The Protean eGov Technologies IPO was subscribed 23.86 times on the last day of bidding on November 8, as investors have bought 10.44 crore equity shares against an offer size of 43.78 lakh shares.
Large support to the public issue was seen from qualified institutional buyers and high networth individuals who have bid 46.94 times and 31.62 times their allotted shares, which were 50 percent and 15 percent of the net issue size.
The part set aside for employees has also been fully subscribed, at 1.49 times. The professionally managed company has reserved 1.5 lakh equity shares for its employees, who will get these shares at a discount of Rs 75 per share to the final issue price.
The public issue, excluding the employee portion, is the net offer. Retail investors have subscribed 8.93 times the reserved portion which is 35 percent of the net issue.
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The citizen-centric and population-scale e-governance solutions company aims to raise Rs 490 crore by selling 61.91 lakh shares through the public issue at the upper price band. The price band for the offer was set at Rs 752-792 per share.
The public issue, which opened on November 6, consists of only an offer-for-sale (OFS) by several investors, including Deutsche Bank AG, 360 One Special Opportunities Fund, Union Bank of India, HDFC Bank, NSE Investments, and Axis Bank. Being an OFS-only issue, the company will not get any money from the IPO.
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It continues to be a market leader in provision of e-governance services such as management of the tax information network, PAN processing, NPS and Atal Pension Yojana. Also, it is one of the key contributors to the open source community and protocols that are powering Open Network for Digital Commerce (ONDC).
The Mumbai-based IT-enabled e-governance service provider will finalise the basis of allotment of IPO shares and transfer equity shares to the demat accounts of successful investors by November 10.
The trading in equity shares is likely to commence on the BSE and the NSE from November 13, i.e. T+3 timeline, sources told Moneycontrol. As per the IPO schedule, the listing was supposed to be on November 17, i.e. T+6 timeline.
Also read: ESAF Small Finance Bank IPO: Step-by-step guide to check allotment status; check GMP, listing date
Protean shares maintained a grey market premium of 12 percent premium over the upper price band, analysts on anonymity said. The grey market is an unofficial market where IPO shares can be bought and sold till the listing. Generally, investors look at the grey market premium to know the possible listing price of any IPO.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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