Protean eGov Tech IPO receives full subscription on Day 1 of offer

The Initial Public Offering (IPO) of Protean eGov Technologies received full subscription on the first day of share sale on Monday.

The initial share sale received bids for 46,91,250 shares against 43,78,700 shares on offer, translating into 1.07 times subscription, as per NSE data.

The portion for Retail Individual Investors (RIIs) was subscribed 1.49 times while non institutional investors quota got subscribed 1.65 times. The category for Qualified Institutional Buyers (QIBs) received 1 per cent subscription

Protean eGov Technologies (formerly known as NSDL E-Governance Infrastructure) on Friday said it has mobilized a little over Rs 143 crore from anchor investors.

The public issue is purely an offer of sale (OFS) by existing shareholders. The OFS size has been reduced to 61.91 lakh equity shares from 1.28 crore equity shares planned earlier.

Since the IPO is completely an OFS, the entire proceeds will go to the selling shareholders and the company will not receive any funds from the issue.

The Rs 490-crore IPO, with a price band of Rs 752-792 per share, will conclude on November 8.

Protean eGov Technologies is one of the key IT-enabled solution companies in India engaged in conceptualizing, 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 managers to the offer.

Shares of the company will be listed on the BSE.