Protean eGov Technologies Limited, formerly known as NSDL E-Governance Infrastructure Ltd, is gearing up to launch its initial public offering (IPO). The key details, including dates and the price band, are yet to be disclosed. The IPO received approval from the Securities and Exchange Board of India (SEBI) in November last year.
In December 2021, Protean eGov Technologies filed draft documents with SEBI, seeking to raise funds through the IPO. The regulatory body issued observations in November 2022, indicating its final approval for the maiden share sale.
The IPO comprises an offer for sale (OFS) of 1.2 crore equity shares. The OFS involves the following entities: 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.
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. Link Intime India Private Ltd serves as the issue’s registrar.
Protean eGov IPO shares are proposed to be listed on the NSE and BSE. In the fiscal year ending in 2022, the company reported a net profit of ₹143.9 crore on revenue of ₹690.9 crore, an increase from the previous year’s figures of ₹92.1 crore and ₹603 crore, respectively.
As a leading provider of IT-enabled solutions in India, Protean eGov Technologies specializes in designing, creating, and implementing greenfield technological solutions crucial to the country’s citizens. The company collaborates with the government and boasts expertise in developing cutting-edge, citizen-centric e-governance solutions and digital public infrastructure.
Established in 1995 as a depository, Protean eGov Technologies played a pivotal role in building a systemically essential national infrastructure for the development of India’s capital market, according to CRISIL sources. The Draft Red Herring Prospectus (DRHP) highlights that there are no comparable listed companies in India covering all aspects of Protean eGov’s business and services.
