Protean eGov Technologies IPO – Review, Bid, Size, Allotment, Subscription, GMP & RHP
Last Updated Date: Nov 09, 2023One of the key players offering IT-enabled solutions Protean eGov Technologies Limited has proposed its IPO. The IPO is purely an Offer for Sale by the selling shareholders.
The company works on a large scale and has been in operation for over two decades. Protean eGov Technologies is engaged in conceptualizing, developing, and executing Greenfield technology solutions which cater to various ministries in serving their purposes better.
The company offers platforms and services which are citizen-centric and offers a convenient way.
Through Protean IPO, the entity will be able to enhance its visibility and will provide a public market for the equity shares of the company.
Protean IPO Review will be your guide to understanding all the aspects of the IPO.
| Face Value | Rs 10 |
| Price Band | Rs 752 to Rs 792 |
| Listing At | BSE, NSE |
| Min. Order Quantity | 18 Shares |
| Listing Date | November 17, 2023 |
| Offer for Sale | Rs 490.33 Cr. |
| Fresh Issue | NA |
| IPO Size | Rs 490.33 Cr. |
| Tick Size | 1 |
Protean eGov IPO Overview
Protean eGov Technologies Limited is a public company that collaborates with the government and has developed extensive experience over the years of its operations.
The company is associated in various government projects and initiatives. The company was initially set up as a depository.
Till June 2021, Protean issued over 35 crore PAN cards and has a dominance of about 46.8% in the market share.
The company has an elaborated history in developing digital public infrastructure and developing innovative citizen-centric e-governance solutions.
Protean IPO will give the exposure and benefits of listing to the company.
Protean eGov IPO Important Dates
| Events | Date |
| IPO Opening Date | November 6, 2023 |
| IPO Closing Date | November 8, 2023 |
| Basis of Allotment Finalization | November 13, 2023 |
| Refunds Initiation | November 15, 2023 |
| Credit of Shares to Demat Account | November 16, 2023 |
| Share Listing Date | November 17, 2023 |
In December 2021, Protean eGov Technologies Ltd. submitted the Draft Red Herring Prospectus (DRHP) to the capital market regulator Securities and Exchange Board of India (SEBI). Earlier in the same year, the company changed its name.
The company is waiting for approval from SEBI to launch its IPO in the market. Post-approval, the Protean IPO Date will declare soon.
The IPO is entirely an offer for the sale of 1,20,80,140 equity shares by the selling shareholders of the company.
Protean eGov IPO Price, Size, Share Offerings
| Face Value | Rs 10 |
| Price Band | Rs 752 to Rs 792 |
| Offer for Sale | Rs 490.33 Cr. |
| Fresh Issue | NA |
| IPO Size | Rs 490.33 Cr. |
Protean IPO Size will be of 1,20,80,140 equity shares. The Protean IPO Price of the offered shares will be determined with the Book building process. The face value of the offered shares is Rs. 10 each.
The entire IPO comprises of equity shares offered by existing shareholders through Offer for Sale. The company will not receive any proceeds of the IPO, the selling shareholders will be entitled to it.
Protean eGov IPO Grey Market Premium
| Date | GMP (Rs.) | Kostak Rate (Rs.) | Subject to Sauda (Rs.) |
| 09 Nov 2023 | Rs 80 | NA | NA |
| 08 Nov 2023 | Rs 95 | NA | NA |
| 07 Nov 2023 | Rs 90 | NA | NA |
| 06 Nov 2023 | Rs 120 | NA | NA |
| 05 Nov 2023 | Rs 180 | NA | NA |
| 03 Nov 2023 | Rs 110 | NA | NA |
| 01 Nov 2023 | NA | NA | NA |
| 31 Oct 2023 | NA | NA | NA |
The E-governance sector company Protean eGov Technologies Limited is the major player operating in the domain. The company has gained great prominence and expertise while working on different government projects.
For the underlying dominance and spread, we can expect that the Protean IPO GMP can be impressive. The company might interest the people. The company has steady profits and well-built operations.
