Protean eGov Technologies, formerly known as NSDL E-Governance Infrastructure, has announced the pricing details for its initial public offering (IPO). The company has set a price band of Rs 752-792 per share for the IPO, which is valued at Rs 490 crore. The subscription for the IPO will begin on November 6 and close on November 8, with the anchor book opening on November 3.
It is important to note that this IPO is purely an offer-for-sale (OFS) by existing shareholders. The size of the OFS has been reduced to 61.91 lakh equity shares, compared to the earlier planned 1.28 crore equity shares. Additionally, the company has reserved 1.5 lakh equity shares for its employees at a discounted price of Rs 75 per share.
The shareholders offering shares in the OFS include 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 raise Rs 490.33 crore.
It is important to highlight that since this IPO is an OFS, all the proceeds will go to the selling shareholders, and the company will not receive any funds from the offering. The allotment for the IPO is divided with 50% reserved 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 a multiple of 18 equity shares thereafter.
Protean eGov Technologies is a leading IT-enabled solution company in India. They specialize in developing and implementing large-scale technology solutions, collaborating with the government to create digital public infrastructure and innovative citizen-centric e-governance solutions. The company was originally established in 1995 as a depository and has since played a vital role in capital market development in India.
In the financial year ending on June 30, 2023, Protean eGov Technologies recorded a profit after tax (PAT) of Rs 32.21 crore and a revenue from operations of Rs 220.4 crore. The IPO is being managed by ICICI Securities, Equirus Capital, IIFL Securities, and Nomura Financial Advisory and Securities (India). The company’s shares will be listed on the Bombay Stock Exchange (BSE).
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