Rs 80-85 apiece in the unofficial market, suggesting a listing pop of around 10 per cent for the investors. However, it was around 130 before the bidding began. Protean eGov Technologies, formerly known as NSDL e-Governance Infrastructure, 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 IPO and had a subscribe rating citing its strong hold in the digital infrastructure business, governance solutions, experienced and expertise management, and entry barriers into the niche business model. However, entire OFS and rich valuations were the key concern areas. IIFL Securities Equirus Capital, ICICI Securities,and Nomura Financial Advisory and Securities managed the issue, while Link Intime India was enacted as the registrar. Shares of the company will be listed on BSE only and listing is likely to be on Monday, November 13, the first working day of Samvat 2080. 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.
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