Protean eGov Technologies Limited meagerly known to be NSDL e-Governance Infrastructure Limited is an Indian company in e-governance services with market share of over 45% in PAN allocation. The company provides with a wide range of services and products such as GST filling, Aadhaar authentication, Digital signature, e-invoicing, e-way bill and much more. Protean has a network of over 20,000 service centers across India with 300+ Million customers.
Protean eGov Technologies Limited is about to launch initial public offering (IPO) on 6 Nov 2023 with close date of 8 Nov 2023. it is offer for sale of 0.62 crores of shares by existing shareholders, grouping a class up to Rs. 490.33 crore. Rs 752 to Rs 792 per share is set to be the price band with face value of Rs 10 per share. you can get minimum lot of 18 shares and maximum of 234 shares that is 13 lots. The IPO includes reservation of 1,50,000 shares for employees offering with a discount price of Rs 75 per share.
ICICI Securities, Equirus Capital, IIFL Securities and Nomura Financial are the book running lead managers for this IPO and the registrar for the IPO is Link Intime India. The company has performed well with strong financial performance in last 3 years with revenue growth of 26.7% CAGR, net profit growth of 35.4% CAGR and 38.4% of return on equity. The company has multiple revenue streams with 54.4% from government projects, 29.8% from B2B segment and 15.8% from B2C segment.
Protean eGov Technologies Limited IPO is expected to produce a good interest from investors because of potential growth of this sector mainly in India, its position in the sectorial market, company’s innovative products, dense network, loyal customers and highly experienced team. The company also risks and competition from cyber attacks, technical disturbance etc. and competition from leading companies such as UTI Infrastructure Technology and Vakrangee.
Protean eGov Technologies Limited IPO Details
| IPO Date | Nov 6, 2023 to Nov 8, 2023 |
| Price Band | Rs 752 to Rs 792 per share |
| Lot Size | 18 Shares |
| Issue Size | 6,191,000 Shares |
| Offer for Sale | 6,191,000 Shares of Rs 10 |
| Face Value | Rs 10 per share |
| Employee Discount | Rs 75 per share |
| Book Running Lead Manager | ICICI Securities, Equirus Capital, IIFL Securities and Nomura Financial |
| Registrar | Link Intime India |
| Listing Date | Nov 17, 2023 |
| Grey Market Premium | Rs. 180 per Share (as of Nov 8, 2023) |
Protean eGov Technologies Limited IPO Timeline (Tentative Schedule)
Here is the table with detailed key dates and events related to IPO.
| Anchor investors Bidding | Nov 3, 2023 |
| Price Bad Announcement | Nov 1, 2023 |
| IPO open Date | Nov 6, 2023 |
| IPO close Date | Nov 8, 2023 |
| Basis of Allotment | Nov 13, 2023 |
| initiation of refunds | Nov 15, 2023 |
| Credit of shares to Demat | Nov 16, 2023 |
| Listing Date | Nov 17, 2023 |
Protean eGov Technologies Limited Promotors and Management.
This company doesn’t have any specific promotor as it is professionally managed company with shareholding pattern 24.77% pre issue paid up equity share capital, a large percent with NSE Investments Limited and other shareholders are SBI, HDFC Bank, Axis Bank, Bank of Baroda, Deutsche Bank, SUUTI, PNB, BOB, HSBC etc.
Protean is run by well experienced and qualified professionals with an expertise in this sector for years such as finance, technology, management etc.
- Mr. Gagan Rai, he the Managing Director and Chief Executive officer of this company with over 30 years of experience in this field. he is being connected with this company since 1996 with post graduate diploma in business management from IIM, Ahmedabad and bachelor’s degree in commers from Delhi University.
- Mr. Rajesh Agrawal, he is Executive Director and Chief operating officer of this company with over 25 years of experience in this field of IT sector and e-governance sector. he is being connected with this company since 2000 with post graduate diploma in management from IIM, Bangalore and Bachelor’s degree from IIT, Delhi.
- Mr. Prashant Deshpande, he is Chief Financial Officer of this company with over 20 years of experience in accounting and finance. he is being connected with this company since 2019 with qualifications of chartered accountant from Institute of chartered Accountants of India and bachelor’s degree in commerce from Mumbai University.
- Mr. Ravi Varanasi, he is Chief Business Development officer of this company with over 25 years of experience in e-governance sector and capital market. he is being connected with this company since 2019 with qualifications of post graduate diploma in management from IIM, Lucknow and bachelor’s degree in engineering from Osmania University.
Protean eGov Technologies Limited IPO Lot Size
The lot size is minimum number of shares of a company that can investor can apply in IPO process. In Protean eGov Technologies Limited IPO the size lot is 18 shares with a price band of Rs752 to Rs 792.
The minimum and maximum investment that can be made by different categories of investors are as shown below.
| Investor Category | Minimum Investment | Maximum Investment |
| QIB | 18 Shares (RS.14,256) | 1,278 Shares (Rs. 10,12,176) |
| NII | 270 Shares (RS. 2,13,840) | 1278 Shares (Rs. 10,12,176) |
| RII | 18 Shares (Rs. 14,256) | 252 Shares (Rs. 1,99,584) |
| Employee | 18 Shares (Rs. 13,131) | 252 Shares (Rs. 1,84,459) |
Protean eGov Technologies IPO Reservation
IPO Reservation is the allocation of shares to different types of investors. 50% of net offer of 3020500 shares are with Qualified Institutional Buyers, 15% of net offer of 906150 shares are with Non-Institutional Investors, 35% of net offer of 2114350 shares are with Retail Individual investors and up to 150000 shares are with employees at a discount price of Rs. 75 per share.
