Protean eGov Technologies Announces IPO Price Band

Protean eGov Technologies Announces IPO Price Band

VoM News Desk | November 1, 2023 | 10:21 AM IST | Breaking News | Follow on Google News

Protean eGov Technologies Announces IPO Price Band

Protean eGov Technologies Announces IPO Price Band

Protean eGov Technologies, formerly known as NSDL E-Governance Infrastructure, has revealed the price band for its initial public offering (IPO) at ₹752-792 per share, aiming to raise ₹490.3 crore. The IPO is scheduled to begin on November 6 and close on November 8, with anchor investors starting their bidding on November 3.

SEBI Approval and IPO Details

The Securities and Exchange Board of India (SEBI) granted approval to the Protean eGov IPO last November. The IPO consists of a complete offer for sale (OFS) by existing promoters and shareholders, meaning all funds raised will go to selling shareholders. The OFS size was reduced to 61.9 lakh shares from the initial plan of 1.28 crore shares. The OFS includes shares from various stakeholders, including 360 One Special Opportunities Fund, NSE Investments, HDFC Bank, Axis Bank, Deutsche Bank AG, UTI, and Union Bank of India.

Allocation and Reservations

The IPO has allocated 50 percent for qualified institutional buyers, 15 percent for high net-worth individuals, and 35 percent for retail investors. Additionally, 1.5 lakh equity shares have been reserved for the company’s employees at a discount of ₹75 per share to the final offer price.

Lead Managers and Registrar

The book running lead managers for the IPO are ICICI Securities Limited, Equirus Capital Private Limited, IIFL Securities Ltd, and Nomura Financial Advisory and Securities (India) Pvt Ltd. The issue’s registrar is Link Intime India Private Ltd.

About Protean eGov Technologies

Protean eGov Technologies is a prominent provider of IT-enabled solutions in India. The company specializes in designing, developing, and implementing state-of-the-art technological solutions, with a focus on citizen-centric e-governance solutions and digital public infrastructure. In the fiscal year ending in 2022, the company reported a net profit of ₹143.9 crore on revenue of ₹690.9 crore.

IPO Listing Date

Protean eGov IPO shares are expected to be listed on the NSE and BSE on November 17.

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VoM News Desk

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