Protean eGov Technologies IPO Witnesses Strong Demand, Subscribed Nearly 5 Times on Day 3

8 Nov 2023 , 12:00 PM

The Protean eGov Technologies IPO continues to witness robust demand, achieving a subscription rate of 3.21 times as of November 7, the second day of bidding. Investors have subscribed to 1.4 crore equity shares against the issue size of 43.78 lakh equity shares. Click here to subscribe the IPO.

On the third day, by 11:40 am, the issue saw a significant surge in demand, reaching a subscription level of 4.90 times. Non-Institutional Investors emerged as the highest bidders, subscribing to 10.64 times the reserved portion, while the retail portion was subscribed 5.42 times. Qualified Institutional Buyers (QIBs) subscribed to 0.16 times, and employees subscribed to 1.02 times. Employees will receive 1.5 lakh shares at a discounted rate of Rs 75 per share to the final offer price. The IPO’s net issue excludes employees’ shares.

The professionally managed company’s public issue, valued at Rs 490 crore, recorded a subscription rate of 1.07 times on November 6, the first day of bidding.

Protean eGov Technologies is offering 61.91 lakh shares via public issue at the upper price band, comprising only an offer-for-sale (OFS) by investors. The price band for the issue, closing on November 8, is set at Rs 752-792 per share.

The entire proceeds from the IPO, excluding IPO expenses, will go to selling shareholders, including 360 One Special Opportunities Fund, HDFC Bank, Axis Bank, Deutsche Bank A G, Union Bank of India, and NSE Investments.