Protean eGov Tech IPO Oversubscribed 23.86 Times

New Delhi, Nov 8 (PTI) The Initial Public Offer (IPO) of Protean eGov Technologies was subscribed 23.86 times on the last day of subscription on Wednesday.

The Rs 490 crore IPO received bids for 10,44,64,116 shares against 43,78,700 shares on offer, as per NSE data.

The portion for Qualified Institutional Buyers (QIBs) received 46.94 times subscription while the quota for non-institutional investors got subscribed 31.62 times. The category for Retail Individual Investors (RIIs) got subscribed 8.93 times.

The IPO of Protean eGov Technologies received full subscription on the first day of the share sale on Monday.

Protean eGov Technologies (formerly known as NSDL E-Governance Infrastructure) on Friday said it has mobilised a little over Rs 143 crore from anchor investors.

The public issue was purely an Offer of Sale (OFS) by existing shareholders. The OFS size was reduced to 61.91 lakh equity shares from 1.28 crore equity shares planned earlier.

Since the IPO was completely an OFS, the entire proceeds will go to the selling shareholders and the company will not receive any funds from the issue.

The IPO had a price band of Rs 752-792 per share.

Protean eGov Technologies is one of the key IT-enabled solution companies in India engaged in conceptualising, developing, and executing nationally critical and population-scale greenfield technology solutions.

The company collaborated with the government and has extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions.

Originally set up as a depository in 1995, it created a systemically important national infrastructure for capital market development in India.

ICICI Securities, Equirus Capital, IIFL Securities and Nomura Financial Advisory and Securities (India) were the managers to the offer.

Shares of the company will be listed on the BSE.