- The maiden public issue is set to open for subscription on November 6 and close on November 8
- The company is planning to raise Rs 490.3 crore via public issue of 61.91 lakh equity shares, at the upper price band
- The issue comprises only an offer-for-sale (OFS) by several investors, including 360 One Special Opportunities Fund, NSE Investments, HDFC Bank, Axis Bank, Deutsche Bank AG and Union Bank of India
- Investors can bid for a minimum of 18 equity shares and in multiples of 18 shares thereafter
.NE BUSINESS BUREAU
AHMEDABAD, NOV 3
Citizen-centric e-governance solutions developer Protean eGov Technologies, formerly known as NSDL e-Governance Infrastructure, has fixed the price band for its public issue at Rs 752-792 per share, top official of the company announced here on Thursday.
The maiden public issue is set to open for subscription on November 6 and close on November 8. The anchor book of the issue will be open for a day on November 3.
Investors can bid for a minimum of 18 equity shares and in multiples of 18 shares thereafter. Hence, the minimum application size by retail investors will be Rs 14,256 (18 shares) and the maximum investment by them would be Rs 1,99,584 (252 shares) as they can’t exceed investment limit of Rs 2 lakh in the IPO.
The Mumbai-based professionally managed company is planning to raise Rs 490.3 crore from the public issue of 61.91 lakh equity shares, at the upper price band.
The issue comprises only an offer-for-sale (OFS) by several investors, including 360 One Special Opportunities Fund, NSE Investments, HDFC Bank, Axis Bank, Deutsche Bank AG and Union Bank of India.
The offer includes a reservation of 1.5 lakh equity shares for the company’s employees, who will get these shares at a discount of Rs 75 per share to the final offer price. The issue, excluding employees’ reservation, is the net issue or net offer.
Describing the company’s creation of digital public infrastructure for the national population scale projects in taxation, Suresh Sethi, MD & CEO, Protean eGov Technologies Limited, said that it had enabled 19 national-level e-Government projects across 7 central government ministries and was presently diversifying from three stacks to six stacks.
“We are building on the database business from our present business and taking these also to developing countries,” he said while highlighting the company’s success in creating 446 million ‘PAN’ cards, 800 million Aadhar authentication and 6 billion online PAN verifications.
“We are the only organization providing a full bouquet of eGovt services for identity and authencity alongside managing PAN database and pension database,” he said, adding that its new businesses would be in infrastructure and innovation that would be expected to provide higher margins.
“While the company has 166,000 points of services nationally, we are expanding our footprint in various sectors as the macro-economy grows,” he said, adding that “Cloud-hosted infrastructure is the ‘need of the hour’ as it is scalable and cost-efficient.”
The company is also focusing on expansion into global markets, indigenous Cloud offerings and Cyber security advisory.
Half of the net issue has been reserved for qualified institutional buyers, and 15 percent for high net-worth individuals. And the remaining 35 percent is set aside for retail investors.
On the financial front, net profit for the year ended March FY23 reported at Rs 107.04 crore, which was lower compared to Rs 143.9 crore in previous year, but revenue from operations during the same period jumped to Rs 742.2 crore, from Rs 690.9 crore.
For the June FY24 quarter, net profit increased to Rs 32.2 crore compared to Rs 21.3 crore in corresponding period last fiscal. Revenue from operations during the same period rose to Rs 220.4 crore, from Rs 156.75 crore.
The IT-enabled solutions company that collaborates with the government and creates digital public infrastructure is going to finalise the basis of allotment of IPO shares by November 13. Equity shares will be credited to demat accounts of eligible investors by November 16.
The trading in its equity shares will commence on the BSE, with effect from November 17, as per the IPO schedule.
ICICI Securities, Equirus Capital, IIFL Securities, and Nomura Financial Advisory and Securities (India) are the merchant bankers to the issue.
