Indian IT-enabled solution company, Protean eGov Technologies, is set to launch its initial public offering (IPO) from Monday, November 6 to Wednesday, November 8. The firm has already secured ₹143 crore ($1.9 million) from prominent anchor investors in the lead-up to the IPO.
Protean eGov, previously known as NSDL E-Governance Infrastructure, has set its IPO price band at ₹752-₹792 per share. The company has allocated a total of 18.12 lakh equity shares at ₹792 each, the upper limit of the price band, to 18 funds. Among the significant investors are Societe Generale (OTC:SCGLY), SBI General Insurance Company, Aditya Birla Sun Life Insurance Company, SBI Life Insurance Company, LIC Mutual Fund and Baroda BNP Paribas (OTC:BNPQY) Mutual Fund.
The IPO comprises an offer for sale (OFS) by shareholders including HDFC Bank, with a special reservation for the company's employees at a discount. This comes as Protean eGov reported a profit after tax (PAT) of ₹32.21 crore ($423,000) and revenue of ₹220.4 crore ($2.9 million) for Q2 2023.
The forthcoming IPO and investment from anchor investors mark a significant milestone for Protean eGov Technologies as it continues to navigate the competitive landscape of IT-enabled solutions in India.
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