Protean eGov Technologies is launching its IPO. The opens for subscription on 6th November and will close on 8th November 2023.
What does Protean eGov Technologies Limited do?
Incorporated in 1995, Protean eGov Technologies Limited, previously known as NSDL e-Governance Infrastructure Limited is one of the key IT-enabled solutions companies in India engaged in conceptualizing, developing, and executing nationally critical and population-scale greenfield technology solutions.
They were originally set up as a depository in 1995 and created a systemically important national infrastructure for capital market development in India. It has been the chief architect and implementer for some of the most critical and large-scale technology infrastructure projects in India.
Since inception and as of June 30, 2023, They have implemented and managed 19 projects spread across seven ministries.
They have established several public digital infrastructures and have created e-governance interventions impacting multiple sectors of the Indian economy like the following:
-
Modernising the direct tax infrastructure in India through projects like Permanent Account Number (PAN) issuance, the Tax Information Network (TIN) and Online Tax Accounting Systems (OLTAS).
-
Building the core IT infrastructure as a Central Recordkeeping Agency (CRA) for the National Pension System (NPS).
-
Enabling the universal social security system for all Indians, particularly the workers in the unorganized sector by creating technology infrastructure as a CRA for the Atal Pension Yojana (APY)
-
Contributing to the India Stack, a set of application programming interfaces (“API”) that allows governments, businesses, startups, and developers to utilize a unique digital infrastructure to prepare solutions that are presence-less, paperless and enable cashless service delivery.
-
Contributing to and supporting open digital building blocks such as Open Network for Digital Commerce (ONDC) for use-cases across sectors like e-commerce, mobility, healthcare, agriculture, and education.
What is the issue size of Protean eGov Technologies IPO?
The entire public offer of the company is an offer for sale (OFS) worth Rs. 490.33 crores from the existing shareholders.
Financials of Protean eGov Technologies
| Financial Year | Total Assets (â‚ą crores) | Total Revenue (â‚ą crores) | Profit After Tax (â‚ą crores) | EPS |
|---|---|---|---|---|
| March 31, 2021 | 862.39 | 652.03 | 92.19 | 23.02 |
| March 31, 2022 | 988.14 | 770.18 | 143.94 | 35.78 |
| March 31, 2023 | 1,104.10 | 783.87 | 107.04 | 26.50 |
Protean’s Market Share in Key public digital infrastructure projects
| Particulars | Market Share |
|---|---|
| PAN Issuance | 45% |
| TIN | 58% |
| NPS | 94% |
| APY | 100% |
Risk factors to consider:
Dependence on projects from Government entities: Nearly 73% of the revenues come from projects awarded by government entities and agencies and their relationship with GoI entities exposes them to risks inherent in doing business with them, which may adversely affect their business, results of operations and financial condition.
Higher receivables: Nearly 29% of the revenues are receivable by the company in FY2023. Any delay in the collection of the dues and receivables from their clients may have a material and adverse effect on the results of operations and cash flows.
Schedule of Protean eGov Technologies Limited IPO
| Issue Period | 6th November to 8th November 2023 |
|---|---|
| Price band | â‚ą 752 to 792 |
| Minimum Bid quantity | 18 & Multiples thereof |
| Deadline for accepting UPI mandate | Until 5 PM on the issue closing day |
| Finalization of Allotment | November 13, 2023 |
| Initiation of Refunds | November 15, 2023 |
| Credit of Shares | November 16, 2023 |
| Date of Listing | November 17, 2023 |
| Mandate end date | November 23, 2023 |
| Anchor Investors Lock-In End Date | December 8, 2023 |
How to apply to the Protean eGov Technologies Limited IPO?
You can apply for the Protean eGov Technologies Limited IPO using any supported UPI app by following two steps:
- Enter your bid on Kite
- Accept the UPI mandate on your phone
On acceptance of the mandate, the bid amount will get blocked in your bank account. Click here to learn more.
How to check the allotment status for Protean eGov Technologies Limited IPO?
You can check the allotment status for Protean eGov Technologies Limited on the website of the Registrar and Transfer agent. Alternatively, you can also check the allotment status on the NSE website.