Protean jumps after listing

No Diwali firework listing here! Protean eGov got listed on the BSE at Rs.792, the same price as that of the IPO. But it soon surged to Rs.823 and is now trading at Rs.812.

The company, Protean eGov Technologies, formerly NSDL e-Governance Infrastructure Limited, provides e-governance services such as management of TIN, PAN processing, central record keeping agency (CRA) for National Pension Scheme (NPS) and Atal Pension Yojana.

The IPO did well, getting subscribed 23.86 times, with QIB subscribing at 46.94x, followed by HNIs at 31.62 and Retail at 8.93x.

In our IPO Analysis, we had concluded, “Growing digital opportunity, strong fundamentals and attractive valuation makes this IPO a ‘subscribe’.”