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Protean eGov Technologies plans to raise Rs 490.33 crore by going public. The subscription for the initial public offering (IPO) will be open from November 6 to November 8, 2023. The price band is fixed at Rs 752 – Rs 792 and the face value of each share is Rs 10.
The IPO consists of only offer for sale of 61.91 lakh shares and the size of one lot is 18 shares. Employees of the company will get a discount of Rs 75 per share on the final issue price.
Company Summary
Protean eGov Technologies is an IT-enabled solutions companies in India engaged in conceptualizing, developing and executing nationally critical and population scale greenfield technology solutions. The company was originally setup as a depository in 1995 and has created a systemically important national infrastructure for capital market development in India.
The company works with various ministries of the Indian government and have extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions. The company has been the chief architect and implementer for some of the most critical and large-scale technology infrastructure projects in India.
Since inception and as of June 30, 2023, the company has developed and implemented 19 projects across seven ministries and autonomous bodies to strengthen India’s public delivery of services.
Some of the key projects in which the company was involved were modernising the direct tax infrastructure in India; strengthening the old age security system and building its core IT infrastructure; enabling universal social security system; contributing to the India Stack which is a set of application programming interface that can be used by institutions for digitilization of services; contributing to and supporting open digital building blocks such as Open Network for Digital Commerce.
The company has developed a pan-India service delivery network across India for various public and other services. Its service network has grown grew from 33,041 centres, as of March 31, 2021 to 79,374 centres, as of June 30, 2023.
The company’s key shareholders include financial institutions such as NSE Investments Limited, 360 ONE Special Opportunities Fund (formerly known as IIFL Special Opportunities Fund), SUUTI, Citicorp Finance India Limited and certain public and private sector banks such as State Bank of India, Punjab National Bank, Union Bank of India, Bank of Baroda and Canara Bank, HDFC Bank Limited, Axis Bank Limited, Deutsche Bank A.G., The Hong Kong and Shanghai Banking Corporation Limited, Standard Chartered Bank, among others.
Company Strengths
• Pioneer and market leader in universal, citizen centric and population scale e-governance solutions.
• Secure, scalable and advanced technology infrastructure to drive growth.
• Large physical infrastructure with pan-India service delivery network and scale resulting in inclusion.
• Diversified, granular and annuity-based service offerings.
• Track record of strong and consistent financial performance.
• Experienced senior management team supported by marquee investors and robust corporate governance standards.
Company Financials
Period Ended | Q1FY24 | FY23 | FY22 | FY21 |
Total Assets (Rs in crore) | 1,133.86 | 1,104.10 | 988.14 | 862.39 |
Net Worth (Rs in crore) | 888.1 | 856.94 | 788 | 667.46 |
Total Revenue (Rs in crore) | 233.17 | 783.87 | 770.18 | 652.03 |
Revenue from Operations (Rs in crore) | 220.4 | 742.21 | 690.91 | 603.13 |
Adjusted EBITDA (Rs in crore) | 34.09 | 117.96 | 123.83 | 84.84 |
Adjusted EBITA Margin | 14.07% | 15.89% | 13.83% | 15.47% |
Profit After Tax (Rs in crore) | 32.21 | 107.04 | 143.94 | 92.19 |
PAT Margin | 14.61% | 14.42% | 20.83% | 15.28% |
Return on Equity | 3.63% | 12.49% | 18.27% | 13.81% |
Return on Capital Employed | 4.60% | 16.13% | 22.91% | 16.93% |
Purpose of the IPO
- The objects of the offer for sale are to achieve the benefits of listing the equity shares on the stock exchanges and carry out the offer for sale of up to 61,91,000 equity shares. The selling shareholders will be entitled to the entire proceeds from the offer for sale of equity shares.
- Further, the company expects that the proposed listing of its equity shares will enhance their visibility and brand image as well as provide a public market for the equity shares in India.
Company Promoters
The company is a professionally managed company and does not have an identifiable promoter, according to its red herring prospectus.
IPO Details
|
IPO Subscription Date |
November 6, 2023 to November 8, 2023 |
|
Face Value |
Rs 10 per share |
|
Price Band |
Rs 752 to Rs 792 per share |
|
Lot Size |
18 Shares |
|
Total Issue Size |
61,91,000 shares totalling Rs 490.33 crore |
|
Offer for Sale |
61,91,000 shares aggregating up to Rs 490.33 crore |
|
Issue Type |
Book Built Issue IPO |
|
Listing At |
BSE |
IPO Lot Size
Application | Lots | Shares | Amount |
Retail (Minimum) | 1 | 18 | Rs 14,256 |
Retail (Maximum) | 14 | 252 | Rs 1,99,584 |
Small HNI (Minimum) | 15 | 270 | Rs 2,13,840 |
Small HNI (Maximum) | 70 | 1,260 | Rs 9,97,920 |
Large HNI (Minimum) | 71 | 1,278 | Rs 10,12,176 |
Allotment Details
Event | Date |
Allotment of Shares | November 13, 2023 |
Initiation of Refunds | November 15, 2023 |
Credit of Shares to Demat Account | November 16, 2023 |
Listing Date | November 17, 2023 |
To check allotment, click here