 "IPO")
Protean eGov IPO booked 24 times
Protean eGov Technologies, formerly NSDL e-Governance Infrastructure, maiden share sale saw nearly 24 times more demand than the shares on offer. The institutional investor portion of the issue was subscribed 47 times, high networth individual portion 32 times and retail portion close to nine times. Protean has been a provider of e-governance technological solutions for over two decades. Some of the key projects implemented by Protean include PAN issuance and enabling the universal social security system. The price band for the company’s Rs 490-crore IPO was Rs 752-792 per share. At the top-end, Protean is valued at Rs 3,190 crore. The IPO is entirely a secondary share sale by 360 One Special Opportunities Fund, NSE Investments, SUUTI and a handful of large banks. According to the IPO document filed by the company, the average acquisition cost for 360 One is Rs 950, as much as 20 per cent higher than the IPO pricing. Meanwhile, for other selling shareholders, it is between Rs 10 and Rs 112.
Day 2: ASK Automotive IPO subscribed 1.35 times
ASK Automotive’s IPO was subscribed 1.35 times on Wednesday, a day before its close. Most of the bids so far have come from individual investors. ASK is the largest manufacturer of brake-shoe and advanced braking systems for two-wheelers in India with a market share of about 50 per cent during FY23. The company has set the price band of Rs 268-282 per share for its Rs 834-crore maiden share sale. Through the IPO, promoters Kuldip Rathee and Vijay Rathee will pare their holdings, while ASK is not looking to issue any new shares. At the top-end of the price band, ASK is valued at Rs 5,560 crore.
BS REPORTER
