November 13th 2023.
On Monday, the much-awaited initial public offering of Protean eGov Technologies made a tepid debut on the exchanges, listing at the issue price of Rs. 792. Trading activity was muted, with the stock gaining a mere 3.91% to Rs. 823, giving the company a market valuation of Rs. 3,288.52 crore during morning trade.
The IPO, which closed on Wednesday, had seen an overwhelming response from investors, with the issue oversubscribed 23.86 times. The offer had a price band of Rs. 752-792 per share and was a purely Offer of Sale.
Protean eGov Technologies is one of the leading IT-enabled solution companies in India, specialising in the conceptualisation, development, and execution of nationally critical and population-scale greenfield technology solutions. The company has partnered with the government and boasts of extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions.
In 1995, the company was set up as a depository to create a systemically important national infrastructure for capital market development in India. With the successful completion of its IPO, Protean eGov Technologies is all set to join the league of the few companies to have tapped the capital market this year.
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