6 Nov 2023 , 09:57 PM
The Protean eGov Technologies IPO witnessed a positive response from investors on the initial day of bidding, November 6, achieving a subscription rate of 1.07 times. Bids were received for 46.91 lakh equity shares against the issue size of 43.78 lakh shares. Click here to subscribe the IPO.
The high net worth individuals (HNIs) and retail investors significantly supported the offering, subscribing for 1.65 times and 1.49 times the allotted quota, respectively. However, qualified institutional investors subscribed for 1 percent of the reserved portion.
The citizen-centric e-governance solutions company has allocated half of the net offer size for qualified institutional buyers, while 15 percent is reserved for HNIs and the remaining 35 percent for retail investors. Employees purchased 31 percent of the shares reserved for them. Excluding the employee’s part of 1.5 lakh shares, the net offer constitutes the IPO.
Based in Mumbai, the company aims to raise Rs 490.33 crore through the public issue at the upper end of the price band, set between Rs 752-792 per share.
The IPO solely comprises an offer-for-sale by various investors, including 360 One Special Opportunities Fund, HDFC Bank, Axis Bank, Deutsche Bank AG, Union Bank of India, and NSE Investments. Consequently, the entire proceeds from the issue, excluding IPO expenses, will go to the selling shareholders, with no funds directed to the company.
Prior to the IPO launch, the IT-enabled e-governance service provider secured Rs 143.5 crore from anchor investors on November 3. Anchor investors included Aditya Birla Sun Life Insurance Company, SBI Life Insurance, LIC Mutual Fund, Baroda BNP Paribas Mutual Fund, Societe Generale, GAM Multistock-Emerging Markets Equity, and LC Radiance Fund VCC.
Investors can participate in the offer until the closing date on November 8.
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