On the first day of the IPO, both retail and non-institutional investors participated strongly, and the issue was fully subscribed. The retail segment continued to show significant demand on the second day, November 07, and non-institutional investors (NIIs) also showed strong interest. On the third day, the issue was fully booked within the first fifteen minutes of opening due to strong demand from both retail and NII investors.
On day 1, Protean eGov Technologies IPO subscription status was 1.80 times, and on day 2 the issue was subscribed 3.22 times.
Protean eGov Technologies IPO subscription status on day 3
On day 3, Protean eGov IPO was subscribed 3.83 times. Protean eGov Technologies IPO retail investors were subscribed 4.54 times, NII portion was subscribed 7.65 times, and Qualified Institutional Buyers (QIB) portion was reserved 8%, and employee portion was subscribed 90%, according to data available with BSE.
Protean eGov Technologies IPO received bids for 1,67,64,840 shares against 43,78,700 shares offered, at 10:27 IST, according to data from the BSE.
Protean eGov Technologies IPO Details
The total offer size of Protean eGov IPO consists of an offer for sale (OFS) of up to 6,191,000 equity shares from the selling shareholders. Protean eGov Technologies IPO plans to bring ₹490.33 crores.
The OFS consists of up to 459,617 equity shares of 360 One Special Opportunities Fund, up to 320,177 equity shares of 360 One Special Opportunities Fund – Series 2, up to 148,197 equity shares through 360 One Special Opportunities Fund – Series 3396, up to 148,197 equity shares shares by 360 One Special Opportunities Fund – Series 3396, shares of 360 One Special Opportunities Fund -Series 4, up to 309,225 equity shares of 360 One Special Opportunities Fund -Series 5, up to 1,783,395 equity shares of NSE Investments Limited, up to 243,175 equity shares of Manager of the Unit Specified Trust of India, up to 705,674 equity shares of HDFC Bank Limited, 712,077 equity shares of Axis Bank Limited, up to 712,077 equity shares of Deutsche Bank AG and 400,543 equity shares of Union Bank of India, as per RHP .
Protean eGov Technologies in its RHP stated that the company is a professionally managed company and does not have any identifiable promoter as per the SEBI ICDR Regulations and the Companies Act.
The book running lead managers of the Protean eGov Technologies IPO are ICICI Securities Ltd, Equirus Capital Private Ltd, Iifl Securities Ltd, and Nomura Financial Advisory And Securities (India) Pvt Ltd. The subject registrar is Link Intime India Private Ltd.
Also Read: Protean eGov Technologies IPO: Check out 10 key things to know from RHP before investing
Protean eGov Technologies IPO GMP today
Protean eGov IPO GMP today or gray market premium is +95. This indicates that the share price of Protean eGov Technologies was trading at a premium of ₹95 in the gray market on Wednesday, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the gray market, the estimated list price of the Protean eGov Technologies share price was indicated at ₹887 per which is 11.99% higher than the IPO price of ₹792.
“Grey market premium” indicates the willingness of investors to pay more than the issue price.
Protean eGov Technologies IPO Review
Reliance Securities
Protean is a unique player in the e-governance space, according to the brokerage’s analysis, with 25 years of experience in building cutting-edge, citizen-centric e-governance solutions and digital public infrastructure. To foster innovation in NPS and APY subscribers, the public and private sectors are working together to create an enabling policy framework. Additionally, they offer online pan checks with significant upside for steady growth, with 50-60 million PAN cards expected to be issued annually by FY27 and NPS-APY subscribers expected to grow at a CAGR of 16-17% (FY22-FY27P) as part of their growth strategy.
“A secure, scalable and advanced technology platform having horizontal and vertical scalability, with consistent profitability, positive cash flows and limited capital expenditure and working capital needed to scale growth in its key areas. Therefore, we recommend SUBSCRIBE to the issue,” the brokerage. said
Protean eGov Technologies is a well-known Indian provider of IT-enabled solutions, and the brokerage asserted in its analysis that it is well positioned to benefit from the government’s ongoing digital initiatives. The business offers a wide range of services and solutions in addition to a cutting-edge, scalable and secure technology infrastructure. The company’s financial performance has been inconsistent, showing growth in its top numbers but a drop in profit.
“However, Protean eGov Technologies also faces some risks, such as its dependence on government contracts, competition from other enterprise solution companies and regulatory risks. The IPO comes with a P/E valuation of 29.9x, and although the company does not have any listed peers, the issue looks reasonably priced. Considering all these factors, investors can ask for this IPO,” the brokerage said.
Choice Equity Broking Pvt Ltd
“There are no comparable peers having a product profile and business model to PeTL. The above peers are only considered as a comparison of the company’s claimed valuation. At a higher price bracket, PeTL requires a TTM P/E multiple of 27.2x (to its TTM earnings per share of Rs. 29.2), which is a discount to the peer average of 42.5x. Given the dominant position in the domestic e-governance market, its capabilities to launch nationally critical and population-scale greenfield technology solutions and attractive. required ratings, we assign a ‘SUBSCRIBE’ rating to the issue,” the broker said.
Updated: 08 Nov 2023, 10:34 am IST