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Protean eGov Technologies, Balaji Speciality Chemicals get Sebi nod for IPOs

Protean received Sebi's final observation letter on November 17 and Balaji Speciality on November 15, with respect to draft red herring prospectus filed in December last year and August this year, respectively.

November 22, 2022 / 05:17 PM IST
IPO

IPO

Protean eGov Technologies and Balaji Speciality Chemicals have received approval from the capital markets regulator Sebi to go ahead with IPO plans.

The proposed IPO of Protean, formerly known as NSDL E-Governance Infrastructure, comprises only an offer for sale of 1.2 crore shares by many selling shareholders, while the initial public offering of Balaji Speciality Chemicals consists of a fresh issue of Rs 250 crore and an offer for sale of 2.6 crore shares by promoters.

Protean received Sebi's final observation letter on November 17 and Balaji Speciality on November 15, with respect to draft red herring prospectus filed in December last year and August this year, respectively.

As per the regulator, getting an observation letter implies that the company can float its IPO, and the proposed IPO can be launched for subscription by the company within a period of 12 months from the issuance of the letter.