Protean eGov Tech has announced price band; check dates, lot size and other details

Protean eGov Technologies will be hitting Dalal Street with its initial public offering (IPO) on Monday, November 6. The company will be offering its shares in the range of Rs 752-792 apiece with a lot size of 18 equity shares and its multiples thereof. The issue is open for subscription till Wednesday, November 8.

Protean eGov Technologies is engaged in the business of developing citizen-centric and population-scale e-governance solutions for more than two decades. It has played a vital role in developing national infrastructure for capital market development in India and implemented some of the most crucial technological infrastructure in India.

Protean eGov Tech is looking to raise Rs 490.33 crore through its IPO, which is entirely an offer-for-sale (OFS) of 61,91,000 equity shares by its selling shareholders. The company, formerly known as NSDL e-Governance Infrastructure, will not receive any proceeds from the issue.

Multiple schemes of 360 One Special Opportunities Fund (formerly known as IIFL Special Opportunities Funds), NSE Investments, HDFC Bank, Unit Trust of India, Axis Bank, Deutsche Bank AG and Union Bank of India are the investors participating in the OFS. The anchor book will open on Friday, November 3.

The company has reserved 1.5 lakh equity shares for the eligible employees of the company, who will get a discount of Rs 75 per share. Qualified institutional bidders (QIBs) will get 50 per cent of the net offer, while non-institutional investors will have 15 per cent shares reserved for them. Retail investors have a quota of 35 per cent in the net offer.

Mumbai-based Protean eGov Technologies has implemented and managed 19 projects spread across several ministries. Incorporated in December 1995, the company has modernized direct tax infrastructure through the introduction of projects like PAN issuance.  It has enabled the universal social security system for all Indians.

For the period ended on June 30, 2023, the company reported a net profit of Rs 32.21 crore, with a revenue of Rs 233.17 crore. The company's bottomline came in at Rs 107.04 crore with a revenue of Rs 783.87 crore for the financial year ended on March 31, 2023.
 

ICICI Securities,  Equirus Capital, IIFL Securities and Nomura Financial Advisory and Securities (India) are the book running lead managers to the issue, while Link Intime India is the registrar for the IPO. Shares of the company are to be listed at only BSE.

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