Protean eGov Technologies Limited, after initially listing below market estimates, garnered buying interest and surged to an intraday high of ₹824.75 per share on BSE, marking a 4% increase from the issue price of ₹752 to ₹792 per equity share.
Despite the flat listing, market experts suggest that Protean eGov, backed by government operations, presents an opportunity for medium to long-term investors to accumulate shares for potential returns.
Debut Details and Analyst Insights:
- Prashant Tapse, Senior VP — Research at Mehta Equities, noted that despite the 100% offer-for-sale by the Rathee family and a fully priced IPO, the issue received an overwhelming response, particularly from Qualified Institutional Buyers (QIBs) with a subscription of 142 times.
- Tapse highlighted Protean’s position as the largest manufacturer and supplier of brake-shoe and Advance Braking Systems (ABS) to critical equipment segments, acting as a proxy play for the automobile sector.
Analyst Recommendations:
- Tapse recommends long-term investors to “HOLD FOR LONG TERM,” emphasizing the company’s growth potential in the automobile sector.
- Mahesh M Ojha, AVP — Research & Business Development at Hensex Securities, emphasized Protean eGov’s government-backed operational capacity, pioneer position, and market leadership in universal, citizen-centric e-governance solutions.
Investor Guidance:
- Ojha suggests Protean eGov Technologies as a good portfolio pick and advises investors to hold for medium to long-term investment.
Despite the flat debut, Protean eGov Technologies Limited continues to attract attention, with analysts highlighting its potential for long-term growth, especially in the context of its strong government-backed operational capacity and position in the e-governance solutions market.
