Protean eGov Technologies IPO Gains Traction with 1.77 Times Subscription on Day 2

7 Nov 2023 , 11:57 AM

The Protean eGov Technologies IPO, previously known as NSDL e-Governance Infrastructure Limited, kicked off its subscription period with a promising response from retail investors. As of November 6, 2023, the IPO garnered a subscription rate of 1.08 times. Notably, the public issue achieved a substantial 1.51 times subscription in the retail category, while the Qualified Institutional Buyers (QIB) category saw minimal subscription at 0.01 times, and the Non-Institutional Investors (NII) category subscribed at 1.65 times. Click here to subscribe the IPO

By the second day of the IPO, the subscription continued to grow, reaching a rate of 1.77 times by 11:48 AM. Retail investors showed strong interest in the offering, subscribing at 2.44 times, while QIBs maintained their earlier level at 0.01 times. The NII category exhibited the most substantial growth, subscribing at 2.76 times.

The Protean eGov Technologies IPO opened for subscription on the designated date and will remain open until Wednesday, November 8, allowing investors ample time to participate. The company aims to raise Rs 490 crore from the capital markets through a complete offer for sale (OFS), with no fresh issuance of shares.

The price band for the offer is set at Rs 752–792 per equity share, with a face value of Rs 10 each. The net offer is divided to allocate 50% to qualified institutional buyers, 15% to non-institutional investors, and 35% to retail investors.