Protean eGov Technologies Shares End At 11.49% Premium To IPO Price

Protean eGov Technologies Ltd.'s debuted flat at Rs 792 apiece on the Bombay Stock Exchange. The IPO price is Rs 792 apiece.

The shares ended at a premium of 11.49% over the IPO price to end at Rs 883 apiece.

Shares of Protean eGov have been listed only on BSE, according to the offer's prospectus.

The Rs 490-crore IPO was subscribed to 23.86 times on its final day. Bids were led by institutional investors (46.94 times), non-institutional investors (31.62 times), retail investors (8.93 times), and a portion reserved for employees (1.49 times).

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.

"The company is diversifying into new sectors very much aligned with the new digital India vision, where primarily there are a lot of interventions, open digital ecosystems getting created in multiple sectors of the economy. The company has invested in people and technology in open source solutions to be able to contribute across sectors as diverse as digital commerce, mobility, health, agriculture, education," Suresh Sethi, managing director and chief executive officer, Protean eGov Technologies told BQ Prime.

Talking about focusing on new sectors Sethi said, "the new businesses are very allied with our core strengths because we are leveraging on the fact that as a company which has contributed to creating digital public infrastructure at scale, as we get into new areas and new sectors within the economy, which are looking at similar infrastructure rails on which to provide services".

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.