Protean eGov IPO Subscription Status
| Day / Date | QIB | NII | RII | Emp | Total Subscription |
| 1st Day – 6th Nov | 0.01x | 1.65x | 1.51x | 0.31x | 1.08x |
| 2nd Day -7th Nov | 0.07x | 6.24x | 3.91x | 0.77x | 3.22x |
| 3rd Day – 8th Nov | 46.94x | 31.62x | 8.93x | 1.49x | 23.86x |
| Shares Offered or Net Issue | 1,208,200 | 906,150 | 2,114,350 | 150,000 | 6,191,000 |
The price band and minimum lot for the offer will be determined by the company and selling shareholders in consultation with the lead managers.
Protean IPO Subscription will be based on the following reservations:
- Not more than 50% of the offer will be available for allocation to QIBs
- Not less than 15% of the offer will be reserved for NIIs
- Also, not less than 35% of the offer will be reserved for allotment for Retail individual investors.
In case of revision in the price band, the offer period will be extended by at least 3 additional days subject to the offer period not exceeding 10 working days.
The Lead Managers of the issue are:
- ICICI Securities Limited
- Equirus Capital Private Limited
- IIFL Securities Limited
- Nomura Financial Advisory and Securities (India) Private Limited
The details with respect to the price band and subscription will be available in a short time.
Protean eGov IPO Allotment Status
Allotment is the process where the successful bids are allotted equity shares in their respective demat accounts. The basis of the Protean IPO Allotment will start soon.
The Lead Managers of the issue are:
- ICICI Securities Limited
- Equirus Capital Private Limited
- IIFL Securities Limited
- Nomura Financial Advisory and Securities (India) Private Limited
The registrar to the issue is Link Intime India Private Limited.
Protean eGov IPO Live Performance
Check out the Protean IPO Performance from here with a single click. We can easily observe the Protean IPO Price from the link.
Subscribe to Protean eGov IPO – Open Free Demat Account Now!
Protean eGov – Company Review
Protean eGov Technologies Limited was founded as National Securities Depository Limited in the year 1995. Later in the year 2012, the company changed its name to NSDL e-Governance Infrastructure Limited.
Thereafter in the year 2021, the company again undertook a change in its name to Protean eGov Technologies Limited.
The company has been in operation for over 2 decades. Protean eGov Technologies Limited is an IT-enable solution company which establish in India.
The company has its registered office in Mumbai, Maharashtra, and engages in the business of conceptualizing, developing, and executing population-scale and nationally critical Greenfield technology solutions.
The company has extensive experience and collaborates with the Government of India for various initiatives and projects direct towards e-governance solutions which are citizen-centric.
Products or Services
Initially, Protean eGov Technologies Limited institute to undertake the functions of a depository in 1995. Later with time, it diversified to various businesses.
As a depository, it played a salient role in the development of national infrastructure for the capital market in India.
Protean eGov Technologies Limited is at the forefront of many of the large-scale technology-driven infrastructure projects.
Enhance transparency, efficiency, effective cost management, one-step-ahead progressive delivery of public services, and refining government services are some of the objectives of the solutions.
The company has built digital public infrastructure including a central record-keeper for the National Pension System, India’s Tax Information Network, National Judicial Reference System, and Atal Pension Yojana projects and it also undertakes the process of issuing PAN.
The Corporate services of the company include e-Governance Solutions, System Integration Services, Business Process Re-engineering, Solution Architecture, Datacentre Co-location Services, Managed Services Provider, and IT Consulting.
The Retail services of the company include EzeeWill, Commercial Taxes Facilitation Centres, PAN Card, UID Enrolment, NPS, e-Sign, Vidyasaarathi, Vidya Lakshmi, and Vidya Kaushal.
Promoters and Holding
Protean eGov Technologies Limited is a professionally managed company and does not have an identifiable promoter.
