Protean eGov Technologies in fast lane after a slow start, jumps 43% in 3 sessions

The listing was lukewarm even though the IPO was subscribed 23.86 times during the November 6-8 period. The price band for the issue was fixed at Rs 752-792 a share

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Protean eGov Technologies has been on a roll after a muted listing and added another 7 percent on November 16. The stock has now zoomed 42.51 percent after making its market debut on November 13.

The listing was lukewarm even though the initial public offering (IPO) was subscribed 23.86 times during the November 6-8 period. The price band was fixed at Rs 752-792 a share.

The IT-enabled solutions company, which was earlier known as NSDL e-Governance Infrastructure, collaborates with the government to create digital public infrastructure and develop citizen-centric e-governance solutions.

The company raised Rs 490.33 crore through the issue, which was purely an offer-for-sale of 61.91 lakh shares. The proceeds will go to the selling shareholders. The objective of the offer was to achieve the benefits of listing, which would also enhance visibility and brand image, the company said.

The initial negativity seemed to stem from the fact that the company’s FY23 net profit fell 25.6 percent to Rs 107 crore, largely due to a significant increase in employee cost and lower other income. However, revenue grew 7.4 percent to Rs 742.2 crore in the same period.

All brokers who came out with a report on the stock believe it to be a good investment.

“As a niche player with a strong growth potential with market leadership, Protean has a strong balance sheet and cash flow,” said Akshay Pradhan of Canara Bank Securities while advising to subscribe to the issue.