Protean eGov Technologies Limited to Launch IPO

Protean eGov Technologies Limited to Launch IPO

VoM News Desk | October 16, 2023 | 10:55 AM IST | Breaking News | Follow on Google News

Protean eGov Technologies Limited to Launch IPO

Protean eGov Technologies Limited to Launch IPO

Protean eGov Technologies Limited, formerly known as NSDL E-Governance Infrastructure Ltd, is preparing to launch its initial public offering (IPO). While the key details, such as the IPO’s dates and price band, are yet to be disclosed, here is what is known so far:

1. SEBI Approval: Protean eGov Technologies IPO received approval from the Securities and Exchange Board of India (SEBI) in November 2022. SEBI’s issuance of observations signifies the final approval for launching the maiden share sale.
2. Preliminary Filing: The company filed preliminary papers with SEBI in December 2021, outlining its plans to raise funds through an IPO.
3. Offer for Sale (OFS): According to the draft red herring prospectus (DRHP), the IPO will comprise an offer for sale (OFS) of 1.2 crore equity shares. The OFS is being made by several entities, including HDFC Bank, Axis Bank, Deutsche Bank A.G., Punjab National Bank, Union Bank of India, Administrator of the Specified Undertaking of the Unit Trust of India, NSE Investments, and IIFL Special Opportunities Funds.
4. Lead Managers: The book running lead managers for the Protean eGov Technologies IPO are ICICI Securities Limited, Equirus Capital Private Limited, IIFL Securities Ltd, and Nomura Financial Advisory and Securities (India) Pvt Ltd.
5. Registrar: The issue’s registrar is Link Intime India Private Ltd.
6. Listing: Protean eGov IPO shares are proposed to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

Protean eGov Technologies Limited is a leading provider of IT-enabled solutions in India, primarily focused on designing, creating, and implementing technological solutions for e-governance and digital public infrastructure. The company has a strong track record of working with the government to develop citizen-centric e-governance solutions.

In the fiscal year ending in 2022, Protean eGov Technologies reported a net profit of ₹143.9 crore on revenue of ₹690.9 crore, which was an improvement from the previous year’s net profit of ₹92.1 crore on revenue of ₹603 crore.

The company was initially established as a depository in 1995 and played a pivotal role in creating a systemically essential national infrastructure for India’s capital market development. According to CRISIL sources, there are no listed companies in India that are directly comparable in all aspects of business and services provided by Protean eGov Technologies Limited.

Please note that the exact IPO dates and other details will be available once the company officially announces them.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.