Protean eGov Technologies IPO: Issue fully booked on Day 1; retail, NII portions oversubscribed
₹490 crore from the capital markets, which is a complete offer for sale (OFS). 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%.
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. Also Read: Foreign listings: The pros & cons for firms and investors The company is engaged in conceptualising, developing, and executing nationally critical and population-scale greenfield technology solutions.
It collaborates with the government and has extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions. The company was originally set up as a depository in 1995 and created a systemically important national infrastructure for capital market development in India. It has been the chief architect and implementer for some of the most critical and large-scale technology infrastructure projects in India, according to the company's DRHP report.
Protean eGov Technologies IPO was fully subscribed on the first day of its offering. The IPO received bids for 47,16,108 shares against the 43,78,700 shares available for subscription, resulting in a subscription rate of 1.08 times, as per BSE data. Notably, the retail segment of the IPO showed strong demand, with a subscription rate of 1.50 times.
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