Protean eGov Technologies (formerly known as NSDL E-Governance Infrastructure) on Wednesday announced the price bank of Rs 752-792 per share for its Rs 490-crore initial public offering.
The maiden public issue will open for subscription on 6 November and will conclude on 8 November. The anchor investors bidding for the IPO will start on 3 November.
The firm had received the Securities and Exchange Board of India (SEBI) nod last November. It filed preliminary papers with markets regulator SEBI in December 2021 to raise funds via IPO.
The IPO consists of a pure offer for sale (OFS) by its existing promoters and shareholders. Protean eGov has reduced its OFS size to 6.19 million shares from 12.8 million shares earlier planned.
The OFS includes up to 4.60 lakh shares by 360 One Special Opportunities Fund, up to 3.21 lakh shares by 360 One Special Opportunities Fund Series 2, up to 1.48 lakh shares by 360 One Special Opportunities Fund Series 3, up to 3.97 lakh shares by 360 One Special Opportunities Fund Series 4, up to 3.09 lakh shares by 360 One Special Opportunities Fund Series 5.
The offer includes a reservation of 1.5 lakh equity shares for the company’s employees, who will get these shares at a discounted price of Rs 75 per share. The issue, excluding employees’ reservation, is the net issue or net offer.
Half of the net issue has been reserved for qualified institutional buyers, and 15 percent for high net-worth individuals. And the remaining 35 percent is set aside for retail investors.
According to the announcement the Investors can bid for a minimum of 18 equity shares and in multiples of 18 shares thereafter. Hence, the minimum application size by retail investors will be Rs 14,256 (18 shares) and the maximum investment by them would be Rs 1,99,584 (252 shares) as they can’t exceed investment limit of Rs 2 lakh in the IPO.
IT-enabled solutions provider, Protean eGov Technologies Limited is responsible for designing, creating, and implementing greenfield technological solutions. It works with the government on building cutting-edge, citizen-centric e-governance solutions and digital public infrastructure.
As per reports, the company’s net profit for the year ended March FY23 reported at Rs 107.04 crore, which was lower compared to Rs 143.9 crore in previous year, but revenue from operations during the same period jumped to Rs 742.2 crore, from Rs 690.9 crore.
Protean eGov IPO shares are proposed to be listed on NSE and BSE on November 17. ICICI Securities, Equirus Capital, IIFL Securities, and Nomura Financial Advisory and Securities (India) are the merchant bankers to the issue.
