Protean eGov Tech IPO: Shares Make Muted Market Debut

Protean eGov Technologies IPO: The stock made its debut at Rs 792 on the BSE. Later, it climbed 3.91 per cent to Rs 823

Protean eGov Technologies IPO: The Rs 490 crore IPO had a price band of Rs 752-792 per share.

Source : Getty

Shares of Protean eGov Technologies made a flat debut on exchanges on Monday. The shares got listed at par with the issue price of Rs 792. The stock made its debut at Rs 792 on the BSE. Later, it climbed 3.91 per cent to Rs 823. Protean eGov Technologies commanded a market valuation of Rs 3,288.52 crore during the morning trade. The Initial Public Offer (IPO) of Protean eGov Technologies was subscribed 23.86 times on the last day of subscription on Wednesday.

The Rs 490-crore IPO had a price band of Rs 752-792 per share. The public issue of Protean eGov Technologies (formerly known as NSDL E-Governance Infrastructure) was purely an Offer of Sale (OFS). According to the company, the proceeds will go to the selling shareholders. The objective of the offer was to achieve the benefits of listing, which would also enhance visibility and brand image, the company said.

Analysts now have mixed views on the stock with some of them suggesting booking profits and a few advising to hold it for the long term.

Protean eGov Technologies is one of the key IT-enabled solution companies in India engaged in conceptualising, developing, and executing nationally critical and population-scale greenfield technology solutions. The company collaborated with the government and has extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions.

Originally set up as a depository in 1995, it created a systemically important national infrastructure for capital market development in India. ICICI Securities, Equirus Capital, IIFL Securities and Nomura Financial Advisory and Securities (India) are the book running lead managers to the issue. Shares of the company will be listed at both the BSE and NSE.