The initial public offering of Protean eGov Technologies Ltd (formerly NSDL e-Governance Infrastructure) was subscribed fully on Day 1 thanks to non-institutions and retail investors.
Priced in a band of Rs 752-792, the IPO size is Rs 490 crore and the entire issue is an offer-for-sale. Investors can bid for a minimum of 18 shares, and in multiples of 18 shares thereafter.
The issue received bids for 47.16 lakh shares, as against 43.78 lakh shares on offer.
The IPO will close on November 8. 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 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, excluding the 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 networth individuals (non-institutional investors), the remaining 35 per cent is for retail investors.
The portion reserved for NIIs was subscribed 1.65 times, and that for retail investors by 1.5 times. QIBs are yet to make bid, while the employees’ quota was subscribed 0.31 times.
As part of the IPO, the company has raised Rs 143.53 crore from 18 anchor investors, allotting 18.12 lakh shares at Rs 792 a piece. 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 develop citizen-centric e-governance solutions.
It has developed and implemented 19 projects across seven ministries across the country, including modernising the direct tax infrastructure (through projects such as 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 provision of e-governance services such as management of the Tax Information Network, PAN processing, NPS and the 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).