Protean eGov Technologies IPO: The initial public offering of Protean eGov Technologies (formerly known as NSDL E-Governance Infrastructure) is going to open for public subscription on November 6, and will conclude on November 8. The price band of the Rs 490-crore IPO has been fixed at Rs 752-792 per share.
The anchor book of the offer will be opened for a day on November 3. The IPO allotment will take place on November 13, while the share listing is likely to take place on November 17.
Protean eGov Technologies IPO GMP Today
According to market observers, Protean eGov Technologies is currently trading Rs 111 higher in the grey market. The Rs 111 grey market premium or GMP is about 14.02 per cent higher than its upper issue price of Rs 792 per share. This means the grey market is expecting a 14.02 per cent listing gain from the public issue.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
About Protean eGov Technologies IPO
The Protean eGov Technologies IPO is purely an offer-for-sale (OFS) by existing shareholders. The OFS size has been reduced to 61.91 lakh equity shares from 1.28 crore equity shares planned earlier. Also, the offer includes a reservation of 1.5 lakh equity shares for the company’s employees at a discount of Rs 75 per share to the final offer price.
Those offering shares in the OFS are — 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 fetch Rs 490.33 crore.
Since the IPO is completely an OFS, the entire proceeds will go to the selling shareholders and the company will not receive any funds from the issue. Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors, and the remaining 15 per cent for non-institutional investors.
Further, investors can bid for a minimum of 18 equity shares and in a multiple of 18 equity shares thereafter. Protean eGov Technologies is one of the key IT-enabled solution companies in India engaged in conceptualizing, developing, and executing nationally critical and population-scale greenfield technology solutions.
The company collaborated with the government and has extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions. Originally set up as a depository in 1995, it created a systemically important national infrastructure for capital market development in India.
For the three months ended June 30, 2023, the company posted a profit after tax (PAT) of Rs 32.21 crore and a revenue from operation of Rs 220.4 crore. ICICI Securities, Equirus Capital, IIFL Securities, and Nomura Financial Advisory and Securities (India) are the book-running lead managers to the issue.
Shares of the company will be listed on the BSE.
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