Protean eGov Technologies Limited Financial Report
Here is the table with financial report of the company for last 3 financial years.
| Financial Year | Revenue (in Rs crore) | EBITDA (in Rs crore) | PAT (in Rs crore) | EPS (in Rs) | ROE (%) | Debt/Equity Ratio |
| FY21 | 603.13 | 84.84 | 55.77 | 13.79 | 38.40 | 0.03 |
| FY22 | 690.91 | 123.83 | 83.15 | 20.56 | 43.10 | 0.03 |
| FY23 | 742.21 | 117.96 | 61.82 | 15.29 | 28.90 | 0.03 |
Protean eGov Technologies Limited IPO Objectives
The main objectives of company IPO are as follows:
- As the company occupies 45% of market share in PAN allocation, to create a brand image and expand the visibility of company.
- To give an opportunity for investors via equity shares in public market to invest in company.
- To provide liquidity to existing shareholders who have being working in company for years.
Protean eGov Technologies Limited IPO Expected Returns
According to grey market premium estimation and from other sources the expected returns for this IPO can be 15% which means an investor can apply in upper price band for Rs. 792 and sell around Rs. 911-912 per share after listing in stock market. this is only the prediction or estimation the actual price may vary based on demand and supply of the shares or market conditions.
How to Check Protean eGov Technologies Limited IPO Allotment Status?
The IPO allotment status is the process of allocating the shares to the investors who have applied for the company IPO. In case of Protean eGov Technologies the allotment status will be given on Nov 13, 2023.
To check for the IPO Allotment status online you can visit NSE or BSE website or registrar website. here are some of the steps on check the IPO allotment status online.
On BSE Website:
- Go to any of browser on your device and type BSE.
- Select the Equity.
- Select Protean eGov Technologies from drop down menu.
- Enter you application number or PAN.
- Click on Search.
On NSE Website:
- Go to any of browser on your device and type NSE.
- Select Protean eGov technologies from drop down menu.
- Enter your application number or PAN or DP ID/Client ID
- Click on Submit button.
After clicking on submit button you will be able to see the number of shares allotted and your status of application. the shares will be added to your demat account if you receive the allotment which is on Nov 16, 2023, and listing date is Nov 17, 2023.
How to apply for Protean eGov Technologies Limited IPO
There are various modes to apply in an IPO depending on the type of investor and application modes. here are some of the common modes to apply for an IPO.
UPI: This is mode is most commonly used by retail investors investing in an IPO. here UPI is Unified Payments Interface, which enables us to instantly transfer money through internet securely. To use this method investor must have a bank account and demat account linked with UPI and then he/she can fill the IPO application via any registered broker such as Zerodha, Angel One etc. once the IPO application form get finished you have to approve the mandate request send on UPI app before the deadline and at last the specific amount of investment in IPO get blocked till allotment.
Internet Banking ASBA: This mode is mostly used to apply for an IPO. here ABSA stands for Application Supported by Blocked Amount, it means the amount gets blocked until the allotment is finalized. Here are steps on how to apply for Protean eGov Technologies Limited IPO through Internet Banking ASBA.
- Log in to your internet banking portal of registered bank.
- Select IPO option.
- Select Protean eGov Technologies Limited IPO from the list of open issues.
- Enter your details like UPI ID, quantity and Price.
- Click on submit button.
- Once submitted you can check and verify your status of application on Bank’s website.
Offline IPO Form: This the time consuming, lengthy process and traditional mode to apply for an IPO. this method consists of physical application form to be get from broker or download it from the company’s website. the steps to apply for an Protean eGov Technologies Limited IPO via Offline IPO form method are as follows.
- Get the application form from broker or download it from the company’s website.
- Fill up your details such as name, PAN, Demat account number, quantity, price etc.
- Sign the form.
- Attach a cheque or demat draft for the amount required for IPO
- Submit the application form to your broker.
After submitting the application form to the broker he/she will go through the form and upload all your details to the exchange, then the amount will be debited from your bank account after the finalized allotment for IPO application.
Strengths of Protean eGov Technologies.
- The company is Market leader, with large market share and customer base. it has gone through 19 projects along with 7 ministries and autonomous bodies.
- The company offers wide range of services and products such as identity authentication, education, national identity, tax administration etc.
Weaknesses of Protean eGov Technologies.
- Competition from high tech companies with large amount of financial, technical and marketing resources such as TCS, Wipro, Infosys etc.
- Mostly dependent on government agencies and entities which make up of 72% of its revenue. This dependence gets into riskssuch as Changes in policies and laws, payment delays and many.
Opportunities for Protean eGov Technologies.
- The company has potential to expand its presence in new fields, sectors and markets in India and out of India with its experienced in these sectors for long period with an example of digital India.
- The company can work along with government initiatives such as Digital India and Atmanirbhar Bharat. and provide solutions on this.
Risks of Protean eGov Technologies.
- The company is IT company and has to deal with Technological, security, privacy, availability and systems, any failure or disturbance and cause a great damage to company and customers.
- The company has to follow all the laws and regulations and runs in a regulated environment. breaking or unfollowing the laws an affect the company with fines, strict actions, penalties etc.
Protean eGov Technologies Limited Contact Details.
Head office: Times Tower, 1st Floor, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai-300013
Contact: (022) 40904242
Branch Offices: Ahmedabad, Chennai, New Delhi, Kolkata, Pune
Project Offices: PAN/TDS, CRA, Vidya Lakshmi, and e-Voting
Website: www.proteantech.in