Protean eGov Technologies Mobilizes Rs 143 Crore from Anchor Investors

New Delhi, Nov 3: Protean eGov Technologies, formerly known as NSDL E-Governance Infrastructure, has mobilized a little over Rs 143 crore from anchor investors, days before its initial public offering (IPO). The company has allotted 18.12 lakh equity shares to 18 funds at Rs 792 apiece, which is also the upper end of the price band, according to a circular uploaded on BSE's website.

Anchor Investors

At this price, the company has garnered Rs 143.53 crore from anchor investors. Societe Generale, SBI General Insurance Company, SBI Life Insurance Company, Aditya Birla Sun Life Insurance Company, LIC Mutual Fund, and Baroda BNP Paribas Mutual Fund are among the anchor investors.

IPO Details

The Rs 490-crore IPO, with a price band of Rs 752-792 per share, will open for subscription on November 6 and conclude on November 8. The maiden public issue is purely an offer of 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.

Offer for Sale

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 A.G., 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.

Reservation and Allocation

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 a multiple of 18 equity shares thereafter.

About Protean eGov Technologies

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.

Book-Running Lead Managers

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.

The Protean eGov Technologies IPO is a significant development in the Indian capital markets. The company's strong track record and growth potential make it an attractive investment proposition for investors. The IPO is expected to receive a strong response from investors.