Home » Protean eGov Technologies Limited IPO 

Last Updated on November 3, 2023 by BFSLTeam BFSLTeam

Protean eGov Technologies Limited, formerly called NSDL e-Governance Infrastructure, is all set to launch its IPO this month. It had filed its Draft Red Herring Prospectus with the market watchdog Securities and Exchange Board of India (SEBI) a few years back and received the regulator’s nod. The IPO will remain open from 6th to 8th November, 2023. Its price band has been set at Rs. 752 to Rs. 792/share.

Most widely known for being one of India’s two depositories, Protean is an IT-enabled solution provider and collaborates with various Ministries of the Government of India to build technologically advanced public digital infrastructure. It plans to launch an initial public offering of around Rs. 490 crore via an entire offer for sale of 61.9 lakh shares.

If you want to invest in the Protean eGov Technologies Limited IPO, go through this blog. You’ll come to know some of the important details which will help you form an informed investment decision.

IPO Details 

The following table provides all the crucial details you need to know about Protean’s IPO: 

IPO Opening Date6 November 2023, Monday 
IPO Closing Date 8 November 2023, Wednesday 
Face Value Rs. 10 per share 
Lot Size 18 shares 
Price Band Rs. 752 to Rs. 792 per share 
Total IPO Size 6,191,000 shares(aggregating up to Rs. 490.33 crore)
Offer for Sale 6,191,000 shares of Rs. 10(aggregating up to Rs. 490.33 crore)
Employee Reservation1.5 lakh equity shares
Employee Discount Rs. 75 per share
Listing Date 17 November 2023, Friday
Listing Type Book Built Issue IPO
Listed On Bombay Stock Exchange (BSE) 

About Protean eGov Technologies

Protean eGov Technologies is an important market player when it comes to IT-enabled business solution market companies in India. It conceptualises, develops and executes technology solutions for individuals, companies and governments. Protean has collaborated with the Government of India and has come up with an advanced public digital infrastructure. The collaboration has resulted in the development of citizen-centric, e-governance solutions.

Protean’s journey started in 1995 as a depository. It had established a nationwide infrastructure for the development of the capital market in India. The company has been instrumental in developing some of the most important technology infrastructure projects in India. Some of the key ministries Protean has worked with include the Ministry of Finance, Ministry of Education and Ministry of Communications. 

The business solutions offered by Protean have improved transparency and efficiency, reduced costs of service delivery and redefined the delivery of public services. 

Protean has modernised India’s direct tax infrastructure through key projects like PAN issuance, Online Tax Accounting Systems, and Tax Information Network. This entity has built the core IT infrastructure as a CRA (Central Recordkeeping Agency) for NPS (National Pension System). 

If you analyse Protean’s operating income, profitability and operating profit margin in financial year 2020, you’ll see that it was the market leader in the e-governance sector in India.

IPO Tentative Timeline 

Check the tentative timeline of the IPO of Protean eGov Technologies Limited: 

IPO Opening Date 6 November 2023, Monday 
IPO Closing Date 8 November 2023, Wednesday 
Basis of Allotment 13 November 2023, Monday 
Initiation of Refunds 15 November 2023, Wednesday 
Credit of Shares to Demat Account 16 November 2023, Thursday 
Listing Date 17 November 2023, Friday 
Cut-off Time for UPI Mandate 5 PM, 8 November 2023, Wednesday 

IPO Lot Size 

Check the lot size for the IPO of Protean eGov Technologies Limited IPO: 

Applications Lots Shares Amount 
Retail (Min)118Rs. 14,256
Retail (Max) 14252Rs. 1,99,584
S-HNI (Min)15270Rs. 2,13,840
S-HNI (Max)701,260Rs. 9,97,920
B-HNI (Min)711,278Rs. 1,012,176 

Company Financials 

Check the financial metrics of Protean to make a more informed investment decision: 

