Protean e-Gov Tech Files for Rs.1,300 crore IPO

Protean e-Gov Technologies, formerly known as NDL e-Governance Infrastructure, has filed the draft red herring prospectus (DRHP) for its proposed Rs.1,300 crore IPO. The IPO will entirely be an offer for sale where the existing early investors will take an exit from the company via the OFS. A total of 1.2 crore shares will be offered in the IPO.

Being an offer for sale, no fresh funds will come into the company. The principal idea of the IPO here is to get the stock listed on the stock exchanges and also give an exit to some of the early investors in the company. The company will also use the listing to arrive at an indicative valuation that can be used as currency for future inorganic growth.

A number of early investors will be taking an exit in this OFS. Among the non-banks, the IIFL Special Opportunities Fund, NSE Investments and UTI will be taking an exit in the IPO. Among early banking backers, the OFS will also see HDFC bank, Axis Bank, Deutsche Bank, Union Bank and Punjab National Bank take an exit in the IPO.

Protean e-Gov Technologies works in operationalizing greenfield technology solutions. It not only conceptualizes but also designs and develops such large scale technology solutions pertaining to the infrastructure backbone of the financial system in India.

Protean has played a pioneering role in laying down the basic infrastructure for e-governance in India. Its focus has been in the use of technology for better governance and administration at a national level. 
NSDL e-Governance was set up as a depository way back in 1995. It has helped the government develop and implement state-of-the art e-governance solutions to promote transparency and reduce delivery costs across the board. 

In its latest digital Avatar, Protean e-Gov Technologies works closely with various government agencies for designing and implementing e-governance projects. It has also established service centre networks across the country which act as access points for the individuals looking to interface with various government services. 

Among the various projects that Protean has designed and delivered till date include the depository system in 1996, Tax Information Network (TIN) in 2004, Online Central Excise Challan network in 2005, Central record keeping for NPS in 2008, registrar for UIDAI services etc. In addition, it had also launched the online PAN card services.

The issue will be lead managed by ICICI Securities, IIFL Securities, Nomura Financial Advisory and Equirus Capital as book running lead managers (BRLM).