Protean eGov Technologies, formerly known as NSDL E-Governance Infrastructure, has announced the price range for its initial public offering (IPO). The IPO, with a size of Rs 490 crore, will open for subscription on November 6 and conclude on November 8. However, the anchor book of the offer will be opened for a day on November 3, according to a statement from the company.
It is important to note that the public issue is an offer-for-sale (OFS) by existing shareholders. The size of the OFS has been reduced to 61.91 lakh equity shares, down from the earlier planned 1.28 crore equity shares. Additionally, the offer includes a reservation of 1.5 lakh equity shares for the company’s employees at a discounted price of Rs 75 per share.
Several shareholders are offering their shares in the OFS, including IIFL Special Opportunities Funds, NSE Investments, Administrator of the Specified Undertaking of the Unit Trust of India, HDFC Bank, Axis Bank, Deutsche Bank AG, Punjab National Bank, and Union Bank of India.
At the upper end of the price band, the IPO is expected to generate approximately Rs 490.33 crore. However, since this is an OFS, all proceeds will go to the selling shareholders and the company will not receive any funds from the issue.
The issue has been reserved with 50% for qualified institutional investors, 35% for retail investors, and the remaining 15% for non-institutional investors. Interested investors can bid for a minimum of 18 equity shares and in multiples of 18 thereafter.
Protean eGov Technologies is a prominent IT-enabled solutions company in India. It is involved in the development and implementation of nationally critical and population-scale technology solutions. The company has collaborated extensively with the government and has a strong track record in creating digital public infrastructure and citizen-centric e-governance solutions.
Originally established as a depository in 1995, Protean eGov Technologies played a crucial role in creating a systemically important national infrastructure for capital market development in India.
For the three-month period ending June 30, 2023, the company reported a profit after tax (PAT) of Rs 32.21 crore and a revenue from operation of Rs 220.4 crore.
ICICI Securities, Equirus Capital, IIFL Securities, and Nomura Financial Advisory and Securities (India) have been appointed as the book-running lead managers for the IPO.
The shares of Protean eGov Technologies will be listed on the BSE (Bombay Stock Exchange).
I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years. I have a wealth of knowledge to share with my readers, and my goal is to help them navigate the ever-changing world of cryptocurrencies.
