Protean eGov Technologies IPO Subscribed 23.86 Times So Far On Day 3

Protean eGov Technologies Ltd.'s initial public offering opened on Nov. 6, and will close on Nov. 8. The IPO was subscribed 1.07 times on day 1 and 3.21 times on day two.

The IT-enabled solutions provider is offering 61.9 lakh shares via an offer for sale only.

The selling shareholders comprise 360 One Special Opportunities Fund, HDFC Bank Ltd., Axis Bank Ltd., Deutsche Bank AG, Union Bank of India, NSE Investments and Unit Trust of India.

Protean eGov Technologies Ltd. has raised Rs 143.5 crore from anchor investors ahead of its initial public offering.

The IT-enabled solutions provider allotted 18.12 lakh shares at Rs 792 apiece to 18 anchor investors.

The marquee investors include SBI Life Insurance Co., Aditya Birla Sun Life Insurance Co., Baroda BNP Paribas Fund, Unifi Capital-backed BCAD Fund, and ACM Global Fund, all of which subscribed to 14.43% each, among others.

Two domestic mutual funds have applied through a total of nine schemes, the company said in an exchange filing. They have collectively netted 21.4% of the anchor portion of Rs 30.7 crore.

• Issue opens: Nov. 6.

• Issue closes: Nov. 8.

• Fresh issue size: Not applicable.

• Offer for sale size: Rs 72.3 crore.

• Total issue size: Rs 490 crore.

• Price band: Rs 752-792 per share.

• Lot size: 18 shares.

• Face value: Rs 10 per share.

• Listing: BSE.

The company has not undertaken any pre-IPO placement.

The shareholding pattern does not change for the company after the offer.

Protean eGov Technologies was originally set up as a depository in 1995 and created a systemically important national infrastructure for capital markets. The company operates in the e-governance sector and has so far managed 19 projects across seven ministries, to establish public digital infrastructure.

Some of their key interventions include modernising digital tax infrastructure with PAN issuance, and projects like Tax Information Networking and Online Tax Accounting Systems. They also created tech infrastructure as a Central Recordkeeping Agency for the Atal Pension Yojana.

The company has also supported open digital building blocks, such as Open Network for Digital Commerce, for use cases across e-commerce, mobility, healthcare, agriculture, and education.

The IPO has been subscribed 23.86 times, as of 5:33 p.m. on Wednesday.

• Institutional investors: 46.94 times

• Non-institutional investors: 31.62 times

• Retail investors: 8.93 times

• Employee Reserved: 1.49 times