Protean eGov Technologies, previously known as NSDL E-Governance Infrastructure, has set a price range of Rs 752 to Rs 792 per share for its initial public offering (IPO) to raise Rs 490.3 crore. The IPO will be open from 6 November to 8 November. The Securities and Exchange Board of India (SEBI) approved Protean eGov’s IPO in last November, the company said in a press release.
The company filed the necessary documents with SEBI in December 2021 to raise funds through the IPO. The IPO consists of shares being sold by existing promoters and shareholders and all the proceeds will go to them. The number of shares being offered for sale has been reduced to 61.9 lakh shares from the original plan of 1.28 crore shares.
The OFS includes the following number of shares from various funds: 360 One Special Opportunities Fund – 4.60 lakh shares, 360 One Special Opportunities Fund Series 2 – 3.21 lakh shares, 360 One Special Opportunities Fund Series 3 – 1.48 lakh shares, 360 One Special Opportunities Fund Series 4 – 3.97 lakh shares and 360 One Special Opportunities Fund Series 5 – 3.09 lakh shares.
Other entities participating in the OFS are: NSE Investments – selling 17.8 lakh shares, HDFC Bank – selling 7.06 lakh shares, Axis Bank – selling 7.12 lakh shares, Deutsche Bank AG – selling 7.12 lakh shares, UTI – selling 2.43 lakh shares, and Union Bank of India – selling 4 lakh shares.
The IPO has allocated 50 per cent of its shares to qualified institutional buyers, 15 per cent to high net-worth individuals and 35 per cent to retail investors. In addition, the company has reserved 1.5 lakh equity shares at a discounted price of Rs 75 per share for its employees.
The book running lead managers for this IPO are ICICI Securities, Equirus Capital, IIFL Securities and Nomura Financial Advisory and Securities (India). The registrar for the IPO is Link Intime India, Protean eGov Technologies is a prominent IT solutions provider in India, specialising in developing and implementing technology solutions that are important to the country’s citizens.
Protean eGov Technologies is a company that specialises in building advanced e-governance solutions and digital public infrastructure for the government. According to reports, the company’s net profit for the fiscal year ending in 2022 was Rs 143.9 crore, down from Rs 92.1 crore the previous year. Its revenue for the same period was Rs 690.9 crore, compared to Rs 603 crore previously. The company is planning to list its IPO shares on the BSE on 17 November.
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