Protean eGov Technologies Announces IPO Price at Rs 752-792 per share; Issue Opens on November 6

1 Nov 2023 , 10:15 AM

The Protean eGov Technologies Ltd is coming up with its initial public offer (IPO). Check the details of the upcoming IPO below:

IPO Timeline

• Subscription Period: Opens on November 6 and closes on November 8.
• Anchor Investors Bidding: Starts on November 3.
• Price Band Announcement: Confirmed at Rs 752-792 per share on November 1.
• Basis of Allotment Finalisation: November 13.
• Refunds Initiation: November 15.
• Shares Listing: November 17.

IPO Details

• Issue Type: Pure Offer for Sale (OFS) by existing promoters and shareholders.
• OFS Size: Reduced to 6.19 million shares from the earlier planned 12.8 million shares.
• Offer Breakdown: OFS from various entities including NSE Investments, HDFC Bank, Axis Bank Ltd, Deutsche Bank AG, UTI, and Union Bank of India.

Offer Breakdown

• Employee Reservation: 1.5 lakh equity shares reserved for employees at a discount of Rs 75 per share to the final offer price.
• Net Offer: Excluding employees’ reservation.

Investor Allocation

• Institutional Investors: Half of the net issue reserved.
• High Net-Worth Individuals (HNI): 15% of the net issue.
• Retail Investors: 35% of the net issue.
• Bidding Requirement: Minimum bid of 18 equity shares and in multiples of 18 shares thereafter.

Investment Limits

• Retail Investors: Minimum application size is Rs 14,256 (18 shares), with a maximum investment capped at Rs 1,99,584 (252 shares) due to the Rs 2 lakh investment limit in the IPO.

Book Running Lead Managers

• ICICI Securities, Equirus Capital Pvt Ltd, IIFL Capital Services Ltd, Nomura Financial Advisory and Securities India Pvt Ltd are the book running lead managers to the issue.

About Protean eGov Technologies Ltd

• Formerly known as NSDL e-Governance Infrastructure Ltd.
• Offers citizen-centric e-governance solutions.
• Engaged in building public digital infrastructure and providing e-governance services including Tax Information Network, PAN card issuance, Central Pension system record-keeping, Aadhaar authentication, and e-KYC services.