Day 3 of Protean eGov Technologies' IPO: Issue subscribed to 23.86 times; there is a lot of interest for the QIB and NII components

 Day 3 of Protean eGov Technologies' IPO: Issue subscribed to 23.86 times; there is a lot of interest for the QIB and NII components

On the last day of bidding, investors showed a great deal of interest in Protean eGov Technologies' (formerly known as NSDL e-Governance Infrastructure Limited) initial public offering (IPO). The initial public offering (IPO), which began accepting subscriptions on November 6, had a full subscriber base on its first day, with a high level of engagement from non-institutional and retail investors. The business wants to raise ₹490 crore from the capital markets via this offering, which is a full offer for sale (OFS).

The retail segment's strong demand persisted on the last day of subscriptions (November 08), when the subscription rate increased to 8.93 times. The segment subscription for non-institutional investors (NIIs) was 31.62 times higher than the QIB segment subscription, indicating that NIIs were also quite interested in the offering. There were 1.49 bookings for the employee part. 

On the last day of the IPO, bids were received for 10,44,64,116 shares overall, compared to the 43,78,700 shares that were offered for subscription. This results in a subscription rate of 23.86 times.

The equity share sale has a set price range of ₹752–792 per share, with a face value of ₹10. The net offer is set up at 50% of the entire offer size for eligible institutional purchasers, 15% for non-institutional investors, and 35% for retail investors.

Greenfield technology solutions that are population-scale and strategically important are conceptualized, developed, and implemented by Protean eGov Technologies. It works with the government and has a wealth of knowledge in building cutting-edge, citizen-focused e-governance solutions and digital public infrastructure.

The firm was first established in 1995 as a depository and built a nationally significant infrastructure that is systemically crucial for the growth of India's capital market. According to the company's DRHP report, it has served as the principal architect and implementer for some of the most important and significant technological infrastructure projects in India.

Investors are encouraged to subscribe to the issuance by domestic brokerage companies.