The initial public offerings (IPOs) of Protean eGov Technologies and ESAF Small Finance Bank are currently open for public subscription. Here’s a brief look at the subscription and other details.
ESAF Small Finance Bank
The public offer of ESAF Small Finance Bank (SFB) was booked 5x on the second day of the bidding process. The issue closes on Tuesday.
The NII category was subscribed the most at 10.76x, followed by retail investors at 5.12x. The QIB portion lagged at a 93% subscription rate.
According to market analysts, the company’s shares are commanding a premium of Rs 20 in the unlisted market.
The Rs 463-crore IPO includes a fresh equity issue of Rs 391 crore and an offer for sale (OFS) of Rs 72 crore. Under the OFS, promoter selling shareholder ESAF Financial Holdings will offload a stake worth Rs 49 crore and other selling shareholders PNB MetLife and Bajaj Allianz Life make up for the remaining OFS portion.
The IPO is priced in the range of Rs 57-60. Investors can bid for a minimum of 250 shares and in multiples thereafter.
About 50% of the issue is reserved for qualified institutional buyers, 15% for non-institutional investors and the rest 35% for retail investors.
ESAF Small Finance Bank has a focus on unbanked and under-banked customer segments, especially in rural and semi-urban areas.
Protean eGov Technologies
The IPO of Protean eGov Technologies was subscribed 46% so far on the first day of the bidding process. The issue closes on November 8.
The retail and NII categories were booked 71% and 59% so far, respectively. The QIB category is still blank.
The company’s grey market premium (GMP) is around Rs 120.
The issue is completely an offer for the sale of 61.9 lakh shares. Under the OFS, 360 One Special Opportunities Fund, NSE Investments, HDFC Bank, Axis Bank, and Deutsche Bank among others will offload their partial stakes.
The company fixed a price band of Rs 752-792 per share, and at the upper end, it plans to raise Rs 490 crore.
About 50% of the issue size has been reserved for qualified institutional investors, 35% for retail investors, and the remaining 15% for non-institutional investors.
Protean eGOV Technologies is a leading IT-enabled solutions company engaged in conceptualizing, developing and executing nationally critical and population-scale greenfield technology solutions. It has over 25 years of experience in creating digital infrastructure and governance solutions.
