Protean eGov Technologies makes muted debut, lists at the IPO price

Protean eGov Technologies IPO was subscribed 23.86 times during November 6-8

Protean eGov Technologies made a muted market debut on November 13, with the stock listing at the issue price of Rs 792 on BSE. Soon after its debut, the stock rose nearly 4% to Rs 823.

Ahead of the listing, the stock was trading at a 6 percent premium in the grey market, which is an unofficial trading platform where shares start trading before the allotment in the IPO and until the listing day. Most investors track the grey market premium (GMP) to get an idea of the listing price.

Also Read: Primary market to cool off with just 1 IPO and 3 listings this week

The initial public offer (IPO) was subscribed 23.86 times during the November 6-8 period. The price band for the issue was fixed at Rs 752-792 a share.

The company raised Rs 490.33 crore through the issue, which was purely an offer-for-sale of 61.91 lakh shares. The proceeds will go to the selling shareholders. The objective of the offer was to achieve the benefits of listing, which would also enhance visibility and brand image, the company said.

On the financial front, the company's FY23 net profit fell 25.6 percent to Rs 107 crore, largely due to a significant increase in employee cost and lower other income. However, revenue grew 7.4 percent to Rs 742.2 crore in the same period.

Also Read: ESAF Small Finance Bank stock makes bumper debut; should investors buy more, hold or book profit?

IT-enabled solutions company Protean eGov Technologies, which was earlier known as NSDL e-Governance Infrastructure, collaborates with the government to create digital public infrastructure and develop citizen-centric e-governance solutions.