Protean eGov IPO: Check GMP, subscription status on day 3 and brokerage reviews

On the first day of the IPO, both retail and non-institutional investors participated strongly, and the issue was completely subscribed. The retail segment continued to show significant demand on the second day, November 07, and non-institutional investors (NIIs) likewise showed strong interest. On the third day, the issue was fully booked in the first fifteen minutes of opening due to a strong demand from both retail and NII investors.

On day 1, Protean eGov Technologies IPO subscription status was 1.80 times, and on day 2 the issue was subscribed 3.22 times.

“Exciting news! Mint is now on WhatsApp Channels ???? Subscribe today by clicking the link and stay updated with the latest financial insights!” Click here!

Protean eGov Technologies IPO subscription status on day 3 

On day 3, Protean eGov IPO was subscribed 3.83 times. Protean eGov Technologies IPO retail investors portion was subscribed 4.54 times, NII portion was subscribed 7.65 times, and Qualified Institutional Buyers (QIB) portion was booked 8%, and employee portion was subscribed 90%, according to data available at BSE.

Protean eGov Technologies IPO has received bids for 1,67,64,840 shares against 43,78,700 shares on offer, at 10:27 IST, according to data from the BSE.

Also Read: Protean eGov Technologies IPO: 10 key risk factors you should know before investing

Protean eGov Technologies IPO details

The total offer size of Protean eGov IPO comprises of offer for sale (OFS) up to 6,191,000 equity shares by the selling shareholders. Protean eGov Technologies IPO plans to fetch ₹490.33 crore.

The OFS comprises of up to 459,617 equity shares by 360 One Special Opportunities Fund, up to 320,177 equity shares by 360 One Special Opportunities Fund –Series 2, up to 148,197 equity shares by 360 One Special Opportunities Fund –Series 3, up to 396,843 equity shares by 360 One Special Opportunities Fund –Series 4, up to 309,225 equity shares by 360 One Special Opportunities Fund –Series 5, up to 1,783,395 equity shares by NSE Investments Limited, up to 243,175 equity shares by Administrator of the Specified Undertaking of the Unit Trust of India, up to 705,674 equity shares by HDFC Bank Limited, 712,077 equity shares by Axis Bank Limited, up to 712,077 equity shares by Deutsche Bank A.G. and 400,543 equity shares by Union Bank of India, according to RHP.

Protean eGov Technologies in its RHP has stated that the company is a professionally managed company and does not have any identifiable promoter in terms of the SEBI ICDR Regulations and the Companies Act.

The book running lead managers of the Protean eGov Technologies IPO are ICICI Securities Ltd, Equirus Capital Private Ltd, Iifl Securities Ltd, and Nomura Financial Advisory And Securities (India) Pvt Ltd. The issue’s registrar is Link Intime India Private Ltd.

Also Read: Protean eGov Technologies IPO: Check out 10 key things to know from RHP before investing

Protean eGov Technologies IPO GMP today

Protean eGov IPO GMP today or grey market premium is +95. This indicates Protean eGov Technologies share price were trading at a premium of ₹95 in the grey market on Wednesday, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Protean eGov Technologies share price was indicated at ₹887 apiece, which is 11.99% higher than the IPO price of ₹792.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Protean eGov Technologies IPO review

Reliance Securities 

Protean is a unique player in the e-governance space, according to the brokerage’s analysis, with 25 years of experience in building cutting-edge, citizen-centric e-governance solutions and digital public infrastructure. In order to foster innovation in NPS and APY subscribers, the public and private sectors collaborate to create an enabling policy framework. Additionally, they offer online pan verifications with significant headroom for steady growth, with 50–60 million PAN cards expected to be allotted annually until FY27 and NPS-APY subscribers expected to grow at a CAGR of 16–17% (FY22–FY27P) as part of their growth strategy.

” A secure, scalable and advanced technology platform having horizontal & vertical scalability, with consistent profitability, positive cash flows and limited capital expenditure and working capital required to scale growth in its key areas. Therefore we recommend a SUBSCRIBE to the issue,” the brokerage said.

Protean eGov Technologies is a well-known Indian provider of IT-enabled solutions, and the brokerage claimed in its analysis that it is in a good position to profit from the government’s ongoing digitization initiatives. The business offers a broad range of services and solutions in addition to a cutting-edge, scalable, and safe technological infrastructure. The company’s financial performance has been inconsistent, showing growth in its top-line figures but a fall in profit.

“However, Protean eGov Technologies faces some risks too, such as its dependence on government contracts, competition from other enterprise solution companies, and regulatory risks. The IPO is coming at a P/E valuation of 29.9x, and though the company does not have any listed peers, the issue is looking reasonably priced. Considering all these factors, investors may apply for this IPO,” the brokerage said.

Also Read: Protean eGov Technologies IPO: GMP, subscription status, other details. Apply or not?

Choice Equity Broking Pvt Ltd

“There are no comparable peers having product profile and business model to PeTL. The above peers are only considered to benchmark the valuation demanded by the company. At higher price band, PeTL is demanding a TTM P/E multiple of 27.2x (to its TTM earning per share of Rs. 29.2), which is at discount to the peer average of 42.5x. Considering the dominant position in the domestic e-governance market, its capabilities to roll-out nationally critical and population scale greenfield technology solutions and attractive demanded valuations, we assign a “SUBSCRIBE” rating for the issue,” the brokerage said. 

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

Milestone Alert!Livemint tops charts as the fastest growing news website in the world ???? Click here to know more.

Updated: 08 Nov 2023, 10:34 AM IST