The company has fixed a price band of Rs 752-792 per share, and at the upper end, it plans to raise Rs 490 crore.
The issue is completely an offer for sale of 61.9 lakh shares. Under the OFS, 360 One Special Opportunities Fund, NSE Investments, HDFC Bank, Axis Bank, Deutsche Bank among others will offload partial stakes.
The OFS size has been reduced from 1.28 crore shares planned earlier.
Also, the offer includes a reservation of 1.5 lakh equity shares for the company’s employees at a discount of Rs 75 per share to the final offer price.
About 50% of the issue size has been reserved for qualified institutional investors, 35% for retail investors, and the remaining 15% for non-institutional investors.
Investors can bid for a minimum of 18 equity shares and in multiples thereafter.The selling shareholders will be entitled to receive entire proceeds of the offer as there is no fresh issue component.
Protean eGOV Technologies is a leading IT-enabled solutions company engaged in conceptualizing, developing and executing nationally critical and population scale greenfield technology solutions.
The company collaborates with the government and has extensive experience in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions.
The strategic objective of e-governance is to support and simplify governance for all parties: government, citizens and businesses.
For the three months ended June 2023, the company’s revenue from operations rose 40% to Rs 220 crore, while profit jumped 52% to Rs 32.2 crore.
ICICI Securities, Equirus Capital, IIFL Securities and Nomura Financial Advisory and Securities (India) are the book-running lead managers to the issue.
Shares of the company will be listed at both BSE and NSE.
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