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

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.

Protean eGov Technologies

In the offer for sale of Protean eGov Technologies, IIFL Special Opportunities Fund, IIFL Special Opportunities Fund Series 2, Series 3, Series 4, and Series 5, Administrator of the Specified Undertaking of the Unit Trust of India, NSE Investments, HDFC Bank, Axis Bank, Deutsche Bank A.G., Punjab National Bank, and Union Bank of India together will sell 1.2 crore shares.

Hence, the company will not receive any money from the offer as all the money will go to above selling shareholders.

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ICICI Securities, Equirus Capital, IIFL Securities, and Nomura Financial Advisory and Securities (India) are the merchant bankers to the issue of Protean, the IT-enabled solution company having collaboration with the government.

The company is primarily engaged in conceptualising, developing and executing nationally critical and population scale greenfield technology solutions. As per CRISIL report, it was among the leading Indian companies in the e-governance sector in terms of profitability, operating income, operating profit and operating profit margin in FY20.

Balaji Speciality Chemicals

Balaji Speciality Chemicals, the subsidiary of Balaji Amines, is the sole manufacturer in India of niche chemicals such as ethylenediamine, piperazine (anhydrous), diethylenetriamine, amino ethyl ethanol amines and amino ethyl piperazine, using the monoethanol amine (MEA) process.

These chemicals are being used by sectors like speciality chemicals, agrochemicals, and pharmaceuticals.

The fresh issue proceeds will be utilised by the company for repaying debts and working capital requirements, besides general corporate purposes.

HDFC Bank, and JM Financial are the book running lead managers to the public issue.