Protean eGov Technologies IPO: The preliminary public providing of Protean eGov Technologies (previously generally known as NSDL E-Governance Infrastructure) has opened for public subscription at the moment, November 6. The Rs 490-crore IPO will stay open until November 8, and its value band has been fastened at Rs 752-792 per share.
The IPO allotment will happen on November 13, whereas the share itemizing is prone to happen on November 17. Ahead of IPO, Protean eGov Technologies (previously generally known as NSDL E-Governance Infrastructure) on November 3 mobilised a little bit over Rs 143 crore from anchor traders.
Protean eGov Technologies IPO GMP Today
According to market observers, Protean eGov Technologies is presently buying and selling Rs 120 increased within the gray market. The Rs 120 gray market premium or GMP is about 15.15 per cent increased than its higher subject value of Rs 792 per share. This means the gray market is anticipating a 15.15 per cent itemizing acquire from the general public subject. Shares of the corporate might be listed on the BSE.
‘Grey market premium’ signifies traders’ readiness to pay greater than the difficulty value.
Protean eGov Technologies IPO Quota
Half of the difficulty measurement has been reserved for certified institutional traders, 35 per cent for retail traders, and the remaining 15 per cent for non-institutional traders.
Protean eGov Technologies IPO Lot Size
Investors can bid for no less than 18 fairness shares and in a a number of of 18 fairness shares thereafter. Its value band has been fastened at Rs 752-792 per share
Protean eGov Technologies IPO: Should You Subscribe?
Giving ‘Subscribe – Long Term’, Anand Rathi in its notice stated, “The company is a pioneer and market leader in universal, citizen-centric and population-scale e-governance solutions. The company is valued at a P/E ratio of 29.9 of its FY23 earnings. We believe that issue is fairly priced and recommend a ‘Subscribe – Long Term’ rating to the IPO.”
Another brokerage Choice Broking has additionally assigned a ‘Subscribe’ score for the difficulty. It stated the corporate has a dominant place within the home e-governance market, its capabilities to roll out nationally important and inhabitants-scale greenfield know-how options, and its attractively demanded valuations.
Recommending traders to subscribe, Avinash Gorakshkar, head (analysis) at Profitmart Securities, stated, “Even though the issue is completely OFS, the company has improved its business model and it has almost monopoly business in digital UPI transactions. So, the issue is expected to receive a strong response and may list at a handsome premium. However, my suggestion to investors is to go deep and invest for medium to long term time horizon.”
Protean eGov Technologies IPO Purely An OFS
The Protean eGov Technologies IPO is only a suggestion-for-sale (OFS) by current shareholders. The OFS measurement has been lowered to 61.91 lakh fairness shares from 1.28 crore fairness shares deliberate earlier. Also, the provide features a reservation of 1.5 lakh fairness shares for the corporate’s staff at a reduction of Rs 75 per share to the ultimate provide value.
Those providing shares within the OFS are — IIFL Special Opportunities Funds, NSE Investments, Administrator of the Specified Undertaking of the Unit Trust of India, HDFC Bank, Axis Bank, Deutsche Bank AG, Punjab National Bank, and Union Bank of India. At the higher finish of the worth band, the IPO is predicted to fetch Rs 490.33 crore.
Since the IPO is totally an OFS, your complete proceeds will go to the promoting shareholders and the corporate won’t obtain any funds from the difficulty.
About Protean eGov Technologies
Protean eGov Technologies is likely one of the key IT-enabled answer corporations in India engaged in conceptualizing, creating, and executing nationally important and inhabitants-scale greenfield know-how options.
The firm collaborated with the federal government and has in depth expertise in creating digital public infrastructure and creating revolutionary citizen-centric e-governance options. Originally arrange as a depository in 1995, it created a systemically necessary nationwide infrastructure for capital market improvement in India.
For the three months ended June 30, 2023, the corporate posted a revenue after tax (PAT) of Rs 32.21 crore and a income from operation of Rs 220.4 crore. ICICI Securities, Equirus Capital, IIFL Securities, and Nomura Financial Advisory and Securities (India) are the ebook-working lead managers to the difficulty.
