Protean eGov Soars 3% After Muted Debut On Bourses

Shares of Protean eGov Technologies Ltd witnessed a rally of 2.46% intraday today as the shares listed at the issue price of Rs 792 apiece on BSE. Before listing on the bourses, eGov Technologies shares were trading at a 6% premium in the grey market.

It is worth noting that the initial public offer (IPO) was subscribed nearly 23.86 times from November 6 to November 6 tenure. Price band for the issue was set at Rs 752 to 792 per share.

Current market price of eGov Technologies share on BSE is Rs 812.80 per share. The company has a market capitalisation of Rs 3,286.50 crore.

eGov Technologies managed to raise nearly 490.33 crore via the issue that was mainly an offer-for-sale of 61.91 lakh shares. Proceeds are expected to go to the selling shareholders. Purpose of the offer was to accomplish the advantages of listing, which would also boost visibility and brand image, stated the company.

When it comes to the company's financials, eGov Technologies FY2023 net profit declined 25.6% to Rs 107 crore due to rise in employee cost and lesser other income. Meanwhile, revenue soared 7.4% to Rs 742.2 crore for the period under consideration.

The company offers IT services. Protean eGov Technologies also provides e-governance solutions, system integration, business process re-engineering, data center co-location, and IT consulting services, among others.