Protean eGov Technologies, previously known as NSDL, saw its initial public offering (IPO) fully subscribed on its first day, Tuesday. The support came primarily from non-institutional and retail investors, with the net issue divided among qualified institutional buyers (50%), high-net-worth individuals (15%), and retail investors (35%). The retail portion was oversubscribed by 1.5 times, while the non-institutional investors' part exceeded the offer by 1.65 times.
The IT solutions company, which partners with the Indian government to create digital public infrastructure and citizen-centric e-governance solutions, offered shares priced between ₹752-792. The total offer amounted to ₹490 crore ($65 million). Investors bid for over 47 lakh shares compared to nearly 44 lakh shares on offer.
Selling shareholders in the IPO included major banks such as HDFC Bank, Axis Bank, Deutsche Bank AG (NYSE:DB), Union Bank of India, and NSE Investments. Protean eGov had reserved 1.5 lakh equity shares for its employees at a discounted price.
Before the public offering, Protean eGov raised ₹143.53 crore ($19 million) from anchor investors, including LIC Mutual Fund, Aditya Birla Sun Life (TSX:SLF) Insurance, and SBI Life Insurance. These investors were allotted shares at ₹792 each.
The firm has implemented significant projects across seven ministries, including modernizing tax infrastructure and strengthening the old age security system. Protean is responsible for modernizing the Foundational Tax ID (PAN), conducting video KYC checks, managing Aadhaar enrolments, the National Pension System, and Atal Pension Yojana (APY).
Despite failing to secure a bid for Sri Lanka’s Unique Digital Identity program, Protean continues on a growth trajectory. As a key contributor to India Stack, the company has seen revenue growth of 10.9% and 7.8%. Protean's IPO launch also received recommendations from Indian brokerage firms.
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