Protean eGov Technologies (formerly known as NSDL E-Governance Infrastructure) has announced the price band for its Rs 490-crore initial public offering (IPO). The IPO will open for subscription on November 6 and conclude on November 8, with the anchor book opening on November 3. The offer is purely an offer-for-sale (OFS) existing shareholders, and the size of the OFS has been reduced to 61.91 lakh equity shares.
In addition to the OFS, the offer includes a reservation of 1.5 lakh equity shares for the company’s employees at a discounted price. 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. The upper end of the price band is expected to fetch Rs 490.33 crore.
Since the IPO is an OFS, all proceeds will go to the selling shareholders, and the company will not receive any funds from the issue. The issue size has been reserved with half for qualified institutional investors, 35% for retail investors, and the remaining 15% for non-institutional investors. Investors can bid for a minimum of 18 equity shares and in multiples of 18 equity shares thereafter.
Protean eGov Technologies is a leading IT-enabled solution company in India, focused on developing and executing large-scale technology solutions for national governance. The company has collaborated with the government and has extensive experience in creating digital public infrastructure and citizen-centric e-governance solutions.
Originally established as a depository in 1995, Protean eGov Technologies has played a crucial role in building national infrastructure for capital market development in India. For the three months ending June 30, 2023, the company reported a profit after tax of Rs 32.21 crore and a revenue from operations of Rs 220.4 crore.
ICICI Securities, Equirus Capital, IIFL Securities, and Nomura Financial Advisory and Securities (India) are the book-running lead managers for the IPO. The shares of Protean eGov Technologies will be listed on the Bombay Stock Exchange (BSE).