Protean eGov Technologies IPO subscribed 24x
The IPO of Protean eGov Technologies (formerly NSDL e-Governance Infrastructure) witnessed a good response from all category of investors. The issue, which came out with a price band of ₹752-792, was subscribed 23.9 times.
As against 43.78 lakh shares on offer in the IPO window, it received bids worth 10.45 crore shares.
The total offer size comprises 61.91 lakh shares by the selling shareholders – 360 One Special Opportunities Fund and 360 One Special Opportunities Fund, HDFC Bank, Axis Bank, Deutsche Bank AG, Union Bank of India, NSE Investments and Administrator of the Specified Undertaking of the Unit Trust of India.
Employees’ shares
The company has also reserved 1.5 lakh equity shares for its employees, who enjoy a discount of ₹75 a share to the final issue price.
The portion reserved for NIIs was subscribed 31.62 times and that of retail investors by 8.93 times. QIB portion saw the biggest draw of 46.94 times while employees quota was subscribed 1.49 times.
As part of the IPO, it raised ₹143.53 crore from 18 anchor investors at ₹792 a share. The key anchor investors include LIC Mutual Fund, Baroda BNP Paribas Mutual Fund, Aditya Birla Sun Life Insurance, SBI Life Insurance, SBI General Insurance and Societe Generale.
Govt collaboration
Protean eGov Technologies, an IT-enabled solutions company, collaborates with the government to create digital public infrastructure and develops citizen-centric e-governance solutions. It has developed and implemented 19 projects across seven ministries, across India, including modernising the direct tax infrastructure (through projects such as Permanent Account Number issuance, the Tax Information Network), strengthening the old age security system (under the National Pension System) and enabling a universal social security system for all Indians (under the Atal Pension Yojana).
Also, it is one of the key contributors to the open-source community and protocols that power the Open Network for Digital Commerce (ONDC).