Protean eGov Technologies IPO Day 2: Issue subscribed to 3.22 times; retail, NII portions see strong demand
₹490 crore from the capital markets, which is a complete offer for sale (OFS). Also Read: Protean eGov Technologies IPO: Issue fully booked on Day 1; retail, NII portions oversubscribed On the second day (November 07), the robust demand from the retail segment continued, with the subscription rate reaching 3.91 times. The non-institutional investors (NIIs) also showed strong interest, as the subscription in the segment reached 6.25 times.
However, the employee and qualified institutional buyers (QIB) portions saw a less enthusiastic response, with the subscription rates of 7% and 76%, respectively, according to the data from BSE. Also Read: Protean eGov Technologies IPO: 10 key risk factors you should know before investing Overall, the IPO received bids for 1,40,99,202 shares on Day 02 as against the 43,78,700 shares available for subscription, translating in a subscription rate of 3.22 times. The price band for the offer has been fixed at ₹752–792 per equity share, with a face value of ₹10 each.
The net offer is reserved for qualified institutional buyers at 50% of the total offer size, non-institutional investors at 15%, and retail investors at 35%. Also Read: Indian IPOs remain a mixed bag with Mamaearth listing Retail investors have the opportunity to submit bids for up to 14 lots, with each lot containing 18 shares. At the upper end of the IPO price band, at ₹792, retail investors are required to make a minimum investment of ₹14,256 per lot.
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