Protean eGov Technologies Limited IPO listing date today. What GMP, experts signal ‘positive’ debut of shares

Protean IPO: Listing date of the initial public offering (IPO) of Protean eGov Technologies Limited has been fixed on 13th November 2023 i.e. today. As per the information available on BSE website, “…effective from Monday, November 13, 2023, the equity shares of Protean eGov Technologies Limited shall be listed and admitted to dealings on the Exchange in the list of ‘B’ Group of Securities.” The BSE notice went on to add that shares of Protean eGov Technologies Limited will list on BSE and NSE in special pre-open session during Monday deals.

According to stock market experts, retail investors couldn’t understand the business model and sustainability of the business revenue of Protean eGov Technologies Limited. This got reflected in response of the retail investors. However, market experts maintained that Protean IPO will have a positive listing and Protean IPO listing would take place at around 30 to 40 per share premium.

Protean IPO listing price prediction

Speaking on Protean eGov Technologies Limited IPO listing, Arun Kejriwal, Founder at Kejriwal Research and Investment Services said, “Except QIB and NII category, the public issue received response, which was below below expectations. In fact, retail investors are unable to understand the business model and revenue generation mechanism of the company. And this is expected to continue in post-listing scenario as well. But, a section of investors have shown faith in the stock and hence I am expecting flat listing of shares.”

Asked about Prean IPO listing gain that an allottee can expect, Prashanth Tapse, Senior VP — Research at Mehta Equities said, “Considering the healthy subscription demand and optimistic market mood a decent 10% listing gain can be assumed against the issue price of 792 per share.”

On triggers that may help Protean eGov Technologies Limited IPO listing, Mehta Equities expert said, “We like Protean’s unique business model with a niche product portfolio focusing on eGovernance business. While upside looks limited based on valuation parse as the issue was fully priced in discounting all near term triggers. Given the company is the pioneer and market leader in its universal of eGovernance focusing on new sectors like health, education and skills, agriculture with the expansion plans to reach neighbouring countries for eGovernance, there can be some kind of first mover advantage, but upside looks limited post listing hence we recommend allotted investors to look for booking profits on listing day.”

On expected Protean IPO listing price, Arun Kejriwal said, “The issue may list at a premium of 30 to 40 per equity share. This means, Protean IPO listing price would be around 822 to 832 per share.”

Meanwhile, grey market is also dropping hint that Pretean IPO will have a positive listing. According to market observers, shares of Protean eGov Technologies Limited are available at a premium of 80 in grey market today. This means grey market is expecting that Protean IPO listing price would be around 872 per share levels.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.

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Updated: 13 Nov 2023, 07:02 AM IST

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