Protean eGov Technologies IPO: Protean eGov Technologies IPO opens for public subscription today and will close on Wednesday, November 8, 2023. The bidding for anchor investors concluded on Friday, wherein the company collected Rs 143.53 crore. The price band for its public issue at Rs 752-792 per equity share of face value Rs 10 each. At the upper end of the price band, the company’s promoters and shareholders seek to raise Rs 490.33 crore from the IPO. Ahead of the public issue, Protean eGov Technologies’ shares’ GMP rose 13.89% over the upper end of the share price on offer.
The IPO comprises an Offer-For-Sale (OFS) with promoters offloading 6,191,000 shares of Rs 10 aggregating up to Rs 490.33 crore. For potential investors, the bidding starts at a minimum of 18 equity shares, with subsequent bids in multiples of 18 equity shares. The shares are likely to get credited on Thursday, November 16, 2023, and listed on stock exchanges on Friday, November 17, 2023, according to reports.
Protean are one of the key IT-enabled solutions companies in India engaged in conceptualizing, developing, and executing nationally critical and population scale greenfield technology solutions. The company collaborates with the government and have extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions. They were originally setup as a depository in 1995 and created a systemically important national infrastructure for capital market development in India.
Should you apply for the Protean eGov Technologies IPO ?
Anand Rathi: Subscribe –Long Term
“The company is pioneer and market leader in universal, citizen centric and population scale e-governance solutions. At the upper price band, the company is valued at P/E ratio of 29.9 of its FY23 earnings with a market cap of Rs 32,034 million post issue of equity shares. We believe that issue is fairly priced and recommend ‘Subscribe –Long Term’ rating to the IPO.”
Choice Broking: Subscribe
“There are no comparable peers having product profile and business model to PeTL. The above peers are only considered to benchmark the valuation demanded by the company. At higher price band, PeTL is demanding a TTM P/E multiple of 27.2x (to its TTM earning per share of Rs. 29.2), which is at discount to the peer average of 42.5x. Considering the dominant position in the domestic e-governance market, its capabilities to roll-out nationally critical and population scale greenfield technology solutions and attractive demanded valuations, we assign a ‘Subscribe’ rating for the issue.”
(The recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)
