Protean eGov Technologies IPO Opens for Subscription, Is It Worth Applying?

The initial public offering (IPO) of Protean eGov Technologies Limited opened for subscription on Monday, November 6, 2023. The closing date is November 8, 2023, and the book build issue has been offered at a price band of Rs 752 to Rs 792 per equity share. The company plans to raise Rs 490.33 crore via offer for sale (OFS).

Investors must apply for a minimum of 18 shares and multiples thereof. Shares are likely to be allotted on November 9, 2023, and listing is planned on November 13, 2023, on both BSE and NSE.

As of now, the issue is subscribed 0.10 times, with retail investors applying for 0.19 times and NII 0.11 times. Protean eGov Technologies Limited is one of the significant e-governance solution companies in India, having operated in collaboration with the government.

Analysts have a positive stance on the issue. Kejriwal Research and Investment provides a “subscribe” call, while Profitmart Securities urges investors to go for medium- to long-term investments.