Protean eGov Technologies IPO subscription details and listing schedule revealed

The firm has reduced its OFS size by 6.19 million shares from 12.8 million shares earlier planned.

The initial public offering of Protean eGov Technologies Ltd will open for subscription on 6 November and close on 8 November. The anchor investors bidding for the IPO will start on 3 November. The price band will be announced on November 1.

The finalisation of the basis of allotment will be made on November 13, initiation of refunds will be carried out on November 15 and shares will be listed on November 17.

The firm has reduced its OFS size to 6.19 million shares from 12.8 million shares earlier planned. The IPO consists of a pure offer for sale (OFS) by its existing promoters and shareholders.

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The OFS consists of upto 4.60 lakh shares by 360 One Special Opportunities Fund, upto 3.21 lakh shares by 360 One Special Opportunities Fund Series 2, upto 1.48 lakh shares by 360 One Special Opportunities Fund Series 3, upto 3.97 lakh shares by 360 One Special Opportunities Fund series 4, upto 3.09 lakh shares by 360 One Special Opportunities Fund series 5.

NSE Investments will sell 1.78 million shares, HDFC Bank will sell around 7.06 lakh shares while Axis Bank Ltd and Deutsche Bank AG will sell around 7.12 lakh shares each in the OFS. UTI and Union Bank of India will sell around 2.43 lakh shares and 4 lakh shares respectively in the OFS.

ICICI Securities, Equirus Capital Pvt Ltd, IIFL Securities Ltd, Nomura Financial Advisory and Securities India Pvt Ltd are the book running lead managers to the issue.

Protean eGov Technologies, formerly NSDL e-Governance Infrastructure Ltd, is a key player in building public digital infrastructure and providing e-governance services, such as Tax Information Network, PAN card issuance, Central Pension system record keeping, and Aadhaar authentication and e-KYC services.

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The firm has issued over 446 million PAN since commencement and has over 45 percent market share as of June 2023. Around 2.1 million deductors filed TDS returns electronically via TIN systems in FY23 which has a 58 percent market share.

It was originally set up as a depository in 1995 and created a systemically important national infrastructure for capital market development in India. Since inception, the firm implemented and managed 19 projects spread across seven ministries and autonomous bodies ushering change in the public delivery of services.

It has expanded its service network across India, growing from 33,041 centers in March 2021 to 79,374 centers in June 2023. By June 2023, its PAN and TIN facilitation centers reached more than 12,000 PIN codes across 700 Indian districts. It also extended its presence to over 26,000 central government nodal offices, 263,000 state government nodal offices, and had 87,000 points of presence nationwide for administering the NPS.

By June 30, 2023, it had 7,121 TIN facilitation centers spanning 1,652 locations, where taxpayers could submit various statements. They've expanded from 5,956 TIN centers as of March 2021 to 6,988 by March 2023. To reach more areas, they've partnered with distribution networks like Nearby Technologies Private Limited, Fino Payments Bank Limited, Vakrangee Limited, and Payworld Digital Services Private Limited.

Their digital services encompass e-Sign, e-KYC, Aadhaar Authentication, and e-PAN services. In the fiscal year 2023, they managed more than 101.07 million e-sign transactions, reaching a cumulative total of 276.33 million e-sign transactions.

Protean reported a revenue of Rs 220.40 crore for the June 2023 quarter against Rs 156.75 crore a year ago. Net profit for the quarter stood at Rs 32.21 crore against Rs 21.27 crore last year. The firm is a debt-free company.

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