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The IPO of Protean eGov Technologies closes today. The issue, with a price band of Rs 752-792, has witnessed a decent response from all category investors. The public offer was subscribed 3.23 times. The market lot is 18 shares.
The entire issue is an offer-for-sale from selling shareholders.
The total offer size comprises 61.91 lakh shares by the selling shareholders: 360 One Special Opportunities Fund and 360 One Special Opportunities Fund, HDFC Bank, Axis Bank, Deutsche Bank AG, Union Bank of India, NSE Investments and Administrator of the Specified Undertaking of the Unit Trust of India will also offload shares via OFS. The company has also reserved 1.5 lakh equity shares for its employees, who get a discount of Rs 75 a share to the final issue price.
The issue of excluding employees’ shares is the net issue. While 50 per cent of the net issue size has been reserved for qualified institutional buyers and 15 per cent for high-net-worth individuals (non-institutional investors), the remaining 35 per cent can be subscribed by retail investors.
The portion reserved for NIIs was subscribed 6.24 times and that of retail investors by 3.92 times. QIBs yet to make bid win a big way while employees quota was subscribed 0.77 times.
As part of the IPO, it raised Rs 143.53 crore from 18 anchor investors in the upper price band of Rs 792 a share. The key anchor investors include LIC Mutual Fund, Baroda BNP Paribas Mutual Fund, Aditya Birla Sun Life Insurance, SBI Life Insurance, SBI General Insurance and Societe Generale.
Protean eGov Technologies, an IT-enabled solutions company collaborates with the government to create digital public infrastructure and develops citizen-centric e-governance solutions.
It has developed and implemented 19 projects across seven ministries across India, including modernising the direct tax infrastructure (through projects like Permanent Account Number (PAN) issuance, the Tax Information Network), strengthening the old age security system (under the National Pension System-NPS), and enabling a universal social security system for all Indians (under the Atal Pension Yojana).
In fact, it continues to be a market leader in providing e-governance services such as management of the Tax Information Network, PAN processing, NPS and Atal Pension Yojana. Also, it is one of the key contributors to the open-source community and protocols that power the Open Network for Digital Commerce (ONDC).
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