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Protean eGov Technologies' IPO subscribed 24x

Economic Times  

Mumbai-headquartered digital tech solutions provider Protean eGov Technologies' IPO was subscribed 23.86 times with investors buying 10.44 crore equity shares against an offer size of 43.78 lakh shares. Qualified institutional buyers and high net worth individuals bid 46.94 times and 31.62 times their allotted shares. Retail investors subscribed 8.93 times the reserved portion. The offer comprised entirely of an offer for sale (OFS) of 2.95 crore equity shares to realize INR 490 crore. Under the OFS, promoters Kuldip Singh Rathee and Vijay Rathee offloaded 2.06 crore shares and 88.7 lakh shares respectively.