Protean opens flat, rises 12.5% on listing day
Protean eGov Technologies listed at ₹792 on Monday, the price at which the company sold shares in the IPO.
After the flat debut, the stock soared as much as 12.5% to a high of ₹890.90 before closing at ₹883.
The ₹490-crore IPO was subscribed almost 24 times.
The retail investors' segment was subscribed 8.93 times, while the non-institutional investor or high net worth investor segment was subscribed 31.62 times. The qualified institutional buyers' portion was subscribed 46.94 times.
Ahead of the IPO, the company raised ₹143.53 crores from anchor investors such as LIC Mutual Fund, Aditya Birla Sun Life Insurance, SBI Life Insurance among others.
ICICI Securities, Equirus Capital Private, IIFL Securities and Nomura Financial Advisory and Securities were the book running lead managers to the offer.