The management of the company is constituted by:
- Suresh Kumar Sethi holds the position of Managing Director and Chief Executive Officer
- Jayesh Waman Sule holds the position of Whole-time Director and Chief Operating Officer
- Karan Omprakash Bhagat holds the position of Non-Executive Director
- Mukesh Agarwal holds the position of Non-Executive Director
- Shailesh Vishnubhai Haribhakti holds the position of Independent Director
- Dharmishta Narendraprasad Raval holds the position of Independent Director
- Abhaya Prasad Hota holds the position of Independent Director
- Nishita Nirmal Mhatre holds the position of Independent Director
- Gopa Kumar T.N holds the position of Chief Business Officer, interim Chief Human Resources Officer, and Executive Vice President
- Dharmesh Parekh holds the position of Chief Information Officer and Executive Vice President
- Tejas Desai holds the position of Chief Financial Officer and Executive Vice President
- Dattaram Sadanand Mhadgut holds the position of Chief Technology Officer and Senior Vice President
- Kapil Kapoor holds the position of Chief Risk and Compliance Officer and Senior Vice President
Is Protean eGov good for Investment?
They collaborate with the government and have extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions.
They were originally set up as a depository in 1995 and created a systemically important national infrastructure for capital market development in India
We are among the leading Indian companies in the e-governance sector in terms of profitability, operating income, operating profit, and operating profit margin in Fiscal 2020.
We are a professionally managed company and are led by an experienced senior management team whose expertise and industry experience have helped us grow our operations and innovate our services.
The company has an elaborated experience of over 25 years and the skilled and efficient management of the company continuously is taking towards higher visions.
Protean eGov Financial Statements
| Amount (in INR & Million) | |||||
| 30-Jun-23 | 30-Jun-22 | Mar-23 | 31-Mar-22 | 31-Mar-21 | |
| Assets | 11,338.60 | 10,095.89 | 11,041.02 | 9,881.39 | 8,623.85 |
| Revenue | 2,331.65 | 1,666.61 | 7,838.72 | 7,701.76 | 6,520.27 |
| Expense | 1,914.42 | 1,395.00 | 6,434.54 | 5,845.53 | 5,360.23 |
| Profit After Tax | 322.11 | 212.71 | 1,070.42 | 1,439.37 | 921.87 |
The profit-yielding Protean eGov Technologies Limited has logged year-on-year profits in the past years as reflected in the DRHP.
The total revenues recorded by the company for the financial year 2019, 2020, and 2021 were Rs. 788.50 crore, Rs. 754.64 crore and Rs. 652.03 crore.
The profit after tax for the financial year 2019, 2020, and 2021 were Rs. 123.53 crore, Rs. 121.85 crores and Rs. 92.18 crore respectively.
The revenue for the first quarter of the financial year 2021-22 was Rs. 143.09 crore and the profit was the same period was Rs. 10.18 crore.
Also, over the years the company has maintained its substantial assets. The total assets of the company as of June 2021 were worth Rs. 874.96.
We can observe a drop in the EPS from Rs. 30.90 in 2019 and Rs. 30.48 to come down to Rs. 23.02 in 2021.
With Protean IPO, we can expect that the company move upwards in its operations and will yield higher results to its stakeholders.
| Earnings per Equity Share (in Million) | |||||
| 30-Jun-23 | 30-Jun-22 | Mar-23 | 31-Mar-22 | 31-Mar-21 | |
| Basic | 7.97 | 5.27 | 26.50 | 35.78 | 23.02 |
| Diluted | 7.96 | 5.26 | 26.48 | 35.75 | 23.00 |
Protean eGov IPO Review
The IT-enabled solution company, Protean eGov Technologies Limited is the key player in the market and captures more than half of it with its dominance.
The company has undertaken various government projects and has enlarged itself in size and operations. The innovative and citizen-centric solutions offered by the company make it to stand distinctly from other players.
Protean eGov Technologies Limited has implemented 18 projects across 7 diversified ministries and autonomous bodies involving the delivery of services to the public.
Protean IPO is being propounded to effect the sale of 1,20,80,140 equity shares by the selling shareholders and to obtain the advantages of listing.
The diversification in the offerings and solutions provided is an essential factor that might help in floating the Protean IPO successfully.
Protean eGov IPO Details
Here are a few more details you need to know before investing in Protean eGov IPO –
Protean eGov IPO Issue Object
Thus Protean eGov has proposed diverse objectives for making the IPO offer and some of the objectives are:
- Utilization of the Offer Proceeds by Selling Shareholders
- Offer Expenses
Protean eGov IPO – Basis of Offer Price
The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.