ParticularsFor the Financial Year Ending (Figures in Rs. Million)
March 31, 2021March 31, 2020March 31, 2019
Total Assets3,882.683,500.213,303.80
Total Liabilities1,784.661,682.811,769.81
Total Expenses5,360.25 5,970.236,080.07
Total Revenue6,520.277,546.407,885.04
Profit After Tax921.851,218.541,235.30
EBITDA1,337.381,862.512,102.82

Protean eGov Technologies IPO Objectives and Details 

Formerly known as NSDL e-Governance Infrastructure, Protean eGov Technologies has been planning to launch an IPO of Rs. 1200 – 1300 crore. While the company had plans to launch its IPO much earlier, its plans were jeopardised because of a weak macro environment and subdued equity market conditions. Now, the company has finally decided to launch its IPO but with a reduced OFS size of Rs. 490.3 crore at the upper end of its price band. 

Protean eGov’s IPO is entirely an Offer for Sale issue of 6,191,000 shares by several shareholders. The participating shareholders include HDFC Bank, Axis Bank, Union Bank of India, UTI and Deutsche Bank AG. Other shareholders are 360 One Special Opportunities Fund, 60 One Special Opportunities Fund Series 2,  360 One Special Opportunities Fund Series 3, 360 One Special Opportunities Fund Series 4 and 360 One Special Opportunities Fund Series 5.

Read on to know why you should invest in the Protean eGov IPO, i.e. its strengths.

Also Read: IPO investment strategy

Strengths of Protean eGov Technologies

In this section, we’ll focus on the strengths of Protean eGov Technologies

  • Protean eGov Technologies is a market leader when it comes to IT-enabled e-governance services. Management of TIN (Taxpayer Identification Number), NPS (National Pension Yojana), APY (Atal Pension Yojana) and processing of PAN are some of the e-governance services provided by this platform.
  • The company has made substantial investments in financial and e-governance technology. As a result, it boasts of a scalable, secure and advanced technology infrastructure. 
  • Protean eGov has a large physical infrastructure which is a significant advantage. Moreover, the company has its network present all over India. Its scale facilitates inclusion. 
  • The services offered by Protean are annuity-based, diverse and granular. Its client base across B2B, B2C and B2G segments provides it with revenue on a per-transaction basis, which keeps concentration risks low.

Risks Involved 

Check the risks involved with investing in the IPO of Protean eGov: 

  • Protean eGov derives a substantial portion of its revenue from various governmental organisations and agencies. The entity’s relationship with such entities exposes it to risks inherent in such relationships. Such risks may have a negative impact on the overall financial health of the company. 
  • Protean’s reputation may be severely damaged if sensitive and confidential information gets leaked. 
  • Clients may discontinue their relationship with Protean eGov if the latter’s business solutions prove to be unsatisfactory. 

Conclusion 

If you give this blog a read, you’ll come to know the important details of Protean eGov Technologies Limited’s IPO. This company’s collaboration with the Government of India has led to the creation of cutting-edge public digital infrastructure.

You can consider investing in its IPO as Protean is a market leader in its sector and holds the potential for high returns in the future.

Also Read: How does an IPO work?

Frequently Asked Questions 

1. How can I approve a UPI mandate request for Protean eGov Technologies IPO?

You have to log in to your UPI handle and only then can you approve the UPI mandate request for this particular IPO. It is a necessary step for completing the IPO application process.

2. Which financial entities are the Book Running Lead Managers of Protean eGov Technologies IPO?

ICICI Securities Limited, IIFL Securities Limited, Equirus Capital Private and Nomura Financial Advisory and Securities (India) are the Book-Running Lead Managers.

3. When is the opening and closing date of the Protean eGov Technologies IPO?

The opening date of the IPO is 6 November 2023 and the closing date is 8 November 2023. 

4. Does Protean eGov Technologies have any promoters?

Protean eGov Technologies is a professionally managed company. It does not have any promoters.

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