Protean eGov Technologies' initial public offering (IPO) concluded today, demonstrating strong investor interest. The company's IPO was subscribed 3.23 times its offer size of 61.91 lakh shares, priced between ₹752 to ₹792 each. The upper price band brought in ₹143.53 crore (INR100 crore = approx. USD12 million) from anchor investors such as LIC Mutual Fund.
Selling shareholders including HDFC Bank and Deutsche Bank AG (NYSE:DB) offloaded shares via an Offer for Sale (OFS). Protean eGov also reserved 1.5 lakh equity shares for its employees at a ₹75 discount per share, highlighting the company's commitment to employee ownership.
The issue was strategically divided among different categories of investors. Institutional buyers received half of the offering (50%), high-net-worth individuals were allocated 15%, and retail investors got the remaining 35%. Notably, non-institutional and retail investors' portions were subscribed 6.24 times and 3.92 times, respectively, indicating a robust demand among these investor categories.
Protean eGov Technologies is a key player in the e-governance solutions sector, providing citizen-centric services. The company has a strong track record of implementing projects across seven ministries in India, further solidifying its position in the market. The successful IPO underscores investor confidence in Protean eGov's business model and growth prospects in the burgeoning e-governance sector.
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