The IPO of Protean eGov Technologies Ltd. (formerly NSDL e-Governance Infrastructure) opens today at a price band of Rs 752-792. The size of the IPO is Rs 490 crore and the entire issue is an offer for sale. Investors can bid for a minimum of 18 shares, then in multiples of 18 shares.
The IPO will close on November 8. The total offer size includes 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 the trustee of the specified company of the Unit Trust of India will also discharge the shares through OFS.
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The company has reserved 1.5 lakh shares for its employees, who get a discount of Rs 75 per share from the final issue price.
The issue excluding employee shares is the net issue. While 50 percent of the net issue size has been reserved for qualified institutional buyers and 15 percent for high net worth individuals (non-institutional investors), the remaining 35 percent can be subscribed by retail investors.
As part of the IPO, it will raise Rs 143.53 crore from 18 anchor investors at the upper price band of Rs 792 per share. The major key investors include LIC Mutual Fund, Baroda BNP Paribas Mutual Fund, Aditya Birla Sun Life Insurance, SBI Life Insurance, SBI General Insurance and Société Générale.
Protean eGov Technologies, an IT solutions company, collaborates with government, creates digital public infrastructure and develops citizen-centric e-governance solutions.
It developed and implemented 19 projects in seven ministries, including modernization of direct tax infrastructure (through projects such as issuance of Permanent Account Number (PAN), Information Network tax), strengthening the old age security system (within the framework of the national pension system-NPS). , and enable a universal social security system for all Indians (under the Atal Pension Yojana).
It is a market leader in providing e-governance services such as Tax Information Network Management, PAN Processing, NPS and Atal Pension Yojana. It is a leading contributor to the open source community and protocols that power the Open Digital Commerce Network (ONDC).
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