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Business News/ Markets / Protean IPO up 12.5% on day one, post muted debut

Protean IPO up 12.5% on day one, post muted debut

Protean eGov Technologies Limited is an IT company that provides digital e-governance solutions to government agencies.

(Photo: iStockphoto)Premium
(Photo: iStockphoto)

Mumbai: Protean eGov Technologies, formerly NSDL e- Governance Infrastructure, had a muted debut on the exchanges on Monday, but closed 11.5% higher, allowing all but one of the selling shareholder to secure decent gains.

The stock opened for trading at its issue price of 792. It rose as much as 12.5% during the day, before trimming some of the gains to close at 883.

“Seven of the company’s 15 investors sold a small portion of their stakes to help achieve the listing status, but all existing shareholders are invested and believe in the company’s growth story," Protean eGov Technologies Ltd’s managing director and chief executive, Suresh Sethi told Mint. “The price band was set after taking inputs from shareholders and investors. The book running lead manager recommended the pricing," he added.

The firm secured 490.33 crore through the offer for sale and NSE Investments, NSE’s investment arm, logged the biggest profit of at least 131.4 crore among selling shareholders .Protean eGov issued shares at just 55 to NSE Investments. HDFC Bank and Axis Bank, which acquired the shares for 49.50 and 112, made profits of 52 crore and 48 crore, respectively.

The only selling shareholder to have made a loss of 26 crore is 360 One Special Opportunities Funds (formerly known as IIFL Special Opportunities Funds) which had acquired Protean eGov shares at a much higher price of 950.10 per share.

Protean eGov Technologies Limited is a Indian IT company that provides digital e-governance solutions to government agencies. It was founded in 1995 as the National Securities Depository Limited (NSDL), and was rebranded as Protean eGov in 2020.

On Monday, the company had a total traded quantity of 5.93 million shares. The deliverable quantity (gross across client level) was 2.25 million shares, which is 37.94% of the traded quantity.

Protean eGov Technologies Ltd raised 143.5 crore from anchor investors ahead of its initial public offering. The IT-enabled solutions provider allotted 18.12 lakh shares at 792 apiece to 18 anchor investors.

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.

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Published: 13 Nov 2023, 09:06 PM IST
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