Protean eGov Technologies Makes Steady Debut, Lists at Issue Price of Rs 792 on BSE

13 Nov 2023 , 10:10 AM

The e-governance solutions firm, after a robust subscription of 23.86 times during November 6-8, made its market debut at the issue price of Rs 792 per share on BSE. Post-listing, the stock showed early momentum, rising 2.65% to Rs 813. 

The Rs 490-crore public issue witnessed significant interest from qualified institutional buyers and high net worth individuals, subscribing 46.94 times and 31.62 times, respectively. Retail investors also displayed strong participation with a bid of 8.93 times their allocated portion. A

At the upper end of the price band, the company is valued at a PE ratio of 29.9 based on FY23 figures, with a market capitalization of Rs 3,203 crore. 

Protean eGov Technologies, led by an experienced management team, has demonstrated consistent revenue and profit after tax growth, boasting a CAGR of 10.9% and 7.8% during FY21-23. The IT-enabled solutions provider specializes in collaborating with the government to develop innovative and citizen-centric e-governance solutions, showcasing a track record of sustained performance and industry expertise.