Protean eGov Technologies IPO: Issue opened for subscription, raised Rs 143.5 crore via anchor book

6 Nov 2023 , 12:14 PM

Protean eGov Technologies, a pioneering developer of citizen-centric and population-scale e-governance solutions, commenced its public offering for subscription today, offering an opportunity to investors. The IPO subscription link can be accessed here.

As of 12.11 PM on the first day of bidding, the public issue has garnered a subscription rate of 0.36 times, with the retail portion witnessing a 0.57 times subscription, while the NII category stands at 0.36 times. 

Before the IPO launch, the company successfully raised Rs 143.5 crore from anchor investors, attracting notable names like SBI Life Insurance, Baroda BNP Paribas Mutual Fund, Aditya Birla Sun Life Insurance Company, LIC Mutual Fund, and Societe Generale. Other key investors, including Astorne Capital VCC – Arven, GAM Multistock-Emerging Markets Equity, LC Radiance Fund VCC, ACM Global Fund VCC, and BCAD Fund, also acquired shares in Protean.

In its BSE filing, the Mumbai-based professionally managed company disclosed the allocation of 18,12,300 equity shares to anchor investors at a price of Rs 792 per equity share.

The public issue, open for subscription today, will continue to accept bids until November 8, 2023. The book build issue has been offered within a price band ranging from Rs 752 to Rs 792 per equity share, offering potential investors an opportunity to participate in the future of e-governance solutions.