Protean IPO listing: Share Price Jumps Despite Flat Debut. Buy, sell or hold?

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.

Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.​​
Daily Index & Stock Option Research On Whatsapp
We will be happy to hear your thoughts

      Leave a reply

      Share Price India News
      Logo