Protean eGov Technologies Ltd, previously NSDL e-Governance Infrastructure Ltd, established in 1995, aligned with India’s shift towards technology-driven capital markets. The company specializes in citizen-centric e-governance solutions, significantly contributing to the development of national infrastructure for India’s capital market. Collaborating with various government ministries, it has overseen 19 critical projects, notably expanding the tax base and fostering social security systems like the Atal Pension Yojana.
Transformative Projects & Initiatives
Protean eGov Technologies’ pivotal initiatives encompass the PAN issuance, facilitating a wider tax base, and the Open Network for Digital Commerce (ONDC), enabling small retailers to access e-commerce affordably. Notably, the IPO marks an Offer for Sale (OFS) without fresh funds inflow. The IPO facilitators include ICICI Securities, Equirus Capital, IIFL Securities, and Nomura Financial Advisory, with Link Intime India Private Ltd as the issue’s registrar.
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Highlights of the Protean eGov Technologies IPO Issue
- Face value of ₹10 per share with a price band set between ₹752 to ₹792.
- Entirely an OFS with no fresh issue component.
- The OFS comprises 61,91,000 shares at the upper price band of ₹792, totaling ₹490.33 crore.
Shareholding & Investor Allocation
- Protean eGov Technologies operates without an identifiable promoter group. The OFS constitutes shares offered by investor shareholders like NSE Investments Ltd, HDFC Bank, and others.
- Allocation: 50% for QIBs, 35% for retail investors, and 15% for HNI/NII investors.
Lot Sizes and Application
The minimum lot size for the IPO stands at 18 shares, ranging from ₹14,256 to ₹10,12,176, depending on the category of investors. The issue opens on November 6th, 2023, closes on November 8th, 2023, and is set to list on November 17th, 2023.
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How to Apply Protean eGov Technologies IPO
Investors can apply through their trading account or via ASBA through certified banks. The ASBA application allows the blocking of the required amount during application, only debiting it upon allotment. The company caters to retail and HNI/NII investors, with lot sizes to be revealed post pricing.
Financial Snapshot
The financials exhibit a variable revenue growth trend over the last three years, attributing it to project stages. Despite the recent fiscal’s tepid profits, the company maintains attractive net margins (13.66%) and ROE (12.49%). The IPO offers a weighted average EPS of ₹29 per share, making it an attractive investment at a P/E of 27.3 times, contingent upon sustainable growth rates and long-term prospects.
In Conclusion
Protean eGov Technologies‘ IPO presents a unique opportunity in the fintech domain. With consistent profitability and a robust portfolio of government-sponsored projects, the company stands as a formidable player with strong entry barriers in the digital infrastructure realm. Investors eyeing a long-term perspective could consider participating in this IPO, capitalizing on the burgeoning financial landscape in India.
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