Qualitative factors are:
- Pioneer and market leader in universal, citizen-centric, and population-scale e-governance solutions;
- Secure, scalable, and advanced technology infrastructure;
- Large physical infrastructure with pan-India network and scale resulting in inclusion;
- Diversified, granular, and annuity-based service offerings; and
- Track record of healthy financial performance
Quantitative factors are:
| Basic EPS | Diluted EPS | RONW (%) | NAV (Rs.) | |
| 31-Mar-23 | 26.50 | 26.48 | 12.49 | 212.00 |
| 31-Mar-22 | 35.78 | 35.75 | 18.27 | – |
| Mar-21 | 23.02 | 23.00 | 13.81 | – |
Protean eGov IPO Lead Managers
Here are the list of Lead managers –
- ICICI Securities Limited
- Equirus Capital Private Limited
- IIFL Securities Limited
- Nomura Financial Advisory and Securities (India) Private Limited
Protean eGov IPO Registrar to offer
Check out the details of the registrar here –
Link Intime India Private Limited
C-101, 1st Floor, 247 Park L.B.S. Marg
Vikhroli (West) Mumbai 400 083
Maharashtra, India
Tel: +91 22 49 18 6200
E-mail: protean.ipo@linkintime.co.in
Website: www.linkintime.co.in
Investor grievance Id:
protean.ipo@linkintime.co.in
Contact person: Shanti Gopalkrishnan
SEBI registration no: INR000004058
Protean eGov IPO – Other Details
- Statutory Auditor – B S R & Associates LLP
- Legal Counsel to the Company – Cyril Amarchand Mangaldas
- Bankers to the Company – IDBI Bank Limited, HDFC Bank Limited, Axis Bank Limited, Union Bank of India, and Central Bank of India
Protean eGov IPO – Conclusion
The e-governance sector company Protean eGov Technologies Limited will hit the market soon to raise funds from the public. The company associates with a variety of businesses which majorly involve developing innovative technology infrastructure.
The company’s profits and other financials are also positive. The company might prove to be a fruitful opportunity for the investors.
To Subscribe to Protean eGov IPO – Open Demat Account Now!
Protean eGov IPO Review FAQs
Check out the FAQs on Protean eGov IPO –
What is the Issue Size of Protean eGov IPO?
The Company is making an initial public offer of 6,191,000 equity shares. They vividly portray the aspects of the issue in this article. You can check the stats on the fresh issue, Offer for sale, and net issue.
What is the Price band of Protean eGov IPO?
The price band for this particular IPO ranges between Rs 752 to Rs 792. As far as the face value of the share is concerned, it is Rs.10 per share.
What is the Protean eGov IPO Open Date?
The opening and closing dates for this IPO have been updated. The IPO is set to open on November 6, 2023, while the closing date is set at November 8, 2023.
What is the Protean eGov IPO Allotment Date?
They also have the news regarding the respective allotment dates of this IPO. Basis of Allotment finalization is on November 13, 2023, refund initiation is on November 15, 2023, credit of shares is on November 16, 2023, and share listing date is on November 17, 2023.
What is the Protean eGov IPO Listing Date?
Shares of this company shall be listed in the exchanges on November 17, 2023. The date, when the listing would be done, is stagnant on November 17, 2023.
Who is the Registrar of Protean eGov IPO?
One of the reputed registrars is managing the issue of this IPO, i.e. Link Intime India Private Limited. Their website will help you regarding the further information you are on the lookout for.
Who is the Promoter of Protean eGov IPO?
Here are the promoters of this IPO – PROFESSIONALLY MANAGED. You can refer to the RHP for further information on the promoter. You will find the link to RHP in the article.
What is the GMP of Protean eGov IPO?
They have obtained the GMP of this IPO and it is Rs 80. Further insights into the Kostak rate and subject to sauda or SS are as well included in this report.
Is Protean eGov IPO good for Investment?
They have further provided the financial status of the company in this article, from the past few years.
You can refer to the same, and also check the line of operations they are into and then decide to invest in the IPO.
What is the PAT of Protean eGov Company?
They have the information on company financials, and according to that, they have the figures from the last few years to provide. PAT for the financial year 2023 in Million is 1,070.42, 2022 is 1,439.37, 2021 is 921.87. PAT from June 2023 is 322.11.
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