Protean eGov Technologies is set to launch its initial public offering (IPO) for bidding on Monday, November 6, with the subscription window remaining open until Wednesday, November 8. The company, which specializes in e-governance solutions, will offer its shares in a fixed price band of Rs 752 to Rs 792 per share, with a lot size of 18 equity shares and multiples thereafter.
With a history spanning over two decades, Protean eGov Technologies has been a key player in the development of citizen-centric and population-scale e-governance solutions. The company has been instrumental in building critical technological infrastructure in India, particularly in the capital market.
The IPO aims to raise Rs 490.33 crore and consists entirely of an offer-for-sale (OFS) of 61,91,000 equity shares by its selling shareholders. Notable selling shareholders include 360 One Special Opportunities Fund, NSE Investments, HDFC Bank, Unit Trust of India, Axis Bank, Deutsche Bank AG, and Union Bank of India.
To support its eligible employees, Protean eGov Tech has reserved 1.5 lakh shares with a discount of Rs 75 per share, and the company will not receive any proceeds from this portion of the offering. The allocation for the IPO is as follows: Qualified institutional bidders (QIBs) will receive 50% of the net offer, while non-institutional investors and retail investors will have reservations of 15% and 35%, respectively.
Prior to the IPO, the company allocated 18,12,300 shares to anchor investors at a price of Rs 792 per share, raising Rs 143.5 crore. Notable anchor investors include SBI Life, Baroda BNP Paribas MF, Aditya Birla Sun Life, Societe Generale, Astorne Capital VCC – Arven, GAM Multistock-Emerging Markets Equity, LC Radiance Fund VCC, ACM Global Fund VCC, and BCAD Fund.
Protean eGov Technologies, based in Mumbai, has successfully implemented and managed 19 projects across various ministries of the Government of India. Established in December 1995, the company has played a pivotal role in modernizing the direct tax infrastructure, with initiatives like PAN issuance, and enabling a universal social security system for all Indians.
As of the period ending June 30, 2023, Protean eGov Tech reported a net profit of Rs 32.21 crore, with a revenue of Rs 233.17 crore. For the fiscal year ending on March 31, 2023, the company’s bottom line stood at Rs 107.04 crore, with a revenue of Rs 783.87 crore.