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Protean eGov Technologies Limited IPO set to open on Nov 6 and close on Nov 9


Ahmedabad, Nov 2: Team of top management of India’s leading Public Limited Indian Non-Government Company was in Ahmedabad on Thursday to announce the details of their forthcoming IPO ( Initial Public Offer).

It included Suresh Sethi. Managing Director & CEO,  Jayesh Sule. Whole Time Director & COO, Sudeep Bhatia, Chief Financial Officer with Manish Jain , Associate IFL Securities Ltd.

Protean eGov Technologies Limited is a leading Public Limited Indian Non-Government Company incorporated in India on 27 December 1995 and has a history of 27 years and five months. Its registered office is in Mumbai, Maharashtra, India.

Protean eGov Technologies IPO is a book built issue of Rs 490.33 crores. The issue is entirely an offer for sale of 0.62 crore shares. Protean eGov Technologies IPO opens for subscription on November 6, 2023 and closes on November 8, 2023. The allotment for the Protean eGov Technologies IPO is expected to be finalized on Monday, November 13, 2023. Protean eGov Technologies IPO will list on BSE with tentative listing date fixed as Friday, November 17, 2023.

Protean eGov Technologies IPO price band is set at ₹752 to ₹792 per share. The minimum lot size for an application is 18 Shares. The minimum amount of investment required by retail investors is ₹14,256. The minimum lot size investment for sNII is 15 lots (270 shares), amounting to ₹213,840, and for bNII, it is 71 lots (1,278 shares), amounting to ₹1,012,176.

Suresh Sethi explained that “Some of the key participants offering shares in the OFS include NSE Investments Ltd, SUUTI (UTI administrator), HDFC Bank, Axis Bank, Deutsche Bank, Union Bank of India and 360 One Special Opportunities Fund (part of the IIFL group)”.

All potential Bidders, other than Anchor Investors, are required to mandatorily utilise the Application Supported by Blocked Amount  process by providing details of their respective bank account including UPI ID  which will be blocked by the SCSBs, to participate in the Offer. Anchor Investors are not permitted to participate in the Anchor Investor Portion through the ASBA process.

ICICI Securities Limited, Equirus Capital Private Limited, IIFL Securities Limited and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers to the Offer.

Protean eGov Technologies IPO will raise Rs 850 crore through public route, costing Rs 200 crore in fresh shares and Rs 650 crore in offer for sale.

Note: Investors must read all the details of the company from official sources before investing in any company.

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