Protean eGov Technologies IPO bidding ends today: Check GMP, subscription status and brokerage reviews
- Protean eGov Technologies IPO was fully subscribed within 15 minutes on the third day of the subscription period, due to strong demand from both retail and non-institutional investors.
Protean eGov Technologies IPO opened for subscription on Monday, November 6 and closed today (Wednesday, November 8).
On the first day of the IPO, both retail and non-institutional investors participated strongly, and the issue was completely subscribed. The retail segment continued to show significant demand on the second day, November 07, and non-institutional investors (NIIs) likewise showed strong interest. On the third day, the issue was fully booked in the first fifteen minutes of opening due to a strong demand from both retail and NII investors.
On day 1, Protean eGov Technologies IPO subscription status was 1.80 times, and on day 2 the issue was subscribed 3.22 times.
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Protean eGov Technologies IPO subscription status on day 3
On day 3, Protean eGov IPO was subscribed 23.86 times. Protean eGov Technologies IPO retail investors portion was subscribed 8.93 times, NII portion was subscribed 31.62 times, and Qualified Institutional Buyers (QIB) portion was booked 46.94 times, and employee portion was subscribed 1.49 times, according to data available at BSE.
Protean eGov Technologies IPO has received bids for 110,44,65,250 shares against 43,78,700 shares on offer, at 7:00 pm, according to data from the BSE.
Protean eGov Technologies IPO details
The total offer size of Protean eGov IPO comprises of offer for sale (OFS) up to 6,191,000 equity shares by the selling shareholders. Protean eGov Technologies IPO plans to fetch тВ╣490.33 crore.
The OFS comprises of up to 459,617 equity shares by 360 One Special Opportunities Fund, up to 320,177 equity shares by 360 One Special Opportunities Fund тАУSeries 2, up to 148,197 equity shares by 360 One Special Opportunities Fund тАУSeries 3, up to 396,843 equity shares by 360 One Special Opportunities Fund тАУSeries 4, up to 309,225 equity shares by 360 One Special Opportunities Fund тАУSeries 5, up to 1,783,395 equity shares by NSE Investments Limited, up to 243,175 equity shares by Administrator of the Specified Undertaking of the Unit Trust of India, up to 705,674 equity shares by HDFC Bank Limited, 712,077 equity shares by Axis Bank Limited, up to 712,077 equity shares by Deutsche Bank A.G. and 400,543 equity shares by Union Bank of India, according to RHP.
Protean eGov Technologies in its RHP has stated that the company is a professionally managed company and does not have any identifiable promoter in terms of the SEBI ICDR Regulations and the Companies Act.
The book running lead managers of the Protean eGov Technologies IPO are ICICI Securities Ltd, Equirus Capital Private Ltd, Iifl Securities Ltd, and Nomura Financial Advisory And Securities (India) Pvt Ltd. The issue's registrar is Link Intime India Private Ltd.
Protean eGov Technologies IPO GMP today
Protean eGov IPO GMP today or grey market premium is +81. This indicates Protean eGov Technologies share price were trading at a premium of тВ╣81 in the grey market on Wednesday, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Protean eGov Technologies share price was indicated at тВ╣873 apiece, which is 10.23 per cent higher than the IPO price of тВ╣792.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
Protean eGov Technologies IPO review
Reliance Securities
Protean is a unique player in the e-governance space, according to the brokerage's analysis, with 25 years of experience in building cutting-edge, citizen-centric e-governance solutions and digital public infrastructure. In order to foster innovation in NPS and APY subscribers, the public and private sectors collaborate to create an enabling policy framework. Additionally, they offer online pan verifications with significant headroom for steady growth, with 50тАУ60 million PAN cards expected to be allotted annually until FY27 and NPS-APY subscribers expected to grow at a CAGR of 16тАУ17% (FY22тАУFY27P) as part of their growth strategy.
" A secure, scalable and advanced technology platform having horizontal & vertical scalability, with consistent profitability, positive cash flows and limited capital expenditure and working capital required to scale growth in its key areas. Therefore we recommend a SUBSCRIBE to the issue," the brokerage said.
Swastika Investmart Ltd
Protean eGov Technologies is a well-known Indian provider of IT-enabled solutions, and the brokerage claimed in its analysis that it is in a good position to profit from the government's ongoing digitization initiatives. The business offers a broad range of services and solutions in addition to a cutting-edge, scalable, and safe technological infrastructure. The company's financial performance has been inconsistent, showing growth in its top-line figures but a fall in profit.
"However, Protean eGov Technologies faces some risks too, such as its dependence on government contracts, competition from other enterprise solution companies, and regulatory risks. The IPO is coming at a P/E valuation of 29.9x, and though the company does not have any listed peers, the issue is looking reasonably priced. Considering all these factors, investors may apply for this IPO," the brokerage said.
Also Read: Protean eGov Technologies IPO: GMP, subscription status, other details. Apply or not?
Choice Equity Broking Pvt Ltd
"There are no comparable peers having product profile and business model to PeTL. The above peers are only considered to benchmark the valuation demanded by the company. At higher price band, PeTL is demanding a TTM P/E multiple of 27.2x (to its TTM earning per share of Rs. 29.2), which is at discount to the peer average of 42.5x. Considering the dominant position in the domestic e-governance market, its capabilities to roll-out nationally critical and population scale greenfield technology solutions and attractive demanded valuations, we assign a тАЬSUBSCRIBEтАЭ rating for the issue," the brokerage said.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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