Protean eGov Technologies, formerly known as NSDL e-Governance Infrastructure, is set to launch its Initial Public Offering (IPO) on Monday, November 6. The IPO, which is entirely an Offer for Sale (OFS), aims to raise ₹490.33 crore through nearly 62 lakh equity shares. The shares are priced between ₹752-₹792 each, with the anchor book opening on Friday, November 3.
Various entities including HDFC Bank and 360 One Special Opportunities Fund are among the OFS investors. Protean has reserved shares for its employees at a discount of ₹75 per share and for different investor categories: Qualified Institutional Buyers (QIBs) at 50%, non-institutional investors at 15%, and retail investors at 35%.
The company was established in December 1995 and has significantly modernized direct tax infrastructure across various Indian ministries by managing 19 projects, including PAN issuance and universal social security systems.
In terms of financial performance, Protean reported a net profit of ₹32.21 crore as of June 30, 2023, and ₹107.04 crore with revenue of ₹783.87 crore (INR100 crore = approx. USD12 million) for the financial year ending March 31, 2023.
ICICI Securities and Equirus Capital are managing the IPO process with Link Intime India acting as the registrar. Upon successful completion of the IPO process, Protean's shares will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
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