The initial public offer (IPO) of Protean eGov Technologies received bids for 10,44,64,116 shares as against 43,78,700 shares on offer, according to stock exchange data at 17:30 IST on Wednesday (8 November 2023). The issue was subscribed 23.86 times.

The issue opened for bidding on Monday (6 October 2023) and it will close on Wednesday (8 November 2023). The price band of the IPO is fixed at Rs 752-792 per share. An investor can bid for a minimum of 18 equity shares and in multiples thereof.

The offer comprises only an offer for sale by the selling shareholders of which up to 16.39 lakh shares by various fund series of 360 One Special Opportunities.

Meanwhile, NSE Investments will offload 17.8 lakh shares, HDFC Bank will sell 7.06 lakh shares, whereas Axis Bank and Deutsche Bank AG will also offload 7.12 lakh shares each in the offer for sale. Furthermore, UTI and Union Bank of India will sell around 2.43 lakh shares and 4 lakh shares, respectively.

The company will not receive any proceeds from the offer and all the offer proceeds will be received by the selling shareholders, in proportion to the offered shares sold by the respective selling shareholders as part of the offer.

Ahead of the IPO, Protean eGov Technologies on Friday, 3 November 2023, raised Rs 143.53 crore from anchor investors. The board allotted 18.12 lakh shares at Rs 792 each to 18 anchor investors.

Protean eGov Technologies (formerly known as NSDL e-Governance Infrastructure) is an information technology enabled solutions company conceptualizing, developing, and executing nationally critical and population scale greenfield technology solutions. The company collaborates with the government and has extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions.

Since inception and as of June 30, 2023, the company has implemented and managed 19 projects spread across seven ministries and autonomous bodies ushering change in public delivery of services.

The bank reported a net profit of Rs 32.21 crore and net sales of Rs 220.40 crore for the three months ended on 30 June 